When deciding to move abroad, expats pay attention to many factors. However, the level of wages is quite often decisive, especially in conditions of rising costs of living due to inflation.

Which countries will offer the highest salaries to expats in 2024? In which countries should foreign workers expect the maximum wage growth this year? We tell in detail further.

Top 8 countries with the highest salaries for expats in 2024

Luxembourg

- Average annual salary: $68,681

Luxembourg's main industries include banking, finance, metallurgy, mining, telecommunications and tourism. The economy of Luxembourg is very similar to that of Germany and has the same degree of prosperity. Many expats work in the state. Requirements for obtaining a work visa to Luxembourg are here. Useful tips for foreigners who decide to move to the country in our material.

Iceland

- Average annual salary: $68,006

In addition to high wages, Iceland has an ideal work-life balance – the average working week in the country is 40 hours, and companies are generally friendly to an employee's personal concerns. We talked about what an expat should know about working in Iceland here.

Switzerland

- Average annual salary: $66,567

Switzerland has one of the most developed economies in the world. The headquarters of many leading multinational companies are located in Switzerland. The state has also achieved considerable success in the field of finance, banking, electronics, pharmaceuticals, watchmaking and tourism. Requirements and prospects for foreigners who plan to work in Switzerland at the link.

United States

- Average annual salary: $65,836

The key sectors of the US economy are financial, professional and business services, manufacturing and health care. A worker in America works 44 hours a week. Interestingly, in most companies workers are paid weekly. Read more about employment opportunities for foreigners in the USA here.

Denmark

- Average annual salary: $57,150

The economy in Denmark is mixed, with a comfortable standard of living. There is no minimum wage, but the state has the lowest income inequality in the world. Another advantage of Denmark is that, according to surveys, it has the happiest employees. Industry is focused mainly on mining, metallurgy, transport, furniture, shipbuilding and pharmaceuticals.

How to move on a work visa and get a job in Denmark? Detailed instructions at the link.

Netherlands

- Average annual salary: $56,552

The Netherlands has one of the lowest unemployment and inflation rates in Europe and boasts a high standard of living. The country's economy is based on international trade, as the state has the largest ports in Europe. Another advantage of the country is the length of the working week of 35 hours. Overall, the Netherlands has exceptional agriculture and fishing industries, advanced electronics and mechanical engineering, pharmaceuticals, tourism, and microelectronics.

Instructions for those looking for a job in the Netherlands here.

Germany

- Average annual salary: $56,000

Germany has the largest economy in Europe and is one of the richest countries in the world. The state has a diverse list of profitable industries, including pharmaceuticals, health care, manufacturing, tourism, transport, and agriculture. The country also has a strong infrastructure and well-developed systems of school education and health care. We talked about the requirements and procedure for obtaining a work visa for foreigners in Germany earlier.

Belgium

- Average annual salary: $55,590

Belgium has few natural resources other than fertile soil. Most of the traditional branches of industry are represented by metallurgy, textile production and oil refining. See the link for details on work in Belgium.

In which countries should we expect the maximum salary increase in 2024?

The specialized agency for international mobility Employment Conditions Abroad (ECA) International conducted a study on the growth of the wage level, according to which the leading regions with the maximum increase in the wage level were:

- The Asia-Pacific region - in 2023, it was already the leader, with an average salary growth rate of +1.8%. This year, even higher growth is expected - +2.2%.

- North and South America - wages will grow by 2% this year, compared to just 0.1% in 2023.

Wages in Africa and the Middle East are expected to increase by 0.8% after falling by 1.2% in 2023.

It is expected that Europe, which is experiencing the highest recession in 2023 (-1.9%), will gradually begin to recover (+0.9%).

Overall, the countries with the highest wage growth in 2024 will be India, Indonesia, Vietnam, Thailand, Malaysia, South Korea and Taiwan. Be careful about inflation, though. Some countries in the Asia-Pacific region are actively struggling with its growth and general decline in purchasing power.