The choice of working voltage was mostly a matter of timing.

In the US, widespread electrification began before World War One.
At that time, lights were the predominant load and lamp filaments
were very fragile when designed for convenient power consumption
and distribution voltages. Insulators were glass, ceramic or, for
cables, fabric. That encouraged low voltage in the home. 

By the end of World War One electric motors and heating appliances
were popular but a great deal of 110 volt wiring and equipment was
already in place. The common split-phase 120/240 system was a way
to accomodate both older low power and newer high power loads.

By the time the rest of the world widely adopted electricity lamps
used much more durable tungsten filaments, higher power loads were
common and, perhaps equally important, insulating materials were
vastly improved. There was no installed base of low voltage devices
and so 200 or so volts became the norm for residential devices.

Voltages much over 240 present problems in switching. Fraction of
an inch contact separation will extinguish a 240 volt arc. At higher
voltage the contact travel required results in much bigger switch
gaps and consequently larger switches. Personnel hazard increases
disproportinately as voltage increases, so there's little desire
to go much above 240 volts apart from industrial applications.  
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