Where in the World Can You Earn $1,000 the Fastest: Leaders and Laggards in the New OECD Ranking

The average worker in Luxembourg needs only 16 hours to earn the equivalent of $1,000, while in Colombia it takes 86 hours to do so. A new OECD study shows just how significantly real purchasing power varies across different countries around the world. Find out which countries topped the ranking, why there is such a large gap between them, and what these figures actually mean

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A high salary does not always mean a high standard of living. An indicator that accounts for not only income levels but also the cost of living provides a much more accurate picture of workers’ financial capabilities. That is why the Organization for Economic Cooperation and Development (OECD) compared how many hours the average worker in different countries must work to earn $1,000 in purchasing power parity (PPP). The results revealed a significant gap between countries: while in some countries this amount is earned in less than three workdays, in others it takes more than two standard workweeks.

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What does the OECD study show, and why is the PPP indicator important?

The infographic is based on data from the OECD and Our World in Data for 2023. The calculations used average annual wages, the average number of hours worked per employee, and the purchasing power parity (PPP) indicator.

Unlike standard comparisons of wages in dollars, the PPP methodology accounts for differences in the cost of goods and services across countries. This allows us to assess not only how much a person earns, but also the actual purchasing power of their income.

For example, if a worker in two different countries earns the same amount in dollars, this does not necessarily mean they can afford the same standard of living. That is why the “hours worked to earn $1,000 (PPP)” metric is considered one of the most objective indicators of wage efficiency and the population’s standard of living.

According to OECD data, the gap between countries is enormous: in Luxembourg, it takes only 16 hours to earn the equivalent of $1,000, while in Colombia, it takes 86 hours. In other words, a Colombian worker must work more than five times longer to achieve the same purchasing power of income.

How many hours does it take to earn $1,000 (based on purchasing power parity)? Source: OECD, Our World in Data, Visual Capitalist.

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Where $1,000 is earned the fastest: countries with the highest purchasing power

An OECD study showed that the absolute leaders in terms of how quickly workers can earn the equivalent of $1,000 (PPP) are predominantly countries in Northern and Western Europe. In these countries, high average wages are combined with productive economies and significant purchasing power among the population. As a result, workers need less than three standard workdays to earn the equivalent of $1,000.

The top ten countries in the ranking are:

1. Luxembourg – 16 hours

2. Iceland – 16 hours

3. Switzerland – 18 hours

4. Norway – 19 hours

5. Netherlands – 19 hours

6. Denmark – 19 hours

7. Germany – 20 hours

8. Austria – 20 hours

9. Belgium – 21 hours

10. United States – 22 hours

It is noteworthy that most of the top positions in the ranking are held by European countries. Only the United States, Australia (23 hours), Japan (34 hours), South Korea (38 hours), Canada (25 hours), and New Zealand (28 hours) represent other regions of the world. This indicates a high level of income and purchasing power among workers in much of Europe.

Luxembourg deserves special attention. The country not only shares first place with Iceland but has also been among the world leaders in terms of income, GDP per capita, and purchasing power for many years. According to OECD estimates, the average annual wage in Luxembourg is also one of the highest among the organization’s member countries.

Another interesting fact: the difference between the top-ranked country and the one in last place is 70 hours of work. While it takes only 16 hours to earn $1,000 in Luxembourg or Iceland, it takes 86 hours in Colombia. That’s more than five times longer, even though the calculations already account for differences in the cost of living through purchasing power parity.

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Europe is very heterogeneous: the difference between countries is nearly fourfold

Although European countries dominate the top of the OECD rankings, the differences between them remain very significant. While in Luxembourg or Iceland it takes only 16 hours to earn the equivalent of $1,000, in some countries of Southern and Central-Eastern Europe it takes nearly three times as long. This indicates significant differences in income levels, labor productivity, and the population’s purchasing power.

The group of countries with high purchasing power also includes Belgium (21 hours), Sweden and the United Kingdom (24 hours each), France, Finland, and Canada (25 hours each), Ireland and Slovenia (27 hours each), while Spain brings up the rear in this category with a result of 30 hours. This means that in most developed economies of Western Europe, workers can earn the equivalent of $1,000 in less than four working days.

In Central and Eastern European countries, the figures are already noticeably lower. Lithuania requires 33 hours, Italy and Israel—34, Turkey—37, Latvia and South Korea—38, Estonia—42, Poland—43, Portugal—45, Slovakia—47, and the Czech Republic—48 hours. Although many of these economies have shown steady wage growth in recent years, they still lag behind Western European countries in terms of real purchasing power.

Among European countries, workers in Hungary and Greece need the most time—51 and 60 hours, respectively. By comparison, a Greek worker needs nearly four times as long as a resident of Luxembourg to earn the same amount, adjusted for purchasing power parity. These results reflect not only differences in wage levels but also the overall economic efficiency, labor productivity, and labor market structure in each country.

To learn more about the ranking of minimum wages in Europe in 2026, please follow the link.

Why does it take two days to earn $1,000 in some countries, but nearly two weeks in others?

The ranking results do not mean that workers in the leading countries simply receive “higher wages.” This indicator is influenced by a combination of factors: the level of economic development, labor productivity, the structure of the labor market, the tax system, and the cost of living. That is why the OECD uses purchasing power parity (PPP), which allows for a comparison not of nominal incomes but of their real value to an individual.

One of the key factors is labor productivity. In countries with high value-added production and developed high-tech, financial, pharmaceutical, or professional services sectors, workers generate more economic value per hour worked. This enables employers to pay higher wages without losing competitiveness.

At the same time, the purchasing power of income plays an important role. For example, even if the nominal wage in one country is lower than in another, differences in the cost of housing, transportation, food, or healthcare can result in a significantly higher real standard of living. That is why the PPP indicator is widely used by the OECD, the World Bank, and the International Monetary Fund for international economic comparisons.

Other factors are no less important:

- Average wage level;

- Tax burden and mandatory social contributions;

- Number of hours worked per year;

- The structure of the economy and the share of high-tech sectors;

- The overall cost of living in the country.

It is the combination of these factors that explains why a worker in Luxembourg needs only about two workdays to earn the equivalent of $1,000, while in Colombia or Greece, it takes several times longer to earn the same amount. For people planning to move, find employment, or pursue a career abroad, such rankings are more informative than a simple comparison of average salaries, as they demonstrate the actual level of well-being and financial opportunities in different countries.

If you are planning to work abroad in 2026 and want to better understand the rules of employment, work permits, taxes, and basic employee rights, it is worth preparing for the move in advance. Visit World's practical working guide will help you navigate the current requirements, types of work permits, and steps to take upon arrival to avoid common mistakes and feel confident in your new life abroad.

We remind you! New economic indicators show which countries have been able to increase their GDP and which have lost ground due to inflation and slowing growth. Ranking of the richest countries in the world in 2026 — follow the link.

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