The countries with the highest minimum wage in the world have been announced
There is a very large difference between the amounts of the minimum monthly wage in the countries of the world. In some countries, the minimum wage is dozens of times higher compared to others. In the infographic prepared based on 2024 data, the minimum wages in countries were compared taking into account purchasing power parity.
The countries with the highest minimum wage in the world have been announced
The analysis was based on 2024 data from the International Labour Organization.
Here, not just the simple nominal amount of wages, but also purchasing power parity was taken into account. That is, how much the prices of goods and services differ in various countries was considered.
This approach helps to calculate how many goods or services the same amount of money allows to purchase in different countries. Therefore, comparison by purchasing power parity relatively more accurately shows what standard of living the population actually has in exchange for the minimum wage.
The highest result in the rating was recorded in Switzerland. In the country, the minimum wage, taking into account purchasing power parity, was estimated at $3,804 per month.
However, Switzerland does not have a single legally established minimum wage across the entire country. The issue of setting the minimum wage is regulated at the level of individual cantons.
Germany took second place — there, the minimum monthly wage in terms of purchasing power was $2,928. Great Britain was recorded in third place with a figure of $2,902.
The top ten countries with the highest minimum wage are mostly European countries. New Zealand from outside Europe is also on the list. Austria took fifth place in the rating, and New Zealand took eighth.
Gambia was recorded at the lowest level of the rating. In this country, the minimum monthly wage in terms of purchasing power parity was only $67.
There are also a number of other countries where the minimum wage is less than $150. In particular, this figure was $83 in Guinea-Bissau, $91 in Kyrgyzstan, $100 in Ghana, $121 in Sierra Leone, and $133 in the Central African Republic.
A significant difference was also observed among the countries of the former USSR. In Russia, the minimum wage in 2024 was $662 in terms of purchasing power parity. In Belarus, this figure was higher — $766.
In Kazakhstan, the minimum wage was recorded at $483, and in Armenia at $476. The figure of $91 in Kyrgyzstan was one of the lowest results in the rating.
In conclusion, even when purchasing power and differences in prices in countries are taken into account, a several-dozen-fold difference remains between the levels of minimum wages in the countries of the world.