In which countries are the highest salaries as of May 2023?
According to the analytical portal Numbeo, the top 20 countries with the highest levels of wages include Switzerland, Singapore, Luxembourg, the United States, Iceland, Qatar, Denmark, the United Arab Emirates, the Netherlands, Australia, Norway, Germany, Canada, New Zealand, Ireland, the United Kingdom, Finland, Hong Kong, Sweden, and Austria. The average net salaries after the payment of all taxes and fees are indicated.
Switzerland tops the list with an average net monthly salary of €5576. Singapore follows with €4491 and Luxembourg with €4453. The United States ranks fourth with €3837, while Iceland is in fifth place with €3712.
Top 20 countries in the world with the highest salaries in May 2023
|№||Country||Average monthly net salary (€)|
In Switzerland, Singapore, and Luxembourg, high salaries are determined by several factors:
- Firstly, these countries are economically developed, have a high level of innovation, and a strong economy. For example, Switzerland is known for its banking and pharmaceutical companies, Singapore for its technological developments and financial sector, and Luxembourg for its banking and investment sectors.
- Secondly, these countries have a high level of education and skills among their population. Workers in Switzerland, Singapore, and Luxembourg have a high level of education and specialization, which enables them to earn high salaries.
- Thirdly, these countries have a high standard of living and a high cost of living, which leads to corresponding salaries. For instance, Switzerland has one of the highest standards of living in the world, and accordingly, workers’ salaries are higher to match the expenses. Generally, in Western European countries, the cost of living is significantly higher compared to other countries.
- Fourthly, the tax system in these countries also affects the level of salaries. In Switzerland, taxes are relatively low compared to other Western countries, which allows workers to earn a higher net salary.
High salaries in Switzerland, Singapore, and Luxembourg are determined by economic development, education levels, standard of living, and tax system.
Thus, the list of the highest salaries as of May 2023 is predominantly represented by countries in Europe, North America, Asia, including Australia and New Zealand. However, it should be noted that a high salary does not always mean a high standard of living. The cost of living in these countries can be significantly higher, and the tax burden can be heavier. Therefore, when choosing a country to work abroad, it is essential to consider not only the level of salaries but also many other factors, including the quality of life, tax policies, accessibility of medical services, and much more.