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Education Spending by Country 2024
In today’s world, an educated society is a society that’s well-positioned to grow and succeed in numerous ways, both domestically and on a global scale. That said, education is considered a vital part of ongoing human progress, making it necessary for every nation to invest in the education of its people to the greatest extent possible.
However, some countries definitely allocate a larger portion of their resources to education than others. Here’s a look at some of the countries worldwide that invest the most in education, as well as some general factors that can influence spending in one direction or another.
Countries That Spend the Most on Education Worldwide
The following are some of the countries that invest the most in their educational systems:
Country | % of GDP per Year Spent on Education |
|---|---|
| Marshall Islands | 13.6% |
| Solomon Islands | 12.8% |
| Bolivia | 9.8% |
| Namibia | 9.6% |
| Sierra Leone | 9.1% |
| Botswana | 8.7% |
| Lesotho | 8.7% |
| Belize | 8.7% |
| Saudi Arabia | 7.8% |
| Iceland | 7.7% |
Additional countries with relatively high rates of investment in education include Algeria, Morocco, South Africa, the United States, the United Kingdom, France, Ukraine, Poland, and Canada.
Factors That Can Impact National Education Spending
Although each nation will have its own unique collection of reasons for the amount it spends on education, general factors like the following are common examples that can impact the overall level of investment.
Cultural Values
Some cultures place a much higher social value on a robust education and its benefits than others. In countries where the people consider education a top priority, government decisions may trend in the same direction.
Ongoing Challenges
Significant global challenges – such as climate change and ongoing globalization, to name just a couple – can affect education spending in a couple of ways. Countries with limited budgets may need to redirect funds away from education toward other concerns. Meanwhile, wealthier countries may double down on education and research as an alternative way to address emerging challenges.
Economic Well-Being
Generally speaking, wealthier nations with larger budgets both value education more and spend more available funds on it. Ongoing income equality can contribute to this factor, as countries with work to do in this arena may need to spend more to address disparities in the system.