Top 10 Countries with the Highest Average Salaries Today

With a minimum wage of nearly $20/hour for skilled workers aged 18 and above, Luxembourg leads the global rankings for the highest paying countries. In Luxembourg, unskilled workers earn €12.94/hour, equivalent to $15.32/hour.

Data indicates that Luxembourg, one of the wealthiest countries in the world, offers an excellent pay system for teachers, with salaries far surpassing those of their peers in other countries. A new elementary school teacher in Luxembourg even earns more than the highest salary many teachers in other countries will make over their entire careers. The highest salary for an elementary teacher in Luxembourg is $137,000, while teachers in Switzerland also earn well at $92,000.

In contrast, the highest salaries for teachers in the three lowest-ranked countries in the OECD survey don't even match the starting salary for teachers in the top 10. Specifically, a new elementary teacher in South Korea earns $26,815, which is higher than the salaries of veteran teachers in the Czech Republic ($20,000), Hungary ($25,000), or Poland ($26,000). At the secondary level, Luxembourg still leads with teacher salaries, with the highest salary reaching $137,000.

Average Salary: $5,948

Norway is a Scandinavian country with a large land area located in Northern Europe. Although it is part of the European continent, it is not a member of the European Union. If the country's currency were tracked hourly, daily, weekly, or monthly, it would be possible to calculate how many Turkish lira equal one Norwegian krone. This value fluctuates, but it can be stated that the dollar is approximately 9 times lower.

In this context, we can also compare whether the minimum wage in Norway is cheaper than that of Turkey. Norway is one of the most expensive countries in the world. According to the 2021 population data, Norway's population is 5.5 million, and the wealth of the majority is above average. One reason for this is the country's minimum wage. It varies by worker category, but when compared to other European countries, Norway has a relatively high purchasing power. The average salary in Oslo, Norway, is currently around 28,000 NOK per month after tax, which is about 3,500 USD per month, making it one of the highest average salaries among European capitals.

Average Salary: $5,458

On average, workers in Iceland put in 44.4 hours a week, ranking third among Eurostat countries in 2018. Some trial participants reduced their working hours by 3-5 hours per week while maintaining their usual pay. In 2021, Ireland increased its minimum wage by 1%, raising it from €10.10 (USD 12.14) to €10.20 (USD 12.26). Five years ago, Ireland had raised wages by about 5.6%, from €8.65/hour (USD 10.39) to €9.15/hour (USD 11.00).

Despite opposition claiming that minimum wage increases would drive up labor costs, research into the impact of wage hikes revealed that 90% of companies in Iceland were unaffected by this change. In 2018, the average consumer price level in Iceland was 56% higher than the rest of Europe, making Iceland the most expensive country in Europe.

In 2018, the average monthly salary for a full-time worker in Iceland was 632,000 ISK before taxes (about €4,450 or USD 5,000), according to Statistics Iceland. Iceland also topped the 2015 Global Gender Gap Index by the World Economic Forum (WEF), surpassing Norway, Finland, and Sweden. With a population of just 323,000, the island nation has experienced impressive economic growth in recent years and has a long tradition of fighting for equality.

Average Salary: $5,102

Austria ranks 12th globally in terms of GDP per capita, with a highly developed social market economy and a high standard of living. Until the 1980s, many of Austria's largest industrial companies were state-owned; however, in recent years, privatization has reduced state control to levels similar to those in other European economies. Austria has a particularly strong labor movement with significant influence on labor politics. In addition to a highly developed industrial sector, international tourism is a crucial component of the nation's economy.

Austria is part of the monetary union, the Eurozone, and the EU’s single market. On November 16, 2010, Austria proposed withholding its December contributions from the EU bailout package for Greece, citing Greece’s worsening debt situation and its inability to meet previously promised tax collection targets. This Central European country, with its stunning landscapes and rich history, has an average GDP per capita ranking 12th worldwide. While Austria boasts a robust industrial base, international tourism plays a major role in its economy, contributing around 9% of GDP.

Average Salary: $4,555

In Germany, the minimum wage is set by the government, and no worker can be paid below this threshold. Employers who fail to pay the minimum wage to their employees may face penalties from the government. In October 2020, Germany raised its national minimum wage from €9.35 (USD 11.35) to €10.45 (USD 12.55). The increase was phased in gradually, with two adjustments per year until it reached €10.45 by June 2022.

As of 2021, Germany's minimum wage is €9.50 per hour. In some sectors, the minimum wage is higher, exceeding the statutory minimum by €1-2, particularly in industries like construction and mechanical engineering for skilled workers. The minimum wage in Germany is adjusted annually, with two changes planned for 2022. The table below shows how the minimum wage has evolved from 2015 to 2022.

Interestingly, these increases were implemented during the pandemic. Minister of Labor Heil stated that the goal was for Germany to maintain a competitive minimum wage globally. Germany boasts the most powerful national economy in Europe but also has one of the highest income tax rates in the world at 49.8%.

Average Salary: $4,415

On August 27th, Singapore announced an increase in the minimum wage for foreign workers holding E Passes (work permits for professionals, managers, or senior government employees) and S Passes (for skilled workers). This move has made it more challenging for companies to hire foreign labor compared to local workers.

Foreign workers on the E Pass will now earn 4,500 SGD, up from 3,900 SGD, while those on the S Pass will see their wages rise from 2,400 SGD to 2,500 SGD. With these new regulations, Singaporean businesses face increased pressure to maintain a balance between local and foreign labor. Ravi Menon, the CEO of the Monetary Authority of Singapore (MAS), stated that MAS would take a more active role in recruitment within financial companies to boost the number of core Singaporean employees.

As of January 2021, the average monthly salary in Singapore is 5,783 SGD. For full-time employed residents, the average gross monthly income is 4,563 USD. While not officially announced, Singapore’s Workfare program supports lower-wage citizens (aged 35 and above) with monthly incomes up to 2,300 SGD.

Average Salary: $4,169

The United States is one of the world's largest financial markets, with an economy that has significant global influence. In 2019, the GDP per capita was 62,606 USD, while in comparison, Vietnam ranked 129th with a GDP per capita of 2,750 USD. Americans earn an average salary of around 52,000 USD per year, while those in lower-paying jobs earn about 22,000 USD annually, according to the U.S. Department of Labor.

Income in the U.S. can vary significantly depending on the industry. For example, in the oil and gas industry, while starting salaries may not be as high as other fields, they quickly rise, with earnings ranging from 94,500 USD to 176,900 USD per year. In the fields of computer science and electrical engineering, salaries range from 88,000 USD to 142,200 USD annually. Those in applied economics and management earn between 60,000 USD and 140,000 USD per year.

Average Salary: $4,055

According to the latest salary ranking report, workers in Switzerland typically earn 50% more than their counterparts in similar industries across Europe. After accounting for taxes and living costs, Switzerland still tops the list for salary value, with a net income of 96,000 USD per year. Luxembourg follows with an average of 90,000 USD per year.

For those early in their careers or at the mid-level, employees in Switzerland earn more than 50% higher than their peers in 15 other major European economies. According to a report from Willis Tower Watson on "Salary Rankings for 50 Occupations in 60 Countries in 2016," the median salary for mid-level workers in Switzerland is 163,000 USD per year.

When factoring in taxes and living expenses, Switzerland maintains its lead in salary value, with a net average income of 96,000 USD per year, followed by Luxembourg at 90,000 USD per year. Employees early in their careers in Switzerland earn approximately 58,000 USD annually after taxes and living expenses, which is higher than the equivalent positions in Denmark, where the average is 52,000 USD per year.

Average Salary: $6,270

Denmark is renowned for its high wages across Europe. A recent graduate can expect a starting salary of 30,000 DKK (about €4,000 or 108 million VND), and with experience, the average salary may rise to 40,000 DKK (€5,300 or approximately 143 million VND).

On the other hand, Denmark is also known for having one of the lowest work hours in the world. The standard workweek, as set by the government, is 37 hours, with public holidays and 5 weeks of paid leave (25 days). This brings the actual working hours down to around 32 hours per week, placing Denmark near the bottom of the global work-hour rankings. In terms of work-life balance, Denmark is consistently ranked as one of the best countries by the Organisation for Economic Co-operation and Development (OECD).

In Denmark, only about 2% of employees work long hours, significantly lower than the OECD average of 13%. Full-time workers in Denmark spend an average of 66% of their day on leisure and personal care, surpassing the OECD average of 62%.

Average Salary: $6,247

According to the International Monetary Fund (IMF), the residents of the Principality of Monaco are considered the wealthiest in the world, with a nominal per capita income reaching 300,000 USD annually. Known as the 'tax haven,' Monaco offers its citizens the advantage of virtually no personal income tax. While taxes in most European countries are very high, many millionaires and billionaires relocate to Monaco to avoid paying taxes. This is one of the reasons why the average nominal income in Monaco is much higher than in other countries.

With the highest per capita GDP globally, Monaco's secret to wealth lies in its tax policies. The principality abolished income tax in 1869, and both corporate and individual tax rates remain exceptionally low. The minimum wage in Monaco, which is the lowest amount a legally employed worker can earn, is set at €10.15 per hour, the same as France's minimum wage for full-time work, with an additional 5% adjustment.

Monaco is considered a tax paradise due to its tax laws and policies. To be recognized as a resident, a person must live in the principality for at least six months and one day per year. Monaco has also removed taxes on dividends paid by local companies' shares and does not levy corporate income taxes in general.

Average Salary: $6,165