Salary differences across nations can be attributed to a wide range of factors, including labor laws, economic development, and cost of living. It can be challenging to determine the global average income due to these factors.
Taking purchasing power parity (PPP) into consideration, Visual Capitalist have plotted the average yearly salaries of 30 OECD nations. This indicates that the values provided have accounted for variations in inflation and cost of living across national boundaries.
The source of this data is the Organization for Economic Co-operation and Development (OECD), a global institution that advances laws to enhance social and economic well-being.
Here is the list of average annual salaries by country.
The data indicates that the countries with the highest average annual salaries are the US, Switzerland, and Luxembourg. Undoubtedly, these are developed economies with established service sectors.
On the other hand, Mexico and Greece have the lowest average salaries. This is mainly because there are a lot of lower-paying jobs, especially in manufacturing and agriculture.
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