Luxembourg tops the World with highest minimal wage
Many countries in the world have established a minimum wage. This is to prevent people from being underpaid for the work they do. After all, everyone has to make ends meet in their country from the money they earn. Of course, the rule generally applies that more developed countries are more expensive to live, so also have a higher minimum wage than other countries. Let’s take a look at the highest and lowest minimum wages in the world.
The lowest minimum wage in the world
VisualCapitalist has mapped the minimum wages of 67 countries. This is a gross monthly salary from a full-time job and figures from January 2023 were used in the measurement.
The country at the bottom of the list is Nigeria. There people get $68 gross per month. In the Netherlands you can just pay their internet bill, but in Nigeria they get a little further with that. However, it is not enough to pay rent.
According to Numbeo, the cost to live in Nigeria is between $ 556 and $ 1434. In addition, they indicate that the average cost of a single person there is around $ 492.21 monthly, excluding rent. In other words, Nigeria is not an ideal place to live on a minimum wage.
Countries such as India, Ukraine, Philippines, Vietnam and Belarus are also low on the list. However, the minimum wage in most low-wage countries is not enough to pay rent, so normal living in those countries can only be achieved once more than the minimum wage is earned.
The highest minimum wage in the world
Let’s move on to the other side of the spectrum right away. Residents of Luxembourg can count on the highest minimum wage in the world. There, the minimum wage has increased by 9.2% compared to last year. At the moment,the minimum is € 2,089.75 gross per month. But yes, life in Luxembourg is anything but cheap. The rent of an apartment is soon between € 1,300 and € 2,100 per month. Furthermore, the average cost for one person is around € 954. With all basic costs covered, people can only live on the minimum wage in Luxembourg.
In second place in the list we find Australia, where one earns $ 2,022 gross per month. The rent of an apartment there is between $ 1,100 and $ 1,650 per month. The average cost for one person is $ 1057. Living there is estimated to be 12.6% more expensive than in the Netherlands. It is not easy to live on the minimum wage.
Where is the US on the list? Which ranks at number eight, with a gross monthly salary of $ 1,550. That while the minimum wage has increased by as much as 12% compared to 2022. Meanwhile, we also know that the United States is an expensive country to live in, which Numbeo confirms once again. There they charge for one person an average of $ 1073 per month without rental costs.
It is noteworthy that the minimum wage of countries such as Cyprus and Argentina has increased by as much as 100% compared to last year. In Cyprus, the minimum wage is currently at $ 854, and Argentina has a minimum wage of $ 336 per month.