Max Bramwell, the founder of FounderPass, has revealed a ranked list of countries with the highest and lowest average salaries in the country.
Bramwell named Nigeria, Egypt, Libya and Tunisia, among others as countries with the lowest average salaries globally.
Exploring the factors driving the disparities, Bramwell said: “How does your salary compare to the national average? How much could you be making if you moved to another country?
“From nations with some of the highest average salaries like Switzerland and Luxembourg to those with the lowest such as Tunisia and Bangladesh, examining income levels sheds light on how much a move could make you – or cost you.”
In an article, Bramwell also named the countries with the highest salary average after-tax to include Switzerland, Luxembourg, Singapore, the United States, and Hong Kong.
Others include Qatar, Denmark, Australia, Netherlands, United Arab Emirates, and Switzerland.
According to Bramwell: ‘Renowned for its high standard of living and strong economy, Switzerland tops the list with some of the highest average salaries globally.’ The country’s robust financial sector, advanced technology industry, and skilled workforce contribute to its prosperity and high-income levels for its citizens.
Luxembourg
As one of the wealthiest countries in the world, Luxembourg boasts high average salaries driven by its thriving financial services sector, strategic location in Europe, and favourable tax policies. The country’s stable economy and high living standards make it an attractive destination for professionals seeking lucrative job opportunities.
Singapore
With its strategic location, efficient infrastructure, and business-friendly environment, Singapore ranks among the countries with the highest average salaries. Max explains, ‘The city-state’s diverse economy, strong emphasis on education and innovation, and well-developed financial services sector contribute to its economic success and high-income levels for its residents.’
United States
Despite wide income disparities and regional variations, the United States remains a global economic powerhouse with high average salaries in sectors such as technology, finance, and healthcare. The country’s entrepreneurial spirit, innovation culture, and diverse job market contribute to its economic prosperity and high standard of living.
Hong Kong
Max says, ‘Known for its bustling financial centre and vibrant economy, Hong Kong ranks among the top countries with high average salaries.’ The city’s strategic location, low taxes, and free-market policies attract multinational corporations and skilled professionals, driving its economic growth and high-income levels.
He also named countries with the lowest salaries after tax to include: Tunisia, Libya, Algeria, Bangladesh, Iran, Nepal
Others include: Sri Lanka, Venezuela, Pakistan, Egypt, Nigeria, Sri Lanka
Sri Lanka, known for its rich history and cultural heritage, is also marked by economic complexities. While the nation has made strides in economic development, issues such as poverty and unemployment persist, impacting the wages of many Sri Lankans. Despite efforts to foster growth, income disparities remain a challenge, particularly in rural areas where opportunities are limited.
Venezuela
Max explains, ‘In Venezuela, once considered one of Latin America’s wealthiest nations, political instability and hyperinflation have taken a heavy toll on the economy.’ The result has been a severe economic downturn, leading to diminished purchasing power for the workforce. As a consequence, the average salary in Venezuela has plummeted, exacerbating challenges for citizens trying to make ends meet.
Pakistan
Pakistan, with its vast potential and diverse population, faces a multitude of economic hurdles. Widespread poverty, limited job opportunities, and income inequality contribute to lower average salaries across the country. Despite efforts to spur economic growth, addressing these challenges remains a daunting task for policymakers and citizens alike.
Egypt
In Egypt, ongoing economic reforms aim to address long-standing issues of income inequality and poverty. However, despite progress in certain areas, disparities persist, particularly in rural regions. Income levels remain low for many Egyptians, highlighting the need for continued efforts to improve economic conditions and enhance livelihoods.
Nigeria
As Africa’s most populous nation and largest economy, Nigeria holds immense potential. However, economic challenges such as corruption, infrastructure deficits, and high unemployment rates hinder progress. Max explains, ‘These factors contribute to lower average salaries and living standards for many Nigerians, underscoring the need for comprehensive economic reforms and investment in human capital.’