Naturally, the countries with the highest minimum wages are also among those that attract the most migrant workers. It’s just basic economics at work; with such a positive economic outlook, businesses can hire more people. Because there is such a high demand for workers, the job market is competitive, and workers can earn a good living.
This is an excellent metric for determining the strength of a country’s economy; if corporations can afford to pay so well, it indicates that the economy is strong.
Another reason governments like to see minimum wages increase is that it increases consumer spending, which is also good for the economy because consumer spending means that money is moving around in retail, services, and other sectors of the economy. This benefits the government through taxation.
Top 10 Countries With The Highest Minimum Wages 2023
Minimum Hourly Wage: $14.54
Australia is a country in Oceania, which seems an unlikely location for such a prosperous economy. The country, which has historical and economic ties to the United Kingdom, has a population of about 26 million people. It is made up of various ethnic groups, including European whites, Aborigines, and Hindi and African immigrants.
Australia is one of the driest countries on the planet, and agriculture is not its strongest suit. As a result, mining, manufacturing, and retail commerce are some of the key industries in this country, bringing in jobs.
Minimum Hourly Wage: $13.67
Luxembourg is a country in Europe; close to France and Germany. Luxembourg has a population of 645,397, and a land area of 2,586.4 km2 most of which is arable land.
It has probably the best economy in the world; one that is driven by finance, and technology. Services and commerce are also very important, as are agriculture and mining. Interestingly, most of the job openings in Luxembourg are high quality jobs, which means immigrants have to be very qualified, and they have to bring in critical skills to the country.
3. New Zealand
Minimum Hourly Wage: $13.18
New Zealand is another country in Pacific Ocean (near Oceania) with a surprisingly good economy. New Zealand is an island covering 268,021 square kilometers, and with a population of about 5.3 million people. New Zealand, like Australia, is also very close to Britain.
New Zealand has strong political and economic ties with Australia and this is reflected in the movement of their currencies, and their business relations.
Minimum Hourly Wage: $11.88
Monaco is a sovereign city-state and microstate on the French Riviera, in Western Europe, just off the coast of the Mediterranean Sea. There are only 38,682 residents in this small country which has close ties with France. Monaco is one of the most expensive and wealthiest places in the world.
This is one of countries with the highest minimum wages, although the cost of living may cancel out to a great extent what financial benefits may be attained by working there.
Minimum Hourly Wage: $11.54
Ireland is one of the richest and most attractive countries in the world. Ireland is the third largest country in Europe, and is very close (geographically) to Britain. Ireland has a population of 7 million people.
Ireland has a very good economy; one that is driven by tourism, energy, and chemical products, as well as scientific products. Ireland has a lot of jobs in the service industry such as restaurants, hotels, transportation and so on. This is a favorite location for people working in the medical field because the wages are quite high.
Minimum Hourly Wage: $11.46
France, which is located in Western Europe, is one of the countries with several former colonies which still support its economy in so many ways. Many of the industries in France source their raw materials from West Africa, and there is also a large number of workers from African countries contributing to the French economy.
France has many jobs in agriculture, manufacturing, services, and so on.
7. United Kingdom
Minimum Hourly Wage: $11.37
The United Kingdom, also known as Britain, is another country in Western Europe. The United Kingdom has a population of 67,791,400, and a total land area of 242,495 km2. The United Kingdom is also quite multicultural; especially because people come in from all over the world to work here.
It is very close to Ireland, with which it shares so many common features. Britain also has deep economic relations with many of its former colonies. Some of the popular jobs in the United Kingdom include healthcare jobs, service jobs, banking, manufacturing, and so on. The UK is quite expensive to live in, but regardless of that fact, it is one of the top destinations for immigration for economic reasons.
Minimum Hourly Wage: $11.21
The Netherlands is a country Western Europe that is closest to Germany, with which it has deep cultural and economic ties. The Netherlands has a population of 17 million, and also has some territories in the Caribbean.
The Netherlands’ economy is boosted by energy, manufacturing, finance, commerce, and the service sector is also a major employer in the country. The Netherlands is reputed to be a rather pleasant country to live in, and with a minimum hourly wage of $11.21, this country offers great economic prospects.
Minimum Hourly Wage: $11.06
Belgium is located in Western Europe; very close to Luxembourg, France, Netherlands, and Germany. This is a very beautiful country, and very pleasant and welcoming. Belgium has a population of about 11 million people, living in an area of about 30,528 km2.
Belgium’s minimum wage is very attractive; workers earn $11.06 every hour at the least; and some of the popular jobs in the country include manufacturing, services, hospitality and so on.
Minimum Hourly Wage: $10.68
Germany has one of the best managed economies in the world; it is a dream for many people to go there to live and work. Germany is located in central Europe, although culturally and politically it resembles Western Europe. The country has population of 83 Million, and a land area of 357,592 km2.
Workers in Germany earn a minimum of $10.68 per hour, and they work jobs in manufacturing, agriculture, services, transportation, and retail commerce.
The countries with the highest minimum wages in the world generally have very well developed economies, which is why they can afford to pay so well. A motivated workforce is a productive workforce, and a productive workforce drives the economy. These countries have also managed to keep corporate politics at a minimum; the captains of industry are not selfish capitalists, only interested in their own gains.