If you are looking forward to relocating and working in some other parts of the world, you should first know the economy of your target destination. A country’s economy goes hand in hand with its working environments like the minimum wage, allowances, and the average annual salaries of all the workers. To add to that, a job seeker’s chances of getting a job in a high-income country are high compared to a low-income economy. In this article, we look at a list of the top 10 countries with the highest salaries in the world. Depending on your skills, you can try your luck in working in one of these countries to improve your life and help your family.
Most of the countries with the highest salaries in the world are first-world countries in Europe, America, and a few in Asia. Most African countries are low-income economies and do not make it to the list. However, South Africa and North African countries have improved economies compared to other countries in Sub-Saharan Africa.
List of top 10 countries with the highest salaries in the world
Luxembourg is a Western European country bordering several prominent countries like Germany, Belgium, and France. The country’s government system is a constitutional monarchy with representative democracy. Except for Luxembourgish, the official language, its other spoken languages and cultures are influenced by its immediate neighbours. Its geographical area is 2586 square kilometres and has a population of 634,730 as of 2019, with foreigners claiming almost half of this figure. Its capital city is Luxembourg, also one of the capitals of the European Union.
Despite being landlocked and one of the smallest countries in Europe, Luxembourg has a strong economy with one of the world’s largest GDP per capita. It has well-developed infrastructure like roads and railways, with robust industries like real estate, steel, banking, aluminium, biotechnology, agriculture, and information technology.
Because of its developed industries, the country registers steady economic growth and high employment rates of about 64.36 per cent as of 2021. The country’s annual average salary paid to employees is $68,681, the highest in Europe and one of the highest in the world.
Iceland is a Northern European country with one of the highest salaries in the world. The Nordic country also has one of the lowest unemployment rates in the world and an impressive poverty rate of only 0.065. As of 2021, Iceland’s population was 368,792. Because of its terrain of mountains, cold deserts, and plateaux, about 80% of Iceland is uninhabitable, unable to sustain a larger population. Therefore, it is the most sparsely populated country in Europe. The country covers a total area of 103.592km square (39.997 square miles).
Despite all the disadvantages of having a sizable uninhabitable area, Iceland has a strong economy that can support employment with high salary rates and other employment benefits. On average, an Icelandic employee earns $68,006 per year, an impressive figure and one of the highest in Europe, with the lowest income imbalance rates.
If you want to relocate and work in Iceland, you need to apply for a work permit. Restrictions on foreigners in Iceland are not much compared to other European countries. It has a flexible labour market, supported by its robust tourism and other industries.
Switzerland is a landlocked European country located in Central Europe, bordering Western, Central, and Southern Europe. It borders Austria to the East, Italy to the South, France to the West, and Germany to the North. The country covers a geographical area of 41,293 square kilometres, with a good percentage being mountainous. A semi-direct democracy is a government system adopted in Switzerland.
As of 2021, Switzerland’s population was 8.66 million, with four languages being adopted as national languages. They are Italian, Romansh, French, and German. Each of those languages is spoken in different regions by various people.
Despite being landlocked, Switzerland’s economy is one of the most advanced globally, with the second-highest GDP per capita. The country has a low unemployment rate and a highly skilled labour force. Its economy is supported by its robust banking, agriculture, and machinery industries.
Thanks to its strong economy, Switzerland is one of the top 10 countries with the highest salaries in the world. On average, every swiss and foreign employee earns about $66,657 yearly. In Switzerland, the population of foreign workers is over 1 million, accounting for about 20% of the workforce.
4. United States of America (USA)
The USA is a Northern American country bordering Canada to the North and Mexico to the South. The country has 50 states covering an extensive area of North America, with Alaska taking up a large part of the North-West, being an immediate neighbour of Canada to the West. The country covers an area of about 9,826,675 square kilometres (3,794,100 square miles) and has a population of 332,403,650 as of January 2022. The USA does not have a national language, but English is the most spoken. The country adopts the federal system of government guided by the constitution.
The USA has a robust economy of $22.7 trillion with a highly developed infrastructure and a skilled workforce, sustained by its advanced industries that include petroleum, manufacturing, steel, mining, consumer goods, tourism, and motor vehicle, to name just a few. With the kind of economy, employees in the USA earn an average annual income of $65,836, making it one of the countries with the highest salaries in the world.
Denmark is a country in Northern Europe that is part of the Scandinavian countries together with Norway and Sweden. It has a geographical area of 43,094 square kilometres, with most of it flat with somewhat sloppy hills. The total population of Denmark is 5,826,966 as of March 2022. It is the most densely populated country in the Nordic region. Danish is the only official language in Denmark. However, several other minor languages like English, German, and Faroese are spoken.
Denmark has a mixed economy with many residents able to afford a comfortable lifestyle. It is among the countries with the highest salaries in the world with a diverse and robust economy. Its biggest income earners are tourism, agriculture, transport, and energy. Denmark has one of the lowest unemployment rates globally, thanks to its priority on active labour market over the past years. Every employee in Denmark earns $57,150 every year.
The Netherlands, also called Holland, is a Western European country bordering Germany and Belgium. Its landscape is primarily flat, with quite a hilly terrain in the south. It is a country well known for cycling, with the majority of the people using bicycles as their most preferred mode of transport. Amsterdam is the capital and the largest city in the Netherlands. As of 2022, the Netherlands’ population was slightly over 17 million. Dutch is the most widely spoken language and the official language of the Netherlands.
The Netherlands is one of the top 10 wealthiest countries globally. It has an advanced economy with a national GDP of $708 billion and a GDP per capita of $57.334. Its strong economy is supported by resilient industries such as agriculture, chemical, energy, health, logistics, and horticulture. With all of the thriving industries, the Netherlands has a healthy job market and high employment opportunities. The country is now among the top 10 countries with the highest salaries in the world, with every employee earning an average of $56,552 annually.
Germany is a Western European country neighbouring Denmark, Poland, the Czech Republic, Austria, Switzerland, France, Belgium, and the Netherlands. Its system of government is a federal parliamentary republic. In 2020, it had a population of 83.24 million. The most spoken language in Germany is German, which is also the official language. Its capital is Berlin, the largest city in Germany.
Germany is one of the world’s most developed and wealthiest countries. It has the largest economy in Europe due to its advanced industries like automotive, machinery, electrical and chemical. The country is home to some world’s famous automotive brands like Volkswagen, Mercedes, Porsche, and BMW.
If you are looking forward to relocating and working in Germany, its job market looks good with an employment rate of 69.86 per cent on average from 1992 to 2021. German employees are paid some of the highest salaries in the world. On average, every German worker earns a salary of about $56,000 per year.
Belgium is a country in Western Europe that borders Germany, the Netherlands, Luxembourg, and France. It covers a geographic area of 30, 689 square kilometres with a good percentage of it being flat coastal plains. The country’s system of government is a federal parliamentary democracy under a constitutional monarchy. Belgium’s population is about 11 million in 2022. It has three official languages namely: Dutch, German, and French.
Belgium is known for its high living standards and good education system. Its industries are also thriving, with transportation, engineering, automotive, tourism, textiles, and chocolates taking the lead. Unlike other European countries, getting a job in Belgium is not difficult. Belgian employees also earn some of the highest salaries in the world. On average, every Belgian worker’s earnings are estimated to be $55,590 annually.
Australia is one of the top 10 countries with the highest salaries in the world. It is a country famous for its wildlife, beaches, and natural wonders. It is one of the world’s largest economies with a population of over 25 million. The country is home to some of the world’s megacities like Sydney and Melbourne. Australia’s economy is the 13th largest in the world with a GDP of $1.3 trillion as of 2020.
If you want to relocate and work in Australia, you first have to apply for a visa and move after being approved to visit. The country has a resilient workforce and a lot of job opportunities due to its large economy and thriving industries. On average, every Australian worker earns an annual salary of about $54,401. The country’s main industries are mining, energy, healthcare, and finance.
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Norway is one of the three Scandinavian countries in Northern Europe. It borders Sweden, Finland, and Russia, with a long coastline bordering the Norwegian Sea to the North, and the North Sea to the South. The system of government in Norway is Constitutional Monarchy. It has a population of 5.5 million as of 2022. The country has two official languages; Norwegian and Sami. Danish, Swedish, and Icelandic are also spoken in Norway.
Norway has a highly developed and mixed economy. It has grown tremendously since the beginning of the industrial era. Its living standard is quite high as compared to other European countries. The major industries steering Norway’s economy include fishing, petroleum, manufacturing, ship building, mining, and textiles. The industries offer job opportunities and employment to a sizeable population. Employees in Norway earn an annual average salary of $54,027 making it one of the countries with the highest salaries in the world.