When moving to another country, it is worth considering wages because they will ensure the comfort of your life. So, which countries in the world pay the most? Find out more about the top countries with the highest salaries for expats in 2024 and in which countries you should expect the maximum salary increase
When deciding to move abroad, expats pay attention to many factors. However, the level of wages is quite often decisive, especially in conditions of rising cost of living due to inflation.
Which countries will offer expats the highest salaries in 2024? In which countries should foreign workers expect maximum wage growth this year? We will tell you in detail further.
Top 8 countries with the highest salaries for expats in 2024
Luxembourg
– Average salary per year: $68,681
Luxembourg’s main industries include banking, finance, metallurgy, mining, telecommunications and tourism. Luxembourg’s economy is very similar to that of Germany and has the same degree of prosperity. There are many expats working in the state.
– The requirements for applying for a visa to Luxembourg are here.
– Useful tips for foreigners who have decided to move to Luxembourg in our material.
Iceland
– Average salary per year: $68,006
In addition to the high level of wages, Iceland has an ideal work–life balance – the average working week in the country is 40 hours, and companies tend to be friendly to the personal problems of the employee.
– We have told you here what an expat should know about working in Iceland.
Switzerland
– Average salary per year: $66,567
Switzerland has one of the most developed economies in the world. The headquarters of many leading multinational companies are located in Switzerland. The state has also achieved great success in finance, banking, electronics, pharmaceuticals, watchmaking and tourism.
– Requirements and prospects for foreigners who plan to find a job in Switzerland via the link.
United States of America
– Average salary per year: $65,836
The key sectors of the US economy are finance, professional and business services, manufacturing and healthcare. An employee in America works 44 hours a week. Interestingly, in most companies, workers are paid weekly.
– Read about employment opportunities for foreigners in the United States here.
Denmark
– Average salary per year: $57,150
The economy in Denmark is of a mixed type with a comfortable standard of living. The minimum wage is not defined here, but the state has the lowest income inequality index in the world. Another advantage of Denmark is that, according to surveys, the happiest workers here. The industry is mainly focused on mining, metallurgy, transportation, furniture, shipbuilding and pharmaceuticals.
How do I move on a work visa and get a job in Denmark? Detailed instructionsby the link.
Netherlands
– Average salary per year: $56,552
The Netherlands has one of the lowest unemployment and inflation rates in Europe and boasts a high standard of living. The country’s economy is based on international trade, as the state has the largest ports in Europe. Another advantage of the country is the length of the working week of 35 hours. The Netherlands has an exceptional agriculture and fishing industry, advanced electronics and mechanical engineering, pharmaceuticals, tourism and microelectronics.
– Instructions for those who are looking for a job in the Netherlandshere.
Germany
– Average salary per year: $56,000
Germany has the strongest economy in Europe and is one of the richest countries in the world. Germany has a diverse list of profitable industries, including pharmaceuticals, healthcare, manufacturing, tourism, transport and agriculture. The country also has a solid infrastructure and well-developed school education and health care systems.
– We talked about the requirements and procedures for obtaining a work visa for foreigners in Germany earlier.
Belgium
– Average salary per year: $55,590
Belgium has few natural resources other than fertile soils. Most of the traditional industries are represented by metallurgy, textile manufacturing and oil refining.
– More information about working in Belgium at the link.
In which countries should we expect the maximum salary increase in 2024?
Specialized Agency for International Mobility Employment Conditions Abroad (ECA) International conducted a study of wage growth, according to which the leading regions with the highest wage increases were:
– The Asia-Pacific region – in 2023, it was already the leader with an average salary growth rate of +1.8%. This year, even higher growth is expected – +2.2%.
– North and South America – wages will increase by 2% this year, compared with only 0.1% in 2023.
Salaries in Africa and the Middle East are expected to increase by 0.8% after falling by 1.2% in 2023.
Europe, which is experiencing the highest recession in 2023 (-1.9%), is expected to gradually recover (+0.9%).
In general, the countries with the highest wage growth in 2024 will be India, Indonesia, Vietnam, Thailand, Malaysia,South Korea and Taiwan. However, be careful about inflation. Some States in the Asia-Pacific region are actively struggling with its growth and the general decline in purchasing power.
How do I get a tax refund for expats working abroad?
In addition to high salaries, expats working abroad can expect to receive tax refunds. This is a procedure for refunding money overpaid in taxes to the Government of the host country. This usually happens when employers withhold too much money from an employee’s salary.
To find out if there is an overpayment and what its amount is, an employee needs to file a tax return for the country in which You worked to declare all earned income and determine whether and to what extent you should be refunded the tax. Also, in addition to a tax refund, after submitting an income declaration, an employee will not only be able to count on a tax refund, but will also receive additional benefits from the government of the country, for example, money for a child.
An expat can submit a declaration on his own, but for this it is necessary to have a good command of the language of the host country and know the legislation. That is why many foreigners cooperate with tax experts, one of the most experienced is RT TAX. Founded in 2000, the company holds a leading position in the field of tax refunds worldwide. The network has more than 400 representative offices in 40 countries. Over the entire period of work, 250 thousand employees have become clients of the agent.
The main advantage of RT TAX is that the company operates on the basis of a successful commission, which means that customers pay for services only when they receive a refund without the need for an upfront payment.
Let’s remind you! Foreigners who work in Germany must submit an annual declaration to verify the amount of taxes paid. We talked earlier about the declaration procedure and how expats can refund overpaid taxes.
Igor Usyk – Head of Migration Department at VisitWorld
To ensure a safe move to a new country, I advise you to contact specialists. My colleagues, qualified specialists with legal education, will help you avoid unpleasant situations during migration.
Products from Visit World for a comfortable trip:
Travel guide for 200 countries of the world;
Legal advice from a local specialist on visa and migration issues;
Travel insurance worldwide (to receive services, select the country and citizenship you are interested in);
Medical insurance worldwide.
We monitor the accuracy and relevance of our information. Therefore, if you see any error or discrepancy, please write to our hotline.
Often
frequently asked questions
Which country has the highest average salary in the world?
Luxembourg, the USA and Switzerland offer the highest average annual salaries.
In which country do they pay the highest salaries to IT industry workers?
Switzerland and the United States of America offer the highest salaries for IT professionals with an average range of $100,000 to $120,000 per year.
Which country has the best job opportunities for foreigners?
The best countries where you can earn good money if you have the appropriate skills and qualifications for the local labor market are the USA, Luxembourg, Switzerland, Norway, Denmark, Ireland, Australia, the Netherlands, Singapore and Canada.
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