One of the greatest motivations for people to accept a job offer is the salary incentive/wage. We will discuss the top 30 countries where people/workers get paid the most. Therefore, if you’re a graduate looking for opportunities, you’re in the right place.
The World Bank has divided all countries of the world in four main categories. Countries with lower income of $1,000 or less per person are termed the lower income group of countries. The lower-middle-income group of countries is those whose average income per person is between $ 1,000 to $ 4,000. The high middle-income group of countries is those where the average income is between $ 4,000 to $ 12,000. And the highest-income groups of countries are those whose income is $ 12,000 or more.
In this article, I try to explain which countries provide the highest salary to their employees
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In the early 19th century, Belgian was the first continental European country that passes through the Industrial Revolution. The size of Belgium’s economy is $ 470.179 billion, which is 0.61% of the GDP of the world. The items exported from this country are; machinery and equipment, chemicals, finished diamonds, metal and metal products, and food items.
Its economy is mainly dependent on the service sector. The workers receive $48093 or Rs. 31.26 lakhs rupees a year. Belgian employees get more salaried vacancies than US employees.
According to the World Bank data, with an economic size of $1.6 trillion, Canada is the tenth largest economy in the world. It is one of the largest exporters of oil and the second largest producer of crude oil in the world after Saudi Arabia.
Canada also has a strong fish industry, and it is one of the biggest producers of software and video games in the whole world. The tax rates much higher in Canada as compared to the USA. The people here work on an average of 32 hours a week. Here the average annual salary available to employees is $48164 or a package of 31.30 lakhs each year.
Denmark is a prosperous country and is known for its high standard of living. The tax rate here is very high. But the government spends the money for health care programs, education, and social programs. So people do not hesitate to pay taxes. Minimum wages in Denmark are not defined, but still, this country has the lowest income inequality in the world. Due to the high salaries and good working conditions, this country is known for the happiest workers also. The most interesting thing is that there is no foreign debt in this country. Here employees receive an average of $ 49589 or 32.23 lakhs every year.
When it comes to GDP per capita, the Netherlands is considered one of the richest countries in the world. Tax rates in the Netherlands are high that is why people have less tech home salaries. But the government provides services like education and health free in exchange for the tax collected. This country’s economy is based on international trade because it has the largest ports in Europe. The rate of unemployment and inflation is very less in this country. Here people have to work on an average of 35 hours a week. People in the Netherlands get $ 51003 or 33 lakhs a year.
The minimum wage in Australia is the highest in the world. Here, the worker gets 17 US dollars for one hour of work. While in the USA it is only 6 dollars. According to the size of GDP, Australia is the 12th largest economy. As per the per capita GDP, it is the 5th largest economy in the world. The marine wool produced here is considered to be the finest quality in the world. The economy here is primarily centered around the service industry and it is one of the world’s largest uranium-producing countries. An employee here gets an average of $51148 or Rs.33.24 lakh rupees per year. Here the employee is required to work 35 hours a week. Whatever work will be done after 35 hours, will be considered overtime and the employer will have to pay separately for that.
Norway is a natural resources-rich country. Norway has plenty of oil, forest, and other natural resources. Here the rates of taxes are high. But one of the benefits is that citizens enjoy high-quality health services and higher education for free. People have to work only 30 hours a week. So people get more time to have fun. This country always has the top 3 ranks in the Human Development Index. Here people get $ 51718 or Rs. 33.66 lakhs in a year.
Ireland has the highest standards of living in the world. The total population of this country is approximately 46 lakhs. It is the agricultural center of the United Kingdom, but its economy also depends on Ireland’s strong technology industry. It’s a knowledge-based economy that has many high-tech companies. As well as the largest video game maker companies in the world. The tax rate here is low so people have a higher take home salary. Here people get $ 53286 or Rs. 34.64 lakhs a year.
Switzerland is considered very honest and clean. This country is famous for the high quality of manufacturing goods. The manufacturing sector is considered the backbone of this European-based country. A large part of the economic growth of this city settled in Europe comes from them. Items such as medicines, chemistry, watches, measurement instruments, and musical instruments have very good demand around the world.
The tourism sector also plays a very crucial role in the development of this country. The per capita income of the citizens of Switzerland is 37.10 lakh per annum. The unemployment rate in Switzerland is very low. The government of Switzerland once did a survey to provide $25000 as Unemployment allowance in the country. But people rejected the offer. This country makes a balanced budget every year.
America is the world’s largest economy and it is the richest country in the world. It is the world’s second-largest arms manufacturer and largest trader. An American worker works on an average of 44 hours a week. People here have to pay tax 31.6% on their income. The rate of taxation on income in the United States is similar to countries like Canada, Australia, and England.
The USA is on the second spot in giving salary to its employees. Here average salary of an employee is $ 57138 or 37.85 lakh rupees per year. The highest number of salaries in the world is in the United States, where the average salary of people is $ 57138 or 37.85 lakh rupees per year.
Here the income difference between the highest earning person and the lowest earning person is the highest in the world, i.e., income inequality is highest in this country as compared to other countries of the world. It is interesting to mention here that American employees get salaries every week in most of the companies.
According to the Global Report of the Economic Cooperation and Development Organization (OECD), the European country i.e., Luxembourg with only 5.43 million population gives an average salary of $61511per year to its employees, which is around Rs. 40 lacs/year. Here government imposes a 37% tax on this salary. Luxemburg is known to provide steel to the whole of Europe. Apart from this it also provides chemical, rubber, industrial machinery, and financial services to other countries of the world.
According to the National Bureau of Statistics, the salary range for people working in Iceland is typically from 350,526.00 ISK (minimum salary) to 1,082,081.00 ISK (highest average, the actual maximum salary is higher). This is the total monthly salary including bonuses. Salaries vary drastically among different job categories. If you are interested in the salary of a particular category, see below for salaries for specific categories.
The European country of Austria had $38,333 in disposable income per capita in 2018.1 The country had 8.8 million people and a $503 billion GDP.15 4 Over the years, the country’s shift toward privatization, i.e., less regulation, has improved the economy. Much of the country’s economic growth is driven by the energy industry, where renewable energy accounts for about 30% of gross domestic consumption.
The salary range for people working in Liechtenstein is typically from 2,790.00 CHF (minimum salary) to 8,975.00 CHF (highest average, the actual maximum salary is higher). This is the total monthly salary including bonuses. Salaries vary drastically among different job categories with Medical doctors and teachers earning the highest salary.
Expatriates can benefit from a skills shortage in China, especially in areas like IT and science technology. Huge demand for professional-level and experienced workers – and subsequent updates to the visa policy to make relocating more straightforward – has meant that the value of packages and salaries on offer has increased. For young professionals (under 35), it is in the top 10 countries for average ex-pat salaries and it comes in seventh for income in the HSBC Expat Explorer Survey too.
The UAE is well-known for its taxation system – or more accurately, its lack of. There is no income tax payable which, coupled with high salaries, means that expatriates usually enjoy the higher disposable income, even taking into account the high cost of living. However, it is becoming increasingly difficult to get a large benefits package alongside the salary. The HSBC Expat Explorer Survey shows that it is third for income overall, but ECA My Expatriate Market Pay Survey, which takes into account overall packages for expats ranks it much lower.
For young professionals, there is a lot of incentive, financially at least, to move to Indonesia for work. It offers the top average expat salary for those under the age of 35, however, income gains for more experienced workers and those in a higher age bracket are still generous. Expatriates are usually paid international salaries and can get a wide range of benefits, that normally includes housing, schooling, a car and sometimes even utilities or a driver. The cost of living is low, but it is also worth noting that the country has dropped from 13th or 31st overall in the HSBC Expat Explorer Survey from 2018 to 2019
Singapore is widely considered to be one of the best places to be an expatriate, with a good work/life balance, high quality of living, excellent options for education and accommodation, exceptional healthcare and a large expatriate community. So, the fact that it also offers high earning potential is a bonus. It comes in ninth overall for income in the HSBC Expat Explorer Survey (whereas it’s 2nd overall when all criteria are taken into consideration).
As the destination with the second-highest overall expat income, Saudi Arabia certainly offers a good take-home pay, in no small part thanks to its tax-free status. The best industries to earn a good wage include engineering, telecoms, banking, consulting and IT. On top of this, most expatriates will be offered a good benefits package, that can include housing, travel, healthcare, education and air fares.
The salary range for people working in Germany is typically from 1,870.00 EUR (minimum salary) to 6,756.00 EUR (highest average, actual maximum salary is higher).
This is the total monthly salary including bonuses. Salaries vary drastically among different job categories.
People who work in the Agriculture and Food industry in Germany earn an average gross salary of up to 2,700 EUR.
Monaco is a sovereign state in Western Europe. The nation is known for wealth, exotic cars and casinos. It has one of the highest per capital GDP in the world. The salary range for people working in Monaco is typically from 2,069.00 EUR (minimum salary) to 6,464.00 EUR (highest average, actual maximum salary is higher). This basically includes other bonus packages also. The salary varies depending on the job categories. The highest earners in Monaco are those in the Top management cadres
Sweden is an amazing country known for its successful welfare. It is the world’s leading exporter of Minecraft, ABBA and IKEA. The salary range for people working in Sweden is typically from 19,733.00 SEK (minimum salary) to 58,049.00 SEK (highest average, the actual maximum salary is higher). This is the total monthly salary including bonuses.
Finland is another great country where people earn more salary. It is a northern European country bordering Russia, Norway and Sweden. The average monthly salary of people working in Finland ranges from 3,000 euros to 5,000 euros.
Workers in the central government sector earn up to 4,000 euro per month while those in the private sector earn an average of 3,500 euros per month. This salary range varies based on the sector.
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France is a nation located in Western Europe, the country is renowned for its sophisticated cuisines and wines. All foreigners in France with a work permit can work within the allocated hours as set by the Government. The salary range for people working in France is typically from 1,736 EUR (minimum salary) to 5,414 EUR (highest average, the actual maximum salary is higher).
Most industries in France set higher wages based on collective agreements between the employers and unions.
A survey by one of the top leading job-hunting sites in Taiwan reveals that the average salary for workers in Taiwan is approximately NT$641, 000 (US$22, 500). Service professionals in Taiwan receive an average annual income of $26,000 (£19,000). Those in management make an average $157,000 (£116,000). Stepping up to a management position in Taiwan multiples your salary around six times.
Greece is a country in the southeastern part of Europe with lots of islands. Being the cradle of western civilization, it’s a great country to work in. It is known as the birthplace of the Olympics, democracy, and lots more. The average salary in Greece is EUR 34, 000. The average take-home net salary is EUR 23,000 while the most typical gross salary is 14,000.
Qatar is an Arab country whose landmass comprise of arid desert and Persian Gulf shoreline of dunes and beaches. Qatar is an attractive country and its hot weather appeals to many. Services professionals here are taking home an average annual salary of $31,462 (£23,382). Those in management are receiving $157,624 (£117,144). What’s more, people don’t pay any personal income tax here
Chile is a country in South America. The nation is known for urban exploration, memorable gateways, remote getaways and lots more the average salary for workers in Chile is between $26,000 to $27,000. An average worker in Chile typically earns 1, 000, 000 CLP per month. The highest average maximum salary is 8,000, 000 while the lowest average salary is 4, 000, 000 CLP.
This average includes housing, transport, and other benefits.
Israel offers a wide collection of ecotourism, adventure tourism, heritage tourism, historical and religious sites. High-tech hub Israel pays its service professions reasonably well. They receive an average $35,176 (£26,142). Management level receives over four times this with an average $158,657 (£117,912).
The average salary for workers in Israel is about 11,000 NIS ($3,000) per month. The highest-paid industry in Israel is the Information and Communication sector where workers earn an average pay of NIS 22,000 ($6,000)
Spain is one of the best European countries to work in because workers earn relatively high salaries compared to other countries of the world. The quality of life in Spain is rated by the IMD report as high and the salaries are perhaps indicative of this. Service professionals take home an average $32,662 (£24,274). Management-level earners are taking home an average $193,092 (£143,504).
An average person working in Italy typically earns at least 3,000 EUR per month. The salary ranges from 900 EUR (lowest salary) to 16,000 EUR (highest salary). The salaries vary from career to career. It’s worth working hard for a step into management in Italy. Managers here are paid around eight times as much as service workers, taking home an average $242,980 (£180,580). Service staff in comparison are pocketing an average $32,479 (£24,138).
What Drives Higher Average Incomes?
Disposable income, again, is different from discretionary income. Disposable income refers to the money remaining after taxes. Thus, changing spending habits do not impact disposable income. Instead, higher wages or reducing taxes are key to boosting disposable income.
The key aspects of generating a higher disposable income per capita include a few factors. Ways to increase a country’s income per capita can include lowering its population while keeping the income the same. However, that may be tough to maintain, or do, as the trend for most countries is a rising population. Government policies are generally an easier way to boost income per capita, as governments can enact various policies. Others may include boosting the hours worked by employees, government investment, and more training or education for workers.
- Hours Worked
An easier way to increase income per capita is to increase the aggregate number of hours worked. That is, more employees going from part-time to full-time means more income per person. This also goes hand-in-hand with lowering unemployment; more employed people will raise the income per capita.
- Government Investment
Investing in technology can help make processes more efficient and boost income potential. More specifically, the allocation of resources in a more effective way can boost income per capita. Government spending, such as on infrastructure and defense, will also boost incomes. As mentioned above, government policies, such as tax programs and subsidies can also boost income per capita.
Better, or more educated, workers can boost incomes. Workers able to do more complex tasks boost overall incomes. These workers can also implement more productive ways of doing tasks, which can reduce needed hours worked or allow employees to work on more complicated tasks for higher pay.
Here we have them. The top 30 countries where people/ workers get paid the most. One of the first factors people check before accepting any job opportunity is the salary, therefore we believe that this information shared in this post will help you make well-informed decisions about the country you wish to settle down, work, and earn more money.