Nigeria, Egypt Ranked Among Countries With Lowest Salary Earners Worldwide (See List)

The founder of FounderPass, Max Bramwell, has shared a list ranking countries according to the global highest and lowest average salaries.

Bramwell identified Tunisia, Libya, Algeria, Bangladesh, Iran, Nepal, Sri Lanka, Venezuela, Pakistan, Egypt, and Nigeria as having the lowest salaries after tax.

Investigating the underlying reasons for these income gaps, Bramwell raised queries such as: “How does your salary compare to the national average? How much could you be making if you moved to another country?

“From nations with some of the highest average salaries like Switzerland and Luxembourg to those with the lowest such as Tunisia and Bangladesh, examining income levels sheds light on how much a move could make you – or cost you.“

Countries with the lowest salaries after tax, as named by Max, include:

1. Sri Lanka:

Known for its rich history and cultural heritage, Sri Lanka grapples with economic complexities despite strides in development. Persistent issues such as poverty and unemployment impact wages, particularly in rural areas with limited opportunities.

2. Venezuela:

Once considered among Latin America’s wealthiest nations, Venezuela has faced a severe economic downturn due to political instability and hyperinflation. Diminished purchasing power has led to a drastic drop in average salaries, exacerbating challenges for citizens.

3. Pakistan:

Despite its vast potential and diverse population, Pakistan struggles with widespread poverty, limited job opportunities, and income inequality. Economic hurdles contribute to lower average salaries across the country, posing challenges for policymakers and citizens.

4. Egypt:

Ongoing economic reforms in Egypt aim to address income inequality and poverty, yet disparities persist, especially in rural areas. Many Egyptians continue to earn low incomes, highlighting the need for sustained efforts to improve economic conditions.

5. Nigeria:

Africa’s most populous nation and largest economy possess significant potential. However, economic hurdles like corruption, infrastructure shortcomings, and elevated unemployment impede advancement. 

According to Max, these factors play a role in depressing average salaries and living standards for numerous Nigerians, highlighting the necessity for comprehensive economic overhauls and increased investment in human capital.

Bramwell named Switzerland, Luxembourg, Singapore, the United States, Hong Kong, Qatar, Denmark, Australia, the Netherlands, and the United Arab Emirates as the countries with the highest post-tax average salaries.

1. Switzerland:

Renowned for its high standard of living and strong economy, Switzerland tops the list with some of the highest average salaries globally. The country’s robust financial sector, advanced technology industry, and skilled workforce contribute to its prosperity and high-income levels for its citizens.

2. Luxembourg:

As one of the wealthiest countries in the world, Luxembourg boasts high average salaries driven by its thriving financial services sector, strategic location in Europe, and favourable tax policies. The country’s stable economy and high living standards make it an attractive destination for professionals seeking lucrative job opportunities.

3. Singapore:

With its strategic location, efficient infrastructure, and business-friendly environment, Singapore ranks among the countries with the highest average salaries. The city-state’s diverse economy, strong emphasis on education and innovation, and well-developed financial services sector contribute to its economic success and high-income levels for its residents.

4. United States:

Despite wide income disparities and regional variations, the United States remains a global economic powerhouse with high average salaries in sectors such as technology, finance, and healthcare. The country’s entrepreneurial spirit, innovation culture, and diverse job market contribute to its economic prosperity and high standard of living.

5. Hong Kong:

Known for its bustling financial center and vibrant economy, Hong Kong ranks among the top countries with high average salaries. The city’s strategic location, low taxes, and free-market policies attract multinational corporations and skilled professionals, driving its economic growth and high-income levels.

The post Nigeria, Egypt Ranked Among Countries With Lowest Salary Earners Worldwide (See List) appeared first on Naija News.