1. Switzerland (Rank 1)
With an average monthly salary of $6,301.73 after tax, the Swiss population ranks as the highest-earning in the world. The cost of living is relatively high – the country comes in the top 10 for restaurant, clothing and food prices, and ranks second in the consumer price index category. It is the 11th most expensive country for rent; a three-bedroom apartment in the city centre costs an average of $3,021.19 per month. Switzerland also takes the number one spot in terms of purchasing power, which is not surprising given the salaries. Solid regulations, a robust financial sector and an investment-friendly climate ensure it retains its long-held reputation as one of the world’s richest countries.
2. Zambia (Rank 3)
Ranking third in the world for monthly disposable income, Zambia’s salaries average at $4,330.98 per month. With the rate of economic growth hitting a steady six percent over the past few years and a high level of foreign investment boosting the country, Zambia’s salaries are a reflection of its strong economy. Basic utilities and food are comparatively very cheap, although real estate is expensive – the fourth priciest in the world. Renting is more affordable; a three-bedroom apartment would set the average consumer back by $1,400 per month, which puts it in 49th place. Zambia is one of the world’s cheapest countries for buying a car, ranking 133rd out of 140 nations.
3. Australia (Rank 10)
Australia is well-known for its generous salaries, which average at $3,780.69 per month after tax, putting it in 10th place. The country ranks 11th in terms of local purchasing power. It comes ninth in the consumer price index category; food is fairly expensive compared to the rest of the world, with the country ranking in the top 20 for basic staples such as potatoes, bread and eggs. It’s the most expensive in the world for cigarettes and the 10th priciest place for beer. Australia’s public transport is also costly, landing it in fourth place, while petrol is relatively cheap, costing $1.35 per litre. Much like Zambia, cars are also relatively affordable given the comparatively high salaries.
4. Japan (Rank 24)
The world’s third-biggest economy lays claim to the highest average pay packages in Asia. It ranks 24th with its average monthly salary of $2,782.43, and comes 18th in terms of purchasing power. Japan ranks 22nd in the consumer price index – aligning it closely with wages in relative terms – while rent puts it in 29th place. Internet usage is comparatively expensive, costing a monthly average of $36.58. The country is the 31st most expensive country for basic utilities, and it comes 18th for local purchasing power. Japan has a high GDP, ranking 22nd in 2013, and has been taking action recently to put an end to the deflationary trend that has characterised the economy for more than a decade.
5. Oman (Rank 44)
An average monthly wage of $2,087.14 puts Oman in 44th place. The country has one of the highest levels of local purchasing power in the world – it’s ranked fifth – with relatively low consumer prices. For rent it’s ranked in the top 50 most expensive, while clothing, cars and basic utilities are all comparatively affordable. One of its only relatively expensive products is internet access; it ranks 29th for broadband prices. Oman is among the world’s cheapest countries in which to buy, and fuel, a car – it’s ranked 137th for petrol prices. By contrast it’s the world’s second most expensive country for monthly public transport passes – even though an average one-way ticket only costs $0.52.
6. Argentina (Rank 68)
As one of South America’s largest economies, Argentina comes 68th in terms of salaries, which average at $1,018.58 per month. It’s ranked 50th for local purchasing power, with clothing proving relatively expensive. While internet is quite cheap, costing an average of $34.53 per month, which puts it at 88th place, Argentina is the world’s most expensive place for buying an iPad (which costs an average of $1,094.11). Relatively affordable transport and food – it ranks at number 61 for grocery prices, for example – put it 52nd for the consumer price index. The average city centre three-bed apartment costs $809.76, making it 91st most expensive in the world for rent.
7. Russia (Rank 95)
Wages are relatively low in Russia, with the average working person earning $686.16 per month. A fairly high cost of living puts the country at number 79 in terms of local purchasing power – for rent it ranks 50th, for example, a three-bedroom apartment in the city centre averaging at $1,369.09. It ranks 47th in terms of real estate costs, and it comes 67th with regard to consumer price index (excluding rent). Internet is meanwhile very affordable, costing an average of just $11.47 per month (for broadband six megabytes per second, uncapped). Transport is also comparatively affordable, with petrol prices at $0.85 per litre – making it the 25th cheapest country for fuel.
8. Cuba (Rank 176)
With salaries averaging $25.05 per month, Cuba comes out as the lowest paid country in the world according to the NationMaster rankings. It’s also the cheapest for basic utilities, which cost $13.50 per month, as well as for buying a property in the city centre. Rent is also relatively cheap, with a city centre three-bedroom apartment costing a monthly average of $455.60. Its prices for consumer goods such as eggs, bread and cigarettes likewise rank among the world’s lowest. However, it’s the second most expensive country for internet. The governing Communist Party passed reforms in 2011, but economists argue that the government needs to do more to increase economic growth in the country.
