Highest Salaries Around the World: North America and Europe
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May 24, 2017
In our last blog we discussed which countries expats were moving to in 2017, with countries in North America, Europe, and East Asia topping the charts. Although the United States wasn’t a major player in the game for preferred destinations, it seems that America has beat out its competitors for the highest salaries paid around the world.
Earlier this month, Deutsche Bank’s annual Mapping the World’s Prices report was released, which indexes the most powerful cities according to cost of goods and services, from everyday items to living costs such as rent around the world. Of course, the most intriguing factor of the report is the salaries people are earning on a monthly basis—even after taxes are deducted. The range of salaries is indeed impressive, and indicates the overall wealth of a city, if not the country as a whole.
This year’s ranking totaled 24 cities around the globe, with the majority of the top ten highest salaries falling in the western hemisphere: the United States is the powerhouse of the bunch, taking spots 2 through 5, with European cities filling the majority of the remaining. Although costs of living vary greatly throughout the world, higher costs of living tend to yield higher wages, as evident in metropolitan and financial hubs such as New York, San Francisco, and London, to name but a few.
So which cities are earning the highest salaries? Below are highlights from Deutsche Bank’s annual Mapping the World’s Prices report for countries in North America, Europe, and East Asia:
||Salary (in USD)
While this is only a portion of Deutsche Bank’s full report
, it’s clear that the United States has managed to dominate the top 5 for the world’s highest-paid workers in some of the country’s most prominent cities. This shouldn’t come as a surprise; after all, the United States has held the title as the world’s largest and strongest economy in modern times. Although the U.S. economy has had a slow start for the First Quarter of 2017, economics analysts Ryan Sweet has stated the coming year will show “encouraging” growth in business investment and wage gains.
Business investment is not new to the U.S.: through the EB-5 Immigrant Investor Program, a program launched in 1990 to stimulate the U.S. economy, foreign nationals and their immediate family are granted a U.S. Green Card (permanent residency) in exchange for a substantial investment into new or existing businesses, or in Regional Centers. Not only does immigration through the EB-5 Program encourage economic growth, but job creation for American workers.
In Canada, immigration is not only welcomed, but sought after by the government due to the skills and innovation that newcomers bring to the country—and its economy. Indeed, Canada has launched a number of programs that target business-minded men and women and high-skilled workers as a means to stimulate the economy, much like the U.S. Through these programs, immigrants are able to obtain Canadian permanent residency (or in some cases, a Canadian work permit) in exchange for a capital investment in Canada’s provinces. With options like the Ontario Immigrant Nominee Program (OINP) – Entrepreneur Stream and the Manitoba Provincial Nominee Program for Business (MPNP-B), qualified business owners or senior managers are afforded entry to Canada by establishing or supporting existing Canadian businesses.
For entrepreneurs and investors seeking business or employment opportunities abroad, where you choose to relocate is not only key to success, but key to financial security for you and your family.
When it comes to North America, the United States and Canada are the powerhouses for immigrants seeking better and brighter futures. Contact our office today to discuss business investment options with our team of professionals.
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