Where Are the Highest Salaries in the World? Ranking of Income Levels (Including Italy)
Where Do People Earn the Most in the World?
According to the latest 2024 rankings by the OECD, countries with the highest average wages are identified.
Several factors contribute to the variation in wages among countries, including local economic development, cost of living, labor regulations, and other elements.
Due to the complexity of analyzing and comparing average wages considering numerous variables, data is adjusted for purchasing power parity (PPP).
This approach ensures that the 2024 rankings of average wages worldwide consider differences in cost of living and inflation rates across countries.
So, where does Italy stand in this ranking?
Top Earning Countries in the World: Wage Rankings
The wage rankings position Luxembourg as the country with the highest wages globally, followed closely by the United States and Switzerland.
These economies are highly developed with well-established service sectors, typically characterized by higher average wages.
Moreover, the cost of living is relatively high in these nations, necessitating higher salaries to maintain a standard quality of life.
Want to know more? Check out the Wage Map of Europe to see where Italy ranks!
Lowest Earning Countries: Bringing up the Rear
Bringing up the rear in the wage rankings are Mexico and Greece, which have the lowest average wages.
In Mexico, a significant portion of the workforce occupies low-paying jobs, notably in agriculture and manufacturing.
Greece has been grappling with high levels of unemployment since the global financial crisis of 2008, leading to downward pressure on wages due to labor surplus.
It’s crucial to note that the report considers average annual wages from 30 OECD countries.
Where is Italy in all this? Well, Italy secures the 19th spot in the OECD ranking for average wages, amounting to 44,900 harmonized dollars at purchasing power parity.
For more insights, read about the Average Wage in Italy in 2024 and discover who earns the most!
