Personal Finance
10 Ways the Rich Avoid the Taxman
10 Ways the Rich Avoid the Taxman
Nobody likes taxes. However, when the super rich are stuck in forfeiting millions of dollars to taxes each year, they probably despise them even more than the average person.
That’s where their dough comes in handy: they can afford to have their legions of legal and accounting advisors to move around their money around through common loopholes in the system. This infographic shows how the wealthy avoid paying massive amounts of tax that they would pay if they just took everything as straight up income.
The top 10 methods to help the rich avoid taxes include: freezing the value of assets, sending money overseas, using a shell company or incorporating a personal brand, stock options, and deferred compensation plans.
Original graphic from: Top Accounting Degrees
Personal Finance
Mapped: Minimum Wage Around the World
This infographic shows the net minimum wage across 67 countries, as of January 2023. A breakdown by U.S. state is also included.
Mapped: Minimum Wage Around the World
The purpose of a minimum wage is to establish a baseline income level for workers in a given jurisdiction. Ideally it’s enough to cover basic needs like food and housing, but this isn’t always a guarantee.
To see how the minimum wage differs around the world, we’ve visualized data from Picodi, which includes values for 67 countries as of January 2023.
Monthly Minimum Wage, by Country
The following table includes all of the data used in this infographic.
Each value represents the monthly minimum wage a full-time worker would receive in each country. Picodi states that these figures are net of taxes and have been converted to USD.
| Country | Increase compared to Jan 2022 | Minimum wage as of Jan 2023 (full-time, USD) |
|---|---|---|
| Cyprus | 104.5% | $854 |
| Argentina | 100.0% | $336 |
| Turkey | 32.5% | $457 |
| Moldova | 27.1% | $180 |
| Latvia | 25.8% | $555 |
| Malaysia | 24.6% | $289 |
| Pakistan | 24.5% | $111 |
| Romania | 21.9% | $393 |
| Germany | 21.2% | $1,594 |
| Belarus | 18.8% | $189 |
| Lithuania | 18.5% | $646 |
| North Macedonia | 17.4% | $298 |
| Mexico | 17.1% | $315 |
| Chile | 16.9% | $369 |
| Russia | 16.6% | $224 |
| Kazakhstan | 16.4% | $131 |
| Colombia | 16.0% | $249 |
| Hungary | 15.3% | $383 |
| Netherlands | 14.6% | $1,895 |
| Poland | 14.3% | $584 |
| Belgium | 14.3% | $1,509 |
| Serbia | 14.2% | $347 |
| Estonia | 14.2% | $704 |
| Azerbaijan | 13.3% | $186 |
| Albania | 12.9% | $265 |
| Slovenia | 12.6% | $896 |
| US | 12.0% | $1,550 |
| Croatia | 11.9% | $571 |
| Uzbekistan | 11.4% | $72 |
| Paraguay | 11.4% | $323 |
| Armenia | 10.3% | $138 |
| Peru | 10.0% | $233 |
| Bosnia and Herzegovina | 9.9% | $324 |
| Bulgaria | 9.3% | $315 |
| Luxembourg | 9.2% | $2,140 |
| Philippines | 9.0% | $141 |
| Uruguay | 8.9% | $424 |
| Brazil | 8.5% | $232 |
| India | 8.1% | $95 |
| Indonesia | 7.9% | $173 |
| Greece | 7.8% | $626 |
| Portugal | 7.3% | $690 |
| UK | 7.2% | $1,705 |
| Slovakia | 6.9% | $572 |
| South Africa | 6.6% | $226 |
| France | 6.6% | $1,380 |
| Czechia | 6.0% | $643 |
| Vietnam | 5.7% | $162 |
| Ecuador | 5.6% | $407 |
| New Zealand | 5.4% | $1,866 |
| Ireland | 5.1% | $1,753 |
| Canada | 5.0% | $1,545 |
| Thailand | 4.8% | $195 |
| Australia | 4.7% | $2,022 |
| South Korea | 4.6% | $1,333 |
| Taiwan | 4.0% | $800 |
| Bolivia | 3.9% | $284 |
| Guatemala | 3.6% | $383 |
| Malta | 3.1% | $788 |
| Ukraine | 0.0% | $146 |
| Israel | 0.0% | $1,389 |
| Puerto Rico | 0.0% | $1,328 |
| Hong Kong | 0.0% | $959 |
| Saudi Arabia | 0.0% | $958 |
| Spain | 0.0% | $925 |
| Montenegro | 0.0% | $459 |
| Nigeria | 0.0% | $68 |
Generally speaking, developed countries have a higher cost of living, and thus require a higher minimum wage.
Two outliers in this dataset are Argentina and Turkey, which have increased their minimum wages by 100% or more from January 2022 levels.
Turkey is suffering from an ongoing currency crisis, with the lira losing over 40% of its value in 2021. Prices of basic goods have increased considerably as the Turkish lira continues to plummet. In fact, a 2022 survey found that 70% of people in Turkey were struggling to pay for food.
Argentina, South America’s second-biggest economy, is also suffering from very high inflation. In response, the country announced three minimum wage increases throughout 2022.
Minimum Wage in the U.S.
Within the U.S., minimum wage varies significantly by state. We’ve visualized each state’s basic minimum rate (hourly) using January 2023 data from the U.S. Department of Labor.
2023-03-17 Update: This map was updated to fix several incorrect values. We apologize for any confusion this may have caused.
America’s federal minimum wage has remained unchanged since 2009 at $7.25 per hour.
Each state is allowed to set their own minimum wage, as long as it’s higher than the federal minimum. In states that do not set their own minimum, the federal minimum applies.
If we assume someone works 40 hours a week, the federal minimum wage of $7.25 translates to an annual figure of just $15,080 before taxes. California’s minimum wage of $15.50 translates to $32,240 before taxes.
For further perspective, check out our 2022 infographic on the salary needed to buy a home across 50 U.S. cities.
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