Are you thinking about making a life change? About packing your bags and moving to a new country to start a new job and a new life?
Perhaps the quality of life or the lower cost of living elsewhere appeals to you or you’re drawn to lifestyle factors like travel opportunities, more personal freedom or the culture on offer.
The good news is that the global job market is growing year on year with remote work now extending new job possibilities worldwide. If you’ve lucky enough to have an option to move abroad, one thing you’ll certainly need to know is the size of your pay packet and the salary you’ll receive each month for your efforts in that country.
Different countries have different rules, different laws and different taxes. Not all countries are created equal as far as nomads are concerned, so things can get complicated and you’ll need to do your research before opting for a particular country.
That’s where we come in. Nomad Capitalist has helped over 1,500 clients move to multiple tax-friendly jurisdictions from Central America to Western Europe and further afield.Apply to become a client today, and our team will assess your personal and corporate vision and portfolio to determine the best solutions to help you retain and grow wealth, pay fewer taxes legally and acquire greater individual freedom.
We’ve got expert boots on the ground in most countries and, as a result, we know the shortcuts and pitfalls that await you. Many of them are on this list of the countries with highest salaries in 2024. So, whether you want to earn more money by working for a new remote employer or you’re happy to dust off the passport and travel, here are the countries with the highest average salaries in 2024.
These figures are taken from world data, which calculates the average income per person by dividing the earnings and profits of all inhabitants by the number of inhabitants.
United States – Average Annual Income
United States: $76,770
Despite the country’s high taxes and long working hours, people continue to look to the US in the hope of advancing their careers. Some of the best jobs offering the best salaries and the potential for career growth include software developer, nurse practitioner, information security analyst and financial manager. In 2024, the average monthly salary is $6,398.
Luxembourg – Average Annual Income
Luxembourg: US$89,200
Luxembourg might be one of the world’s smallest countries, but it boasts some of the highest salaries. The minimum average wage has increased to around US$3,250 per month for skilled workers and US$2,700 for unqualified workers. The biggest job sectors include banking, finance and steel. In higher-paid occupations, you can expect an income of around US$7,433 a month.
Iceland – Average Annual Income
Iceland: US$68,660
With a population of just under 378,000, Iceland is another small nation that offers excellent salary prospects.
The dominant job sectors include tourism, fisheries, renewable energy, agriculture and manufacturing. As with other countries on this list that offer the highest annual salaries, Iceland is also one of the costliest countries in the world. An average income of US$5,722 is certainly not to be scoffed at.
Switzerland – Average Annual Income
Switzerland: US$95,490
This small, landlocked European nation has some of the world’s highest finance, banking and construction standards. International companies, such as Nestlé, Zurich Insurance Group, Siemens and Carlsberg, all have headquarters in Switzerland.
Switzerland is an excellent option if you are a high-net-worth individual looking to lower your taxes while living in a beautiful European country. A rich country by any standard, it’s no surprise that average monthly income stands at a sizeable US$7,958.
Denmark – Average Annual Income
Denmark: US$73,520
Denmark has the lowest income inequality in the world, so it’s no wonder it has the happiest workforce. That said, it also has one of the highest global tax rates. Denmark has a demand for skilled workers in industries such as science, agriculture, technology, tourism and transport. Land the right role, and you can expect to earn a monthly income of around US$6,127.
Netherlands – Average Annual Income
Netherlands: US$60,230
On average, employees in the Netherlands work around 35 hours a week and earn an average of around US$60,000 a year.
The Netherlands offers a strong entrepreneurial spirit and is accessible, with over 90% of the population speaking English. It’s a good option for expats to take advantage of the high earnings potential of US$5,019 per month.
Belgium – Average Annual Income
Belgium: US$53,890
Belgium offers one of the highest standards of both living and education. Average salaries are highest in the country’s capital, Brussels, which is the de facto capital of Europe and home to various major EU institutions. With a monthly salary in the region of US$4,491, you can’t go far wrong.
Norway – Average Annual Income
Norway: US$94,540
Norway has the world’s eight-highest per capita disposable income and offers one of the highest living standards.
The Kingdom of Norway boasts a high percentage of educated citizens, with many needing a minimum of three to five years of university education or a skilled trade to earn the country’s average income. University education in Norway is almost entirely free, making it accessible to everyone regardless of financial position –good reason to expect an income of US$7,878 each month.
Austria – Average Annual Income
Austria: US$55,720
Salary levels in Austria have been steadily rising over the past few years, with academic degrees and professional experience leading to higher wages. Larger companies also tend to have higher salaries.
Understanding your tax class and expected deductions is important when considering net salary in Austria. Austria has among the highest tax rates in the world. Still, with a bit of luck, you can rake in US$4,643 a month there.
Australia – Average Annual Income
Australia: US$60,840
Australians work an average of 35 hours a week, and given the summer temperatures, that’s little wonder. However, there are growing fears that employment will suffer as interest rates and population growth increase in the coming years.
The good news is there are still some jobs in high demand, including machine learning engineers, sustainability managers, cyber security analysts and miners – all categories that could land you US$5,070 monthly.
Germany – Average Annual Income
Germany: US$46,030
Germany is the world’s fourth-largest economy and the largest in Europe. Its average annual salary is about US$4,000 per month.
The average gross salary in Germany varies depending on the location, profession, work experience and company size. Taxes and social contributions also significantly reduce your gross wage. In large companies, product managers, IT managers and medical professionals earn well above average.
Ireland – Average Annual Income
Ireland: US$79,730
Generally, a good salary in Ireland should start at around US$55,000 in the capital, Dublin.
According to recent research, over 70% of employers in Ireland have indicated that they plan to offer wage increases this year, with some salaries already having risen to 11%.
The Irish also enjoy one of the lowest corporate tax rates in Europe.
Do you have Irish heritage? Contact Nomad Capitalist to learn more about becoming an official Irish citizen through our citizenship by descent service.
Go Where You’re Treated Best
Unsurprisingly, some countries with the highest average salaries also have some of the highest taxes in the world. In Denmark, the government will take a whopping 56% of your income in taxes. Clearly, taxes matter.
The countries with the highest salaries may not be the best option to live, work and start a business. You may also want to look at emerging markets that offer the highest growth potential. Territories that make up the Balkans in southeastern Europe are set for the highest average salaries increase. For example, Hungary is forecast to have the highest salary increase of around 15% – this is why it makes sense to explore all the options.
The reason some territories offer low or zero taxes is that they want to encourage investment in the economy.
Finding a tax-friendly location has obvious benefits when looking for a country to set yourself up in.
If you want help deciding the ideal location for you and your business, contact our team to discover where you will be treated best.
