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30. Hungary -

Arriving in 30th place is Hungary, where the average wage is around US$30,200 annually. That comes to a little over US$2,500 every month. Interestingly, Hungary has a rather low cost of living, and residents living in the center of the city pay an average of US$500 per month for a one-bedroom apartment.

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29. Estonia - Over in the Baltic side of Europe, Estonia's average wage is approximately US$34,500 per year. The cost of living is rather moderate, allowing for a reasonable standard of living. However, expenses in the capital, Tallinn, are much higher, which can strain budgets.

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28. Czech Republic -

The average annual wage in the Czech Republic is about US$35,500. The cost of living is relatively low, especially outside Prague, although a one-bedroom apartment in the center of the capital would put a dent of US$800 in a resident’s monthly salary.

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27. Portugal -

In Portugal, the average wage is around US$35,700 per year. Despite the lower cost of living compared to other Western European countries, wages often barely cover the rising living expenses in major cities, making it challenging for people who live there.

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26. Latvia -

Another Baltic country arrives on the list, with an average annual salary of about US$36,900. The wages in Latvia can provide a basic but comfortable lifestyle, although saving money can be difficult for many residents.

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25. Poland - The Central European country of Poland has an average annual wage of approximately US$39,300. The cost of living is relatively low, making it possible for workers to afford a decent standard of living, though the ability to save is limited, especially in major cities like Warsaw.

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24. Japan -

Over in Asia, Japan offers an average wage of around US$42,100 per year. However, the high cost of living, especially in cities like Tokyo, means that despite decent earnings, the financial pressure is significant for many people living there.

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23. Italy -

In Italy, the average wage is about US$46,000 annually, which puts the monthly income at about US$3,800. The country has an incredibly high cost of living, which is mostly attributed to the fact that the nation’s tourism industry is one of its primary economic sectors.

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22. Lithuania - The third and final Baltic nation to make the list! Lithuania has a rather reasonable standard of living compared to a lot of other European countries, and the country’s average wage is approximately US$46,800 per year.

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21. South Korea - Over on the Korean Peninsula, South Korea's average annual wage is around US$47,700. However, many residents experience heavy financial strain, especially in the nation’s capital city.

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20. Spain -

Depending on where you go in Spain, the cost of living will vary considerably. Cities like Madrid and Barcelona are incredibly expensive, but the average annual wage is commensurate to the standard of living, with the average resident earning about US$47,800 per year.

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19. Slovenia - Slovenia also joins this list, where the average resident earns around US$53,300 every year. Compared to Western Europe, Slovenia’s cost of living is relatively low, even in the center of the country’s capital city.

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18. Ireland -

Ireland (also aptly known as the Emerald Isle) has an average wage of around US$53,400 per year. The dance between these wages and the standard of living is incredibly difficult, especially considering the average cost of a one-bedroom apartment in some cities is close to US$1,800 per month.

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17. Sweden - The first Nordic country to appear on this list is Sweden, where the annual wage reaches an average of US$55,000. Sweden’s cost of living is incredibly high, but the nation’s quality of life is equally as enticing, and many people from around the world desire to relocate there.

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16. Finland - Sweden’s neighbor also has an average salary of US$55,000 per year, and their cost of living certainly matches the wages. Although the capital city is quite expensive (where a loaf of bread costs about US$3), the country is rich in culture and nature.

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15. United Kingdom -

In recent years, the UK has experienced severe increases in the cost of living, even though the average annual wage of US$55,200 has remained roughly consistent. Especially in London, the financial pressure is palpable, and many residents have wondered whether it is feasible to continue living in the city.

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14. France -

In France, the average wage is about US$55,700 per year, which is rather low when you consider the fact that the nation’s capital city, Paris, is one of the top ten most expensive cities in which to live. Many residents have wondered whether the financial pressure will increase as the 2024 Olympic Games continue in the country.

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13. New Zealand - New Zealanders earn about US$56,000 annually, and there is a considerable balance between the nation’s high living costs and its natural beauty. The city of Auckland’s expenses test financial limits, but the average wage certainly allows for a decent quality of life.

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12. Germany -

Germans, with an average wage of US$62,473 per year, navigate moderate to high living costs. Cities like Munich and Frankfurt challenge budgets, but the robust incomes generally support a good quality of life, despite the monthly cost of a one-bedroom apartment being close to US$1,000.

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11. Canada - In Canada, the average wage of US$63,400 is oftentimes overwhelmed by the incredibly high living costs, especially in Toronto and Vancouver. Indeed, a one-bedroom apartment in the city center would cost you about US$1,400 every month.

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10. Australia - Down south, the average Australian earns around US$63,900 per year alongside a high cost of living. However, some might argue that the nation’s culture and outdoor spaces make it well worth the cost.

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9. Denmark -

Denmark’s capital city, Copenhagen, is one of the most expensive cities to live in, where a one-bedroom apartment in the city center would cost around US$1,200. However, this cost is more acceptable when compared to the nation’s average annual wage of US$65,600.

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8. Netherlands -

In eighth place is the Netherlands, where residents earn around US$65,600 per year. Amsterdam in particular has an exorbitant cost of living, although the country’s excellent public transport and open-minded culture make it worthwhile.

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7. Norway -

It seems that the Nordic countries are among the best countries in which to live, especially as another nation joins the list. Norway’s average annual wage is about US$67,200, and the nation’s high cost of living certainly matches it.

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6. Austria -

Austria has an especially rich cultural heritage and an average annual wage of US$67,400. Surprisingly, the country’s cost of living is low compared to most other European countries. Indeed, the cost of a one-bedroom apartment in the capital city of Vienna is only about US$950 per month.

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5. Belgium -

Arriving in fifth place is the country of Belgium, where the average wage is around US$69,900 per year. Belgium’s cost of living is actually lower than that of Austria, and the wages are certainly sufficient for residents to lead a comfortable lifestyle.

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4. United States -

Considering the vast size of the US, it is no surprise that a salary is entirely dependent on where one lives in the country. But on average, the wage in the US is about US$77,200 annually. Life in bustling areas such as New York City is incredibly strained, while financial stressors are lessened in the countryside.

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3. Switzerland - Switzerland has the highest cost of living on the planet, where the average one-bedroom apartment in the city costs around US$1,900. However, the country also offers an average wage of around US$79,000 per year, which provides a very comfortable lifestyle.

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2. Iceland -

Iceland, yet another Nordic country, joins the list with an astounding salary of US$81,400 annually. The country has an egregiously high cost of living, where the average one-bedroom apartment in the city center can reach prices of US$1,900.

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1. Luxembourg -

First place goes to the country of Luxembourg, Europe’s seventh-smallest country! Luxembourg’s average annual wage is a shocking US$85,500, although the severely high cost of living truly cuts into a person’s wages. Indeed, the cost of a one-bedroom apartment exceeds all others on this list, and you can be expected to pay about US$2,700 every month.

Sources: (Organization for Economic Co-operation and Development) (Numbeo) (Visual Capitalist)

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