Which countries pay their workers the highest wages?
New research by Tipalti has dived into salaries across the world to see where average salaries and wages are the highest and Australia ranks 7th.
The research reveals:
Switzerland has the highest average wages in the world at $91,852, or CHF 89,767. It is a notoriously expensive place to live with salaries to match and has long been an international banking hub attracting investment from all over the globe.
Iceland has the second highest average wages in the world at $81,844, or kr. 11,705,368. Iceland is another example of a country with a high cost of living coupled with very high living standards and equally high salaries.
The United States has the third highest average salaries in the world at $74,738, which is more than $5,500 higher than fourth place Luxembourg.
The 10 countries with the highest average wages
1. Switzerland
USD $91,852
2. Iceland
USD $81,844
3. United States
USD $74,738
4. Luxembourg
USD $69,128
5. Denmark
USD $60,997
6. Norway
USD $58,141
7. Australia
$57,798
8. Canada
USD $54,175
9. Ireland
51,675.64
$50,708
10. Netherlands
51,005.44
$50,050
Further study insights:
Latvia saw the highest wage growth in the OECD over the last 10 years with annual earnings more than doubling to 103.88% more than they were in 2011.
Iceland is the country that, should the past decade’s wage growth be replicated in the coming 10 years, will have the highest average wage by 2031 at $143,824.
The highest earning profession across all six English-speaking countries is psychiatrist, with these individuals earning on average $154,800.
