Yahoo Finance 20 Best Countries To Work And Make The Most Amount of Money
In this article, we will look at the 20 best countries to work and make the most amount of money. We will also discuss the global employment market and its latest trends. If you want to skip our detailed analysis, head straight to the 5 Best Countries To Work And Make The Most Amount of Money.
In a dynamic environment around the global employment, we often find ourselves questioning what are the best countries to work in and make the most amount of money. While there is no best country to make money fast, there do exist countries that offer a relatively faster pathways to make money. For example, Switzerland and Luxembourg are known as countries that pay the highest salaires to their workers and expats. To read more about the best countries for expats, see countries with the most job opportunities for foreigners.
In 2023, the job market has been a paradox of both uncertainty and resilience. Despite global economic challenges, the American labor market remained stable as unemployment rates have reached pre-pandemic lows as of December 2022. However, this resilience is not without complexity, as rising interest rates, inflation, and the threat of recession continue to affect the global economy. Economists predict continued ambiguity in defining the labor market due to factors such as supply chain issues and political upheavals in other countries as well.
As corporations navigate hiring freezes and layoffs, a major trend in the 2023 job market is the emphasis on upskilling and internal mobility. Major corporations around the world aim to capitalize on available talent that has released from massive layoffs. This year, employers are expected to invest in upskilling programs, offering courses, certifications, and professional development tools to retain and attract high-potential employees.
For example, Walmart Inc (NYSE:WMT) has collaborated with SpringBoard for its Live Better U program to tailored upskilling and reskilling courses at no cost to 1.5 million Walmart Inc (NYSE:WMT) and Sam’s Club associates in the US. The online learning platform will offer programs in data analytics, software development, and data-driven strategic thinking.
Walmart Inc (NYSE:WMT)’s LBU Program has seen 89,000 associates participate, with over 15,000 graduating and saving an estimated $333 million in tuition costs whereas Springboard graduates, since 2016, have earned over $1 billion in post-graduation salaries. Walmart Inc (NYSE:WMT) will cover 100% of the Springboard tuition for enrolled associates to enable their career growth and opportunities.
Walmart Inc (NYSE:WMT)’s efforts to reskill and upskill individuals is not restricted to the US alone. In fact, Walmart Inc (NYSE:WMT) and Flipkart have entered into an MoU with the Telangana government in India to empower local micro, small, and medium enterprises (MSMEs). Under this agreement, Walmart Inc (NYSE:WMT) will provide training and support for capacity building to help MSMEs in accessing supply chains and improving their business prospects. The collaboration capitalizes on the Walmart Vriddhi Supplier Development Programme, conducted in partnership with Swasti with a comprehensive learning platform. Already, more than 32,000 MSMEs nationwide have completed the training.
Another noteworthy shift in the job market is the increasing demand for flexibility in the workplace, with the four-day workweek becoming the new normal. Professionals, after experiencing improved work/life balance with remote work, seek more flexibility in their job searches, and employers are recognizing the benefits of reduced turnover, higher productivity, and improved morale associated with a shorter workweek.
Panasonic Holdings Corp (OTC:PCRFY), a major Japanese multinational conglomerate, broke the traditional work culture of Japan by introducing a four-day workweek for its employees with an aim to alleviate employees’s stress and improve their overall well-being. While Bloomberg reports suggest that only 8% of Japanese companies provide more than two guaranteed days off per week, the initiative by Panasonic Holdings Corp (OTC:PCRFY) has not only allowed employees to enjoy a three-day weekend but also encouraged them to pursue side jobs, volunteer work, or simply relax.
Speaking of Panasonic Holdings Corp (OTC:PCRFY), the company has recently announced to invest $4 billion in a US electric vehicle (EV) battery factory in De Soto, Kansas, making it the largest private investment in Kansas' history that will generate 4,000 direct jobs. The factory will supply high-capacity batteries for Tesla Inc (NASDAQ:TSLA).
A close-up of hands exchanging money and documents, highlighting the ease of doing business with the company.
Methodology
We have obtained countries' rankings on Remote’s Life-Work Balance Index and our articles on highest paying countries for different jobs like pilots, data scientists, accountants, doctors, neurosurgeons, nurses and more, to identify the most frequently appearing countries.
The rankings from Remote’s work life balance index and that of most recurring countries in our articles were averaged. We then adjusted the rankings of these countries in our articles based on their average rankings. The list is presented in descending order of these average rankings.
20. Sweden
Average Ranking: 30
Sweden has raised the minimum income requirements for non-EU citizens' work permits, effective as of November 1, 2023. Previously set at SEK 13,000 ($1231) per month, the new threshold is SEK 27,300 ($2585), representing 80% of the median average earnings in Sweden. The aim is to curb low-skilled labor migration, reduce fraud, and ensure employment opportunities for those already in Sweden.
19. Japan
Average Ranking: 28
While Japan's economy is facing challenges from an aging population and a declining workforce, it could experience a major boost by eliminating barriers for women in STEM fields. Currently, only 7% of female university students in Japan major in STEM, compared to 36% of male students, according to the International Monetary Fund. Removing these barriers could accelerate productivity growth by 20%, contributing to economic prosperity.
18. Singapore
Average Ranking: 27
Despite a recent shift in employer attitudes towards remote work, Singapore remains an attractive destination for professionals for several compelling reasons. The country’s resilient economy provides a plethora of opportunities, and its strategic location in Asia enhances career prospects. Singapore particularly stands out for its transparent governance, low corruption levels, and business-friendly environment, all of which foster a healthy job market.
17. Finland
Average Ranking: 26
One of the ways we can see how Finland is one of the best countries to work and make the most amount of money is that it is becoming a top choice for international students. More students are applying to live and study there, with a 48% increase in residence permit applications, reaching nearly 8,800 applications in July 2023. The streamlined process has so far enabled 60% of applicants to get a decision in just 30 days. Most applicants are degree students, especially from countries like Bangladesh, China, Sri Lanka, India, and Russia. The average annual salary in Finland is $60,448.
16. France
Average Ranking: 25
France is currently facing labor shortages which has led to an extended working life with the pensions reform. Despite opposition, President Macron is aiming to improve working conditions through a 'Pact on Life at Work.' France ranks 16th in the European Job Quality Index, making it one of the best countries to work in.
15. New Zealand
Average Ranking: 23
New Zealand is expanding its Immigration Green List by adding 17 new roles which includes panel beaters, welders, IT administrators, aviation engineers, corrections officers, vehicle painters, and naval architects, to address ongoing skills shortages. The Green List enables employers to use visas for specialist roles if local recruitment is struggling and thus, offers a fast-track route to residency for employees. New Zealand is one of the countries with the best work-life balance in the world.
14. United Arab Emirates
Average Ranking: 22
The UAE is one of the best countries for foreigners looking for jobs due to its thriving economy, driven by diverse sectors such as oil, technology, and finance. It attracts global talent by offering tax-free income, world-class infrastructure, and a strategic location. As seen in initiatives like Operation 300bn and the Industrial Program, the government's commitment to innovation and development creates abundant job opportunities. It is one of the best countries to earn more money in 2023.
13. Netherlands
Average Ranking: 21
The monthly minimum wage for workers aged 21 and above in the Netherlands has increased to 1995 euros ($2166) from 1934 euros ($2099) in 2023. The weekly minimum wage for the same age group has risen to 460.40 euros ($500) from 446.40 euros ($448), and the daily minimum wage is now 92.08 euros ($100), up from 89.28 euros ($96). Owing to the qualify of life and jobs in the country with high salaries, Netherlands is undoubtedly one of the best countries in Europe to earn money. The country is also known for its high number of available part time jobs, making it one of the best countries to earn money while studying.
12. United Kingdom
Average Ranking: 19
The UK's labor market has shown resilience amid economic slowdown, according to the Office for National Statistics. The unemployment rate remained steady at 4.2%, and the employment rate dropped marginally to 75.7% in the three months to September. While the number of job vacancies fell for the 16th consecutive month, real pay, adjusted for inflation, recorded its fastest growth in two years at 7.7% from July to September.
11. Canada
Average Ranking: 16
Canada's booming green tech sector has created many employment opportunities, particularly for immigrants. A $5 billion EV battery plant in Windsor, Ontario is set to employ 2,500 people by 2025. Investments in clean energy across provinces like British Columbia and Alberta signal major job growth, with Alberta projecting a 10% annual job increase until 2050. Reports suggest over 188,000 Canadians were employed in the CleanTech sector in 2021, and the green transition could generate 30 million jobs by 2030.
10. Iceland
Average Ranking: 14
Iceland is aiming to attract more high-level international specialist workers by introducing initiatives such as an informal portal for information, streamlined document processing, and expanding access to work permits for spouses. The government seeks to facilitate the hiring process for foreign specialists, promoting innovation, economic growth, and job creation.
9. Norway
Average Ranking: 12
Despite a reduced labor shortage in 2023, the country still requires around 53,000 workers, particularly in critical sectors like healthcare services, and other skilled trades. Norway is one of the countries with the highest standards of living in 2023.
8. Ireland
Average Ranking: 10
In the first seven months of 2023, Ireland granted 18,367 employment permits to address labor shortages. The permits were predominantly issued to individuals from India, the Philippines, Brazil, and Pakistan. Dublin, Cork, and Kildare received the highest numbers of permits by county. Ireland is one of the countries where expats earn the most money.
7. Belgium
Average Ranking: 9
Belgium, like many European Union countries, faces a shortage of workers in crucial sectors which calls for efforts to hire foreign staff. Each Belgian region—Brussels, Wallonia, and Flanders—maintains specific lists of professions in demand. High-demand sectors include IT, services, finance, healthcare, and construction. In Brussels, for instance, administrative, food, trade, and communication roles are in high demand.
6. Germany
Average Ranking: 8
Germany is set to implement new immigration laws in November to address its shortage of skilled workers. The legislation, approved in July, will be rolled out in three stages and focuses on simplifying the process for skilled workers from outside the EU. The reforms include the introduction of the "chancenkarte," a points-based system considering qualifications, professional experience, age, language skills, and ties to Germany. The law seeks to attract non-EU workers, potentially increasing their number by 60,000 annually. Germany is also one of the countries with high salaries and low cost of living, making it one of the best countries to save money.
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Disclosure: None. 20 Best Countries To Work And Make The Most Amount of Money is originally published on Insider Monkey.