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Wednesday, June 12, 2024
CEOWORLD magazine - Latest - Special Reports - Ranked: Countries With The Highest And Lowest Average Salaries, 2024

Special Reports

Ranked: Countries With The Highest And Lowest Average Salaries, 2024

People

Economists warn of a challenging economic period ahead, with many predicting an upcoming recession. However, the good news is that there are still opportunities in the job market. Are you considering a career change in 2024? Or do you want to explore the possibility of earning a higher salary abroad? Here is a list of the countries with the highest average monthly wages in 2024.

According to CEOWORLD magazine’s report, the Gross Average Monthly Wages (USD, at current exchange rates) were compared across various countries to identify the nations that pay the highest and the lowest wages. The highest-paying countries in 2024 were Switzerland ($8111), Luxembourg ($6633), the United States ($6455), Iceland ($6441), Norway ($5665), Denmark ($5642), Canada ($5081), Greenland ($4665), Ireland ($4622), the Netherlands ($4581).

It’s worth noting that the finance, insurance, electricity, mining, information technology, retail, and education sectors offer the highest-paying jobs. On the other hand, administrative support, hospitality, and construction are the lowest-paying sectors. However, it is important to consider inflation when comparing salaries in different countries. In recent years, many countries have experienced high inflation rates, which can affect purchasing power. These inflation rates have been largely caused by the pandemic and the resulting supply chain disruptions. Additionally, (geo)political risks such as the Russia-Ukraine conflict, US-China strategic competition, the ongoing conflict in the Middle East,  India-China geopolitical competition, and China’s economic slowdown,  have contributed to these issues by exacerbating energy crises and supply delays. Unfortunately, the current Israel-Hamas conflict may only worsen this situation.

Countries With The Highest And Lowest Average Salaries, 2024

RankCountryGross Average Monthly Wages (USD, at current exchange rates)GDP 2024 (in billion U.S. dollars)Region
1 Switzerland8111905.68Europe
2 Luxembourg663389.09Europe
3 United States645526949.64Americas
4 Iceland644130.57Europe
5 Norway5665546.76Europe
6 Denmark5642420.8Europe
7 Canada50812117.8Americas
8 Greenland46653.27Americas
9 Ireland4622589.56Europe
10 Netherlands45811092.74Europe
11 Singapore4350497.34Asia
12 Liechtenstein43217.71Europe
13 Australia42181687.71Oceania
14 United Kingdom41793332.05Europe
15 Finland4090305.68Europe
16 Germany39844429.83Europe
17 Sweden3977597.11Europe
18 United Arab Emirates3663509.17Asia
19 France36553049.01Europe
20 Israel3608521.68Asia
21 San Marino32371.99Europe
22 Qatar3168235.5Asia
23 Hong Kong3070385.54Asia
24 New Zealand2860249.41Oceania
25 French Polynesia28356.05Oceania
26 Italy27632186.08Europe
27 Slovenia261168.39Europe
28 Spain25511582.05Europe
29 Japan24764230.86Asia
30 Belgium2354627.51Europe
31 Cyprus231432.03Asia
32 South Korea21801709.23Asia
33 Austria2175526.18Europe
34 Russia21591862.47Europe
35 Macau211438.48Asia
36 Saudi Arabia18881069.43Asia
37 Bahamas186413.87Americas
38 Kuwait1854159.68Asia
39 Saint Vincent and the Grenadines18471.03Americas
40 Puerto Rico1810117.51Americas
41 Portugal1781276.43Europe
42 Estonia177241.79Europe
43 Czech Republic1770335.24Europe
44 Taiwan1763751.93Asia
45 Bahrain172844.99Asia
46 Brunei170815.15Asia
47 Saint Lucia17042.46Americas
48 Morocco1657147.34Africa
49 Lithuania162879.42Europe
50 Oman1626108.28Asia
51 Saint Kitts and Nevis16041.06Americas
52 Slovakia1512133.04Europe
53 Greece1417242.38Europe
54 Poland1416842.17Europe
55 Samoa14020.93Oceania
56 South Africa1362380.9Africa
57 Romania1306350.41Europe
58 Latvia130346.66Europe
59 Andorra12733.69Europe
60 Vanuatu12411.16Oceania
61 Malta121620.31Europe
62 Hungary1189203.82Europe
63 China112217700.89Asia
64 Uruguay112276.24Americas
65 Barbados10846.22Americas
66 Croatia95980.18Europe
67 Bulgaria947103.09Europe
68 Montenegro9297.05Europe
69 Bosnia and Herzegovina92726.94Europe
70 Serbia92575.01Europe
71 Maldives9206.97Asia
72 Antigua and Barbuda8571.94Americas
73 Malaysia855430.89Asia
74 Lebanon83737.94Asia
75 Trinidad and Tobago81827.88Americas
76 Ecuador791118.68Americas
77 Palestine77818.1Asia
78 Costa Rica72285.59Americas
79 Panama71782.34Americas
80 Kazakhstan673259.29Asia
81 Kiribati65815.8Oceania
82 North Macedonia6580.24Europe
83 Turkmenistan65481.82Asia
84 Mexico6481811.46Americas
85 India6283732.22Asia
86 Belarus62168.86Europe
87 Chile605344.4Americas
88 Jordan59950.02Asia
89 Iraq583297.69Asia
90 Grenada54718.76Americas
91 Jamaica5471.3Americas
92 Armenia54124.54Asia
93 Georgia53430.02Asia
94 Honduras52233.99Americas
95 Micronesia508512.19Oceania
96 Moldova50816Europe
97 Thailand5080.45Asia
98 Guatemala501102.76Americas
99 Azerbaijan49477.39Asia
100 Mauritius48614.81Africa
101 Bolivia48146.79Americas
102 Belize4743.21Americas
103 Bhutan448433.35Asia
104 Vietnam4482.68Asia
105 Dominica4320.69Americas
106 Guinea430173.41Africa
107 Ukraine43023.2Europe
108 Argentina427621.83Americas
109 Botswana416112.74Africa
110 Kenya41620.75Africa
111 Kosovo41010.46Europe
112 Albania40423.03Europe
113 Brazil4022126.8Americas
114 El Salvador39135.33Americas
115 Monaco3858.59Europe
116 Peru383264.63Americas
117 Yemen37521.04Asia
118 Dominican Republic373120.62Americas
119 Uzbekistan35190.39Asia
120 Indonesia3441417.38Asia
121 Paraguay33244.14Americas
122 Mongolia33118.78Asia
123 Burundi3163.19Africa
124 Turkey3141154.6Asia
125 Colombia313363.83Americas
126 Iran303366.43Asia
127 Myanmar29074.86Asia
128 Philippines286435.67Asia
129 Tunisia27751.27Africa
130 Suriname2733.53Americas
131 Bangladesh268446.34Asia
132 Nicaragua26317.35Americas
133 Algeria249224.1Africa
134 Ghana24476.62Africa
135 Kyrgyzstan22812.68Asia
136 Egypt222398.39Africa
137 Cambodia21530.94Asia
138 Afghanistan20514.93Asia
139 Venezuela19992.21Americas
140 Nepal19841.33Asia
141 Fiji1845.51Oceania
142 East Timor1752.02Asia
143 Tajikistan16911.81Asia
144 Nigeria166390Africa
145 Pakistan163340.63Asia
146 Sri Lanka14370.52Asia
147 Djibouti1423.87Africa
148 Cape Verde1252.59Africa
149 Benin11019.94Africa
150 Haiti10825.98Americas
151 Laos10814.24Asia
152 Seychelles1082.08Africa
153 Cuba104125.87Americas
154 Ivory Coast9779.43Africa
155 Palau960.26Oceania
156 Cameroon8649.26Africa
157 Syria8419.71Asia
158 DR Congo8167.51Africa
159 Ethiopia78155.8Africa
160 Rwanda7813.92Africa
161 Central African Republic7625.56Africa
162 Sudan762.76Africa
163 Equatorial Guinea7584.03Africa
164 Tanzania7529.53Africa
165 Zambia7510.04Africa
166 Gambia7452.39Africa
167 Papua New Guinea7431.69Oceania
168 Uganda742.38Africa
169 Guyana7216.32Americas
170 Tonga720.54Oceania
171 Burkina Faso7120.78Africa
172 South Sudan716.26Africa
173 Guinea-Bissau6840.19Africa
174 Libya6811.51Africa
175 Somalia681.99Africa
176 Chad6721.93Africa
177 Mozambique6712.59Africa
178 Eswatini6519.31Africa
179 Gabon659.11Africa
180 Sierra Leone654.64Africa
181 Togo653.51Africa
182 Eritrea6232.42Africa
183 Zimbabwe622.25Africa
184 Namibia5812.64Africa
185 Congo5714.4Africa
186 Comoros551.36Africa
187 Senegal4931.14Africa
188 Liberia4717.07Africa
189 Madagascar4715.76Africa
190 Niger474.34Africa
191 Mauritania4110.35Africa
192 North Korea3716.75Asia
193 Mali3421.3Africa
194 Malawi3113.17Africa
195 Angola2793.79Africa
196 Lesotho242.37Africa

Note: Gross average monthly wages cover total wages and salaries in cash and kind before any tax deduction and social security contributions. They include wages and salaries, remuneration for time not worked, bonuses, and gratuities paid by the employer to the employee. Wages cover the total economy and are expressed per full-time equivalent employee. The gross average monthly wage estimates are computed by converting national currency figures from the United Nations Economic Commission for Europe (UNECE) Statistical Database, compiled from national and international (the CIS, Eurostat, the OECD) official sources. Wages in U.S. dollars are computed by the UNECE Secretariat using purchasing-power-parity dollars.


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CEOWORLD magazine - Latest - Special Reports - Ranked: Countries With The Highest And Lowest Average Salaries, 2024

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Sophie Ireland
Sophie is currently serving as a Senior Economist at CEOWORLD magazine's Global Unit. She started her career as a Young Professional at CEOWORLD magazine in 2010 and has since worked as an economist in three different regions, namely Latin America and the Caribbean, Africa, East Asia, and the Pacific. Her research interests primarily revolve around the topics of economic growth, labor policy, migration, inequality, and demographics. In her current role, she is responsible for monitoring macroeconomic conditions and working on subjects related to macroeconomics, fiscal policy, international trade, and finance. Prior to this, she worked with multiple local and global financial institutions, gaining extensive experience in the fields of economic research and financial analysis.


Follow her on Twitter, Facebook, Instagram, or connect on LinkedIn. Email her at sophie@ceoworld.biz.