The countries with the highest salaries in the world
Anna Tobin
19 December 2017
Where in the world do people earn the most?
The Institute for Management Development (IMD) World Talent Rating for 2017 assesses 'the extent to which countries develop, attract and retain talent'. We have crunched the numbers from this report showing how much services professionals and management level workers are paid around the world to find the top 30 countries with the highest average annual salaries. Here's where you need to move to earn the most.
Joint 28th) Taiwan
Three countries came joint 28th. Service professionals in Taiwan receive an average annual income including additional bonuses of $26,313 (£19,555). Those in management get an average total base salary plus bonuses and long-term incentives of $157,405 (£116,981). Stepping up to a management position in Taiwan multiples your salary around six times.
Joint 28th) Saudi Arabia
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Saudi Arabia-based services professionals can expect to take home an average of $38,623 (£28,704) a year. Management can expect to get about three times as much as this with their average total base salary plus bonuses and long-term incentives standing at $134,148 (£99,697).
Joint 28th) Greece
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Greece may have had its economic troubles in recent years, but its salaries are still holding their own on the international market, largely because of their higher management salaries. Service professionals here can expect an average gross annual income, including supplements such as bonuses, of $19,055 (£14,161). Management are taking home an average total base salary plus bonuses and long-term incentives of $170,269 (£126,542).
27th) Qatar
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If hot weather appeals, Qatar may look attractive for some. Services professionals here are taking home an average gross annual income, including supplements such as bonuses, of $31,462 (£23,382). Those in management are receiving average annual salaries plus bonuses and long-term incentives of $157,624 (£117,144). What's more, people don't pay any personal income tax here.
26th) Chile
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There is a vast difference between what service professionals and management are paid in Chile. Management salaries here are what have put this South American country into the top 30. Managers can expect to earn an average total base salary plus bonuses and long-term incentives of $200,389 (£148,927). In comparison, service professionals are earning an average gross annual income including supplements such as bonuses of $16,341 (£12,144).
25th) Israel
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High-tech hub Israel pays its service professions reasonably well. They receive an average gross annual income of $35,176 (£26,142). Management level receive over four times this with an average total base salary plus bonuses and long-term incentives of $158,657 (£117,912).
24th) Spain
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The quality of life in Spain is rated by the IMD report as high and the salaries are perhaps indicative of this. Service professionals are receiving an average gross annual income, including supplements such as bonuses, of $32,662 (£24,274). Management level earners are taking home an annual average total base salary plus bonuses and long-term incentives of $193,092 (£143,504).
23rd) Finland
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Finland comes in at number 23, but its personal effective income tax is quite steep at 27.76%, so take this into account when weighing up a job offer here. Service professionals in Finland receive an average gross annual income, including supplements such as bonuses, of $36,759 (£27,318). Management level are receiving an average total base salary plus bonuses and long-term incentives of $173,330 (£128,817).
22nd) United Arab Emirates
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The United Arab Emirates pays its service professionals an average gross annual income, including supplements such as bonuses, of $35,346 (£26,268). Its management level are earning a total base salary plus bonuses and long-term incentives of $195,211 (£145,078). It's often assumed that personal income tax is zero in oil-rich nations, but this is not true of the UAE where the personal effective income tax is 4.92%.
21st) Norway
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The Kingdom of Norway rates number 1 in the IMD survey when it comes to worker motivation and the salaries are likely a significant part of this. Service professionals here are receiving an average gross annual income, including supplements such as bonuses, of $50,635 (£37,631) and those in management are earning a total base salary plus bonuses and long-term incentives of $142,220 (£105,696).
20th) South Korea
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South Korea rewards its management particularly well. They earn an annual average total base salary plus bonuses and long-term incentives of $225,279 (£167,425). Service professionals take home about a seventh of this with average gross annual income, including supplements such as bonuses, of $32,849 (£24,413).
19th) New Zealand
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It might be a long way from anywhere, but New Zealand rewards its workers well for staying put. Service professionals here have an average gross annual income, including supplements such as bonuses, of $44,174 (£32,829). Management earn an average total base salary plus bonuses and long-term incentives of $165,093 (£122,695).
18th) Italy
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It's worth working hard for a step into management in Italy. Managers here are paid around eight times as much as service workers, taking home an average total base salary plus bonuses and long-term incentives of $242,980 (£180,580). Service staff in comparison are pocketing an average gross annual income, including supplements such as bonuses, of $32,479 (£24,138).
17th) Netherlands
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The report found that companies in the Netherlands prioritise attracting and retaining talent and decent salaries obviously form part of their incentive package. Service professionals here have an average gross annual income, including supplements such as bonuses, of $37,971 (£28,2190). Management level have an average total base salary plus bonuses and long-term incentives of $232,364 (£172,690).
16th) Ireland
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Ireland has invested a lot in attracting and retaining talent in recent years and its salaries are certainly one reason people are staying in their jobs. The average gross annual income, including supplements such as bonuses, is $43,862 (£32,597) for service professionals here. The average total base salary plus bonuses and long-term incentives is $197,191 for management level.
15th) Australia
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It's not just the weather that attracts workers to Australia. The financial rewards are good too and management receive three times what service professionals receive, a lot more equitable than elsewhere. Service professionals here have an average gross annual income, including supplements such as bonuses, of $51,497 (£38,272). Management are earning an average total base salary plus bonuses and long-term incentives of $165,581 (£51,497).
14th) Canada
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Management level workers in Canada can expect to earn four times what service professionals earn. They take home an average total base salary plus bonuses and long-term incentives of $197,427 (£146,725). Service professionals in comparison are earning an average gross annual income, including supplements such as bonuses, of $45,701 (£33,964).
Joint 12th) Belgium
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At joint 12th, Belgium pays its workers well. Service professionals here can expect to earn an average gross annual income, including supplements such as bonuses, of $41,133 (£30,569). Management are getting paid around six times as well as this with an average total base salary plus bonuses and long-term incentives of $241,607 (£179,559).
Joint 12th) France
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Joint 12th with neighbouring Belgium, the IMD report found that worker motivation in companies in France is high and the salaries reflect this. Service professionals here have an average gross annual income, including supplements such as bonuses, of $38,787 (£28,826). Management level workers have an average total base salary plus bonuses and long-term incentives of $247,183 (£183,703).
11th) Singapore
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Just missing the top 10, there is quite a big gap between service professionals pay and management pay in Singapore. Service professionals here have an average gross annual income, including supplements such as bonuses, of $39,280 (£29,192). In contrast, management have an average total base salary plus bonuses and long-term incentives of $261,509 (£194,350), around six times as much.
Joint 9th) Sweden
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The IMD report has found that worker motivation in companies in Sweden is high and attracting and retaining talent is a priority for companies too. They certainly pay their talent well. Service professionals here earn an average gross annual income, including supplements such as bonuses, of $47,831 (£35,547). Management have an average total base salary plus bonuses and long-term incentives of $216,928 (£161,218).
Joint 9th) UK
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It might all change after Brexit but, for now, the UK is in the top 10 highest-paying countries. Service professionals here earn an average gross annual income, including supplements such as bonuses, of $45,691 (£33,957). Management earn an average total base salary plus bonuses and long-term incentives of $230,721 (£171,469).
8th) Austria
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It's not just the skiing that attracts and retains talent in Austria. Service professionals here have an average gross annual income, including supplements such as bonuses, of $40,720 (£30,262). Management have an average total base salary plus bonuses and long-term incentives of $266,124 (£197,780).
7th) Denmark
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Scandinavian and Nordic countries are well represented in the top 30 highest-paying countries. Denmark has a high effective personal income tax rate at 29.84%, but the salaries reflect this. Service professionals have an average gross annual income, including supplements such as bonuses, of $59,093 (£43,917). Management level have an average total base salary plus bonuses and long-term incentives of $208,038 (£154,611).
Joint 5th) Germany
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The IMD report found that German companies put a high priority on employment training, which might explain why worker motivation in companies is high, but the salaries are also a major contributing factor too. Service professionals earn an average gross annual income, including supplements such as bonuses, of $42,280 (£31,422). Management earn an average total base salary plus bonuses and long-term incentives of $289,253 (£214,969).
Joint 5th) Japan
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Japan is known for being a hard-working nation, but it seems that all the dedication literally pays off. The country's service professionals have an average gross annual income, including supplements such as bonuses, of $48,177 (£35,629). Its management level earn an average annual total base salary plus bonuses and long-term incentives of $238,248 (£176,196).
4th) Hong Kong
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It might now be part of China, but Hong Kong's wages are far higher than they are in the mainland. Its service professionals have an average gross annual income, including supplements such as bonuses, of $45,050 (£33,316). Its management level workers have an average annual total base salary plus bonuses and long-term incentives of $265,336 (£196,229).
3rd) Luxembourg
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Luxembourg might be one of the smallest countries in the world, but it pays some of the highest salaries. Its service professionals have an average gross annual income, including supplements such as bonuses, of $58,425 (£43,208). Its management level workers have an average annual base salary plus bonuses and long-term incentives of $246,477 (£182,282).
2nd) USA
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In at number 2 is the USA. The country is known for its great customer service and its service professionals certainly get well remunerated. They receive an average gross annual income, including supplements such as bonuses, of $60,717 (£44,903). Management level staff are on an average of over six times this with their total base salary plus bonuses and long-term incentives being $382,189 (£282,647).
1st) Switzerland
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If you're looking to work in another country, Switzerland is the one to opt for. It has the highest salaries in the world. Its service professionals have an average gross annual income, including supplements such as bonuses, of $92,625 (£68,500). Its management workers have a total average annual base salary plus bonuses and long-term incentives of $431,603 (£319,192). The effective personal income tax rate is just 10.91% too. Time to emigrate?
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