10 countries with the highest minimum wages in the world in 2024

A country’s minimum wage is the lowest amount of money that employers in that country are legally allowed to pay their workers for a given unit of work. It is typically computed on a per-hour or per-month basis, but may occasionally appear as a per-day or per-week rate.

Minimum wage: Pros and cons

Opponents of minimum wage claim that the higher labor costs will increase inflation and force businesses to raise prices (which reduces the purchasing power of the consumer) to make ends meet and/or lay off workers they can no longer afford to pay, which leads to higher unemployment and more poverty.

Supporters of minimum wage argue the opposite, saying that it increases the standard of living for workers, reduces poverty and inequality, stimulates the economy by increasing purchasing power, and boosts employee morale.

Let’s take a look at some of the countries in the world with the highest monthly net wage in 2024, as per Statista.

1) Luxembourg (Minimum monthly wage: $2,459)

Finance remains the largest grossing single economic sector. It contributes 31 percent to the country’s GDP. This sector is building upon well-established infrastructures, a multinational expert workforce, and also the Luxembourg’s reputation as a European hub.

2) Netherlands (Minimum monthly wage: $2,326)

For many years, the Netherlands has enjoyed a robust economy and strong workforce. The country has one of the highest employment rates and workforce productivity rates in the European Union.

3) Australia (Minimum monthly wage: $2,150)

Australia is an open market economy with minimal restrictions on import of goods and services. That makes its economy highly productive and dynamic.

4) Ireland (Minimum monthly wage: $2,020)

Ireland has a mixed economy. The constitution provides that the state shall favor private initiative in industry and commerce, but the state may provide essential services and promote development projects in the absence of private initiatives.

5) New Zealand (Minimum monthly wage: $1,977)

New Zealand’s economic history since the mid-20th century has consisted largely of attempts to grow and diversify its economy by finding new markets and new products, expanding its manufacturing base, and entering into or supporting free-trade agreements.

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