The Republic of Finland, is a Nordic country situated in the Fennoscandian region of Northern Europe. It is bordered by Sweden to the west, Norway to the north, Russia to the east, and Estonia to the south across the Gulf of Finland. Finland was a relative latecomer to industrialization, remaining a largely agrarian country until the 1950s. Thereafter, it rapidly developed an advanced economy while building an extensive Nordic-style welfare state, resulting in widespread prosperity and a nominal per-capita income of over $46,000 as of 2012, among the highest in the world. Subsequently, Finland is a top performer in numerous metrics of national performance, including education, economic competitiveness, civil liberties, quality of life, and human development. In Finland, the average household net-adjusted disposable income is $25,739/ year, slightly more than the OECD average of $23,047/ year. Finland performs very well in many measures of well-being, as shown by the fact that it ranks among the top countries in a large number of topics in the Better Life Index. In 2010, Finland was ranked as the overall best country in the world after summing various factors, by Newsweek. In terms of employment, 69% of people aged 15 to 64 in Finland have a paid job, and 71% of men are in paid work, compared with 68% of women.