Australia is home to some of the most liveable cities and most beautiful beaches in the world, but now our nation is considered one of the world’s richest.

According to new data from Founder Pass, Australia is ranked at number 8 for the world’s highest salaries.

The ranking shows that Australians have a monthly average net salary (after tax) of $3,505, putting us ahead of the Netherlands and even the United Arab Emirates.

Generally, the countries that boast the top average salaries in the world have high living standards, a strong economy and a robust financial industry.

In first place, where workers earn the highest monthly wage in the world, is Switzerland with a monthly average net salary (after tax) of $6,633.

The result is unsurprising given the small landlocked country is frequently voted as the best country in the world and is famous for its high quality of life, power, entrepreneurship opportunities, country stability and wealth.

And high incomes for Switzerland’s citizens are due to the country’s strong financial sector, advanced technology industry and skilled workforce.

In second place is Luxembourg which ranks highly due to its favourable tax policies and the country’s rich economy, which sees workers pocket around $5,302 per month.

Here’s the full list.

Top 10 income-earning countries in the world

Source: FounderPass

The world’s lowest-earning countries

On the other end of the list, coming in with some of the world’s lowest monthly incomes, are countries with a lower standard of living, less robust economies and issues with unemployment and/or stability.

For example, Sri Lanka ranked in 92nd place on the list thanks to its persisting poverty and unemployment, impacting wages.

Workers in the country earn around $191 per month with those living in the regions taking home less due to limited employment opportunities.

One rank below is Venezuela, in 93rd place for its global salaries due to its political instability and hyperinflation.

Venezuela workers earn a monthly average salary of just $190.

In 95th place is Egypt, which also suffers economic instability and disparity, particularly in rural regions where there are reforms ongoing to help address poverty.

Workers here earn $117 per month on average.

Nigeria ranked at the bottom of the list, in 96th place.

Despite being Africa’s most populous nation and largest economy, Nigerians take home around $64 a month, the data shows.

Investors need to remember

Generally, the countries that boast the top average salaries in the world have high living standards, a strong economy and a robust financial system.

This ranking for 2024 should serve as a reminder for investors that Australia’s strong wages mean our nation will continue to be a preferred destination for immigrants from all around the world, which will underpin our long-term population growth.

And in turn, this will drive our housing markets.

The findings also highlight the importance of lifestyle locations when it comes to choosing an investment property.

Beauty, amenities, services, and walkability are all key factors that help set a high-value investment-grade suburb apart from the rest.

After all, it’s all about the lifestyle and what we call a 20-minute neighbourhood.

Buyers are willing to pay a premium for properties that are within walking distance of, or a short trip to, a great shopping strip, your favourite coffee shop, amenities, the beach, and a great park.

And as a result, these are the type of neighbourhoods that investors and wannabe homeowners are flocking to.

About Chris Dang
Chris Dang is an accountant by training and has worked in the Financial Planning industry for many years. Chris brings together property, accounting, and financial planning experience to help clients of Metropole Wealth Advisory create a holistic plan for their wealth.