Economists at the United Nations’ International Labour Organization (ILO) have done an interesting study, which was reported by the BBC on 29th March 2012. It allows you to find out how your salary compares with the rest of the world; how well you can afford those Alpinestars Boots as compared to comrades in other parts of the world.
Data from 72 countries was used, excluding some of the world’s poorest countries. The study covers only wage earners (salaried workers), not the self-employed or those on benefits.
Note: while the US dollars (USD) is used here, it is not the normal US dollars, but rather Purchasing Power Parity (PPP) dollars. 1 PPP dollar = USD1 as spent in the USA. For example, 1,500 yuans (China’s currency) would get you USD200 at the bureau de change, but in PPP dollars, it’s equivalent to USD400.
The study says that:
- the world’s average salary is USD1,480 per month.
- the world’s highest paid workers are those in Luxembourg (average USD4,089 per month), followed by Norway (UDS3,678 per month) & Austria (USD3,437 per month).
- South Korean workers are the best paid Asians, averaging USD2,903 per month; ranked 10th in the world. Singapore is second in Asia and 14th the world (USD2,616) and Japan 3rd in Asia & 17th in world (USD2,522).
- Malaysians are the 4th best paid Asians (excluding Hong Kong), but far behind at USD961 per month.
- Better paid than Malaysians are workers in Botswana & Jamaica.
The BBC, 29 Mar 2012