The average salary in a country is the direct indicator of the financial well-being of its citizens. High wages give people the opportunity to spend more and to create large savings. That’s why you should always consider this factor when thinking where to set up your new company.
We’ve selected for you a list of the TOP 10 countries with the highest average wages.
10. The Netherlands
- Annual gross income: $ 47,056
- Mandatory tax deductions: 37.8 %
- Salary after deductions: $ 29.269 per year
The economy of the Netherlands is based on the food, tourism and chemical industries, the manufacturing of electrical devices and mechanical engineering. The Dutch industry is highly automated, and the process of introducing modern technologies is very smooth.
9. South Korea
- Annual gross income: $ 35,406
- Mandatory tax deductions: 12.3 %
- Salary after deductions: $ 31,051 per year
South Korea is the only Asian country that’s heavily dependent on international trade, also being the sixth largest world exporter and tenth largest importer.
8. Norway
- Annual gross income: $ 43,990
- Mandatory tax deductions: 29.3 %
- Salary after deductions: $ 31,101 per year
Norway is a capitalist welfare state rich in resources such as oil, fish, forests and minerals. The country has a very low unemployment rate and extremely high labor productivity.
7. Canada
- Annual gross income: $ 42,253
- Mandatory tax deductions: 22.7 %
- Salary after deductions: $ 32.662 per year
Canada owns the second largest reservoir of oil and gas in the world. It is a major producer of minerals and agricultural products, from zinc, uranium, gold, nickel, aluminum and to wheat, rapeseed and other types of cereals.
6. The UK
- Annual gross income: $ 44,743
- Mandatory tax deductions: 25.1 %
- Salary after deductions: $ 33,513 per year
Great Britain is the sixth largest tourist destination in the world. The service sector generates a little less than 75 percent of the country's gross domestic product. Great Britain is the largest world financial center in the world after New York.
5. Australia
- Annual gross income: $ 44,983
- Mandatory tax deductions: 22.3 %
- Salary after deductions: $ 34,952 per year
Australia prefers the export of raw materials to production of final goods in the country. The country has been practicing such a policy for the past 10 years. This allowed a significant increase in the trade balance and led to a continuous economic growth.
4. Switzerland
- Annual gross income: $ 50,242
- Mandatory tax deductions: 29.4 %
- Salary after deductions: $ 35,471 per year
Although the cost of living is very high here, the unemployment rate is only 3%. In order to survive without large natural deposits, the country has created a labor market focused on the talents of workers.
3. Luxembourg
- Annual Gross Income: $ 52,847
- Mandatory tax deductions: 28.1 %
- Salary after deductions: $ 37.997 per year
The country's economy depends on such categories as health products, pills, chemicals, high-precision measuring instruments, musical instruments as well as banking, insurance and tourism services.
2. Ireland
- Annual Gross Income: $ 50,764
- Mandatory tax deductions: 18.9 %
- Salary after deductions: $ 41,170 per year
Ireland is a developed economy where the workforce has a very high level of education. It is the country with the second highest net average income in the world, as well as the second lowest tax deduction.
1. The USA
- Annual gross income: $ 54,450
- Mandatory tax deductions: 22.8 %
- Salary after deductions: $ 42,050 per year
Undoubtedly, the USA is the most powerful country in the world. As the largest importer and second largest exporter of goods in the world, the country has the highest average income in the world.
If you have any questions regarding company formation in any of these countries, Bizonaire is right here to help you do it quick and without all the paperwork!
