Regarding income and salaries around the world, there are significant differences based on factors such as location, industry, and experience level. In this post, we'll look at average salary ranges for entry-level positions, mid-level experience positions, and C-level positions in different regions worldwide, including the US, Europe, and the Asia-Pacific.
Entry-Level Salaries around the world
The average entry-level salary varies significantly based on location and industry.Generally speaking, countries with a higher minimum wage will also have a higher average entry-level salary. Let's take a closer look at the wages in different regions including North America, Europe, and the Asia-Pacific.
Average entry-level salaries in North America
In North America, the average entry-level salary ranges from around $35,127 to $39,000 per year. However, we need to consider that the yearly salary strongly varies depending on the industry, the country, and other factors.
According to numbeo.com, the average income of Americans and Canadians is about the same, however, the cost of living can vary greatly between the two countries and depends on the specific area. So, while the salaries may be similar in the United States and Canada, the overall financial picture can be quite different depending on where you live.
Next to the country, the entry salaries are very different depending on the job sector. Here are some more examples of entry-level salaries in various industries in the US, based on data from the Bureau of Labor Statistics:
Software development: The average entry-level salary for software developers in the US is approximately $71,000 per year, according to data from the Bureau of Labor Statistics (BLS).
Finance: The average entry-level salary for financial analysts in the US is approximately $59,000 per year.
Marketing: The average entry-level salary for marketing specialists in the US is approximately $54,000 per year.
These are just a few examples and entry-level salaries vary widely depending on the specific job and industry, country, and even state.
Average entry-level salaries in Europe
In Europe, the average entry-level salary ranges from around $22,630 in Portugal to $96,160 in Switzerland. From that range, we can see that there is a big average wage difference depending on the country. Generally speaking, the highest average entry-level wages tend to be in northern European countries like Switzerland, Denmark, Norway, and Germany.
It's important to mention that these figures are before taxes and that the actual take-home pay can vary significantly depending on the specific tax laws in each country. Many European countries have relatively high tax rates, particularly for high earners. For example, in Germany and France, the top tax rate is 45%.
Next to that, other factors such as social welfare benefits and the cost of living need to be considered when evaluating the overall impact of taxes on one's take-home pay.
It's also worth mentioning that entry-level salaries can vary significantly depending on the specific industry. For example, in the tech industry, entry-level salaries tend to be relatively high, while in the non-profit sector, salaries tend to be lower.
Entry-level salaries in Asia-Pacific
When it comes to entry-level salaries in Asia-Pacific, there is a wider range of variation between countries and industries. Overall, the average salary can range from around $936 to $61,000 per year.
Taking a look at the minimum monthly wages in the APAC region in 2022, we can see a huge difference between the countries, ranging from around $78 per month in Myanmar to $3,400 per month in Australia.
Minimum monthly wages in the Asia-Pacific region in 2022, by country or territory
(in U.S. dollars)
Accordingly, entry-level salaries are the highest in Australia (Oceania) with a median entry-level salary of around $61,000.
Some of the highest entry-level salaries in East and Southeast Asia can be found in countries like Singapore, South Korea, and Japan, with average entry-level wages ranging from $21,759 to $41,000 USD depending on the industry.
On the other hand, some countries in Southeast Asia like Cambodia, Laos, and Myanmar have much lower average wages for entry-level jobs, starting from around $78 USD per month. In some industries, such as technology and finance, entry-level salaries may be higher than average, but may also require specialized skills or qualifications.
Overall, it's important to research and compare entry-level salaries in specific countries and industries before making career decisions.
Mid-Career Salaries around the world
As professionals gain experience, their salary tends to increase, however, the average mid-level experience salary varies significantly based on location. Let’s take a look at the mid-career salary levels in different regions of the world, including North America, Europe, and the APAC region.
Mid-Career Salaries in North America
The mid-career salary in North America is around $58,000 USD, with a mid-level salary of around $80,000 CAD (approx. $59,000 USD) in Canada, and a median annual wage of around $58,000 in the US. Yet, this figure varies significantly depending on the specific industry and state.
In the tech industry, for example, mid-level experience salaries can be significantly higher. The median mid-level experience salary for a software engineer in the United States is around $95,565 per year. In California, the average mid-level experience salary for a software engineer is even higher, at around $106,746 per year.
The highest-paying states for all occupations in the United States are typically those with high concentrations of tech and finance companies, such as California, New York, and Massachusetts. However, other factors such as the cost of living should also be taken into consideration when evaluating mid-level experience salaries in different states.
Please consider that these figures are before taxes and that the actual take-home pay can vary significantly depending on the specific tax laws in each state.
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Mid-Career Salaries in Europe
The average mid-career salary in Europe can range from around $25,000 to $112,000 per year.
Generally, countries in Western Europe such as Switzerland tend to have higher salaries compared to those in Eastern Europe, but there can be exceptions. Let's take a closer look at some examples of high-paying and low-paying countries for mid-career professionals in different industries.
The financial sector tends to offer some of the highest mid-level salaries in Europe. Yet, there are great variations between the various countries.
The average mid-career salary for a financial analyst in Switzerland is around €105,000 (around $112,523) per year.In contrast, the average mid-career salary for a finance professional in Germany is €66,000 (around $70,728), and Bulgaria has some of the lowest mid-career salaries for finance professionals, with an average salary of around €24,000 (around $25,000) per year.
In the technology industry, the United Kingdom is a high-paying country with an average mid-career salary of £39,197 (around $47,200) per year for a software engineer.
Mid-Career Salaries in Asia-Pacific
Mid-level experience salaries in the APAC region can range fromrather low salaries in countries like Laos, with an average of around $3,200 per year, to high salaries in Singapore, with around $74,000 per year.
While there is a big average income difference between low and high-income countries in the Asia-Pacific, we also need to consider the cost of living.
In Japan, for example, mid-career salaries are relatively high, with an average of around $53,000 per year. However, the cost of living in Japan is also high, so it may not necessarily translate to a higher standard of living.
According to the Hays Asia Salary Guide 2022, some of the highest-paying industries for mid-career professionals in Asia include technology, financial services, and life sciences.
C-Level Salaries around the world
C-level executives play a critical role in the success of any organization. They are responsible for setting the direction, goals, and strategies for the company, as well as managing its overall operations. As a result, these executives are some of the most highly compensated professionals around the world. Let's take a closer look at the C-Level salaries in North America, Europe, and the APAC region.
C-Level Experience Salaries in North America
C-level executives in North America can expect to earn high salaries, particularly in industries such as technology, finance, healthcare, retail, and manufacturing.
On average, the income of a Chief Executive Officer in the US is around ranges from around $160,000 to $1,046,244 per year. Of course, the salary strongly depends on the size of the company, the country, the state, the individual's years of experience, and the industry.
In the tech industry, for example, the median income in the US is around $275,000. In the Financial industry, on the other hand, it's around $422,000.
C-Level Experience Salaries in Europe
The range of C-Level Experience salaries in Europe ranges from around $29,000 to $438,000 per year.
Yes, this range is quite large and It's difficult to provide a single number for the average C-level salary in Europe because of the wide variations in pay across countries and industries.
The highest-paying countries for C-level executives include the UK and Germany, with an average salary of approximately $438,000, and around $378,000 (€354,413) respectively.
On the other hand, the lowest-paying C-level wages can be expected in Eastern European countries such as Romania and Bulgaria, with an average salary of around $29,260 (RON 135,000) and approximately $54,542 ( BGN 100,000) respectively.
Please consider that salaries can vary significantly depending on the industry in which an executive works. For example, a CEO in the financial services industry may earn significantly more than a CEO in the retail sector.
C-Level Experience Salaries in Asia-Pacific
Salaries for C-Level positions in Asia vary greatly depending on the country, industry, and specific role. Generally speaking, salaries tend to be higher in countries such as Singapore, Japan, South Korea, and Australia, while they tend to be lower in countries such as India, Indonesia, and Laos.
For example, C-level executives in Singapore earn an average of around $280,000 per year, and CEOs in Australia earn around $133,551 per year.
In contrast, C-level executives in India receive an average wage of around $36,000 per year, and a CEO in Laos earns around $7,400 per year.
Taking this data into consideration, average C-level executive salaries in Asia-Pacific can range from $7,400 to $280,000 per year depending on the country. Of course, some CEOs earn more than this, and there are many factors that need to be considered such as the industry, the company size, the strength of the local economy, the company's performance, and the individual's experience.
Which countries offer the best salaries?
Determining which country offers the best salary can be a complex task, as it depends on various factors such as the cost of living, the job market, and industry. However, there are some countries that consistently rank high in terms of average salaries. For example, Switzerland is known for offering some of the highest salaries in the world, particularly in finance and engineering. In 2022, Switzerland had the highest average monthly net salary in the world, at $6142 USD after tax, followed by Singapore and Australia.
Other countries with high average salaries after tax include the United States, United Arab Emirates, Norway, and Canada. It's worth noting though, that high salaries may come with higher living expenses, so it's important to weigh all factors when considering which country offers the best salary. Next to that, the exchange rate with the USD fluctuates and thus can have a big impact.
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