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

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

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.