Here’s a look at the top 10 countries with the highest salaries from 2016. You’ll see that not all salaries are created equal, while some national averages are high, most come with a tax rate that may make you cringe. However, when you soften the blow with universal health, dental, and education the quality of life enjoyed seems like an adequate tradeoff.
#10. South Korea ($38,000)
Their economic growth is second to none, both in Asia and around the globe. While their tax rate is low the work week averages at about 45 hours. The bulk of the income comes from exporting and they export everything, including nuclear energy.
#9. Canada ($45,000)
This North American country is rich, worth its weight in gold rich. Even better, worth its weight in oil. It happens to be home to the world’s second-largest oil reserve. They have gold, nickel, uranium, aluminum, and zinc. The tax rate for their 32 hour week is just below 25% and like many other countries, it goes toward the universal health care and education system.
#8. Norway ($45,000)
Photo: www.visitnorway.com
Much like the Netherland and Denmark, the focus on socio-economic policies raises the standard of living exponentially. With a 30 hour work week, everyone has the freedom to find what makes them happy. A country overflowing with natural resources like oil and forests, their export is a major part of their financial stability. The high tax rate doesn’t deter it from being one of the highest paying jobs countries.
#7. Australia ($46,000)
Here’s another country that enjoys a 35 hour work week, the difference here is that it comes with the world’s highest federal minimum wage. While Australia is known for it’s exporting, it’s equally known for the lack of importing. A self-sufficient country that centers the economy around the service industry and tourism. All though it’s pretty low on the list, it’s one of the highest paying jobs countries.
#6. United Kingdom ($46,000)
The UK is made up of three countries: England, Scotland, and Ireland. Together they have the strongest economy in Europe. England is not the biggest contributor to the economy with well over half of the workforce being serviced based and highly dependent on tourism. The country most responsible for the great financial standing of the UK is Scotland. It’s oil and minerals raise the average salary to the mid 40’s, that taxed at about 25%. In this case, the high tax goes toward the universal healthcare that allows each citizen to benefit from free health and dental treatments.
#5. Netherlands ($48,000)
The country is highly dependent on its international trade, some would say that this makes their financial stability risks. In this case, the result is a high salary average and high tax rates. Keeping in line with much of Europe in that sense. One aspect that is unique, is the low inflation rate and even lower unemployment rates. The cream on top of this financial pie is the 35 hour work week. Along with the social benefits of the country, the work to home balance is great.
#4. Switzerland ($52,000)
It’s widely known that life in Switzerland brings great social economic benefits like extended vacations and spectacular maternity leave for both parents. The dark side of their incredibly stable economy, almost perfectly budget national economy and health care through the ears is…. It’s all funded by the astronomical cost of living and extremely high tax rate. Of course, they have a national income reliant on manufacturing and tourism, but it’s the population at large that (literally) pays for the quality of life enjoyed.
#3. Luxembourg ($53,000)
The small country wedged between France, Germany, and Belgium is where you’ll find this next contender. It’s small population and rocky plain give you the feeling that you’ve transported back to the medieval age. This didn’t stop some of the world’s most cutting-edge companies, like Skype and Amazon, from calling it home. They may be third on the list but they are the world’s second-largest investment fund hub. That means great salaries and unfortunately, a high tax rate to match. On average the population brings home less than your European counterparts even though their salaries are higher.
#2. Ireland ($53,000)
No wonder the Irish are so happy, with the national average salary in the low 50’s they can afford to be. What is less know about Ireland is that it is the agricultural hub of the United Kingdom, however, it’s gaming and high tech companies that attribute to its economic success. Along with the high pay scale comes a low tax rate. It’s really a win-win on all accounts, especially when you incorporate the amazing island views.
# 1. United States ($57, 000)
I’m not sure about you, but I was surprised to see the US coming in at the top of this list. With the varying reports from the media about the fiscal stance of the country, it’s nice to see that the American dream is still a reality. Turns out being the world leader in oil production and following closely to the world leader in manufacturing and trading, is a good plan for longevity and success. The flip side of being home to the world’s largest stock exchange is that most American don’t have time to spend the disposable income they work so hard for.
