Inequality
Mapped: Minimum Wage Around the World
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) |
|---|---|---|
| Argentina | 104.5% | $336 |
| Turkey | 100.0% | $457 |
| Moldova | 32.5% | $180 |
| Latvia | 27.1% | $555 |
| Malaysia | 25.8% | $289 |
| Pakistan | 24.6% | $111 |
| Romania | 24.5% | $393 |
| Germany | 21.9% | $1,594 |
| Belarus | 21.2% | $189 |
| Lithuania | 18.8% | $646 |
| North Macedonia | 18.5% | $298 |
| Mexico | 17.4% | $315 |
| Chile | 17.1% | $369 |
| Russia | 16.9% | $224 |
| Kazakhstan | 16.6% | $131 |
| Colombia | 16.4% | $249 |
| Hungary | 16.0% | $383 |
| Netherlands | 15.3% | $1,895 |
| Poland | 14.6% | $584 |
| Belgium | 14.3% | $1,509 |
| Serbia | 14.3% | $347 |
| Estonia | 14.2% | $704 |
| Azerbaijan | 14.2% | $186 |
| Albania | 13.3% | $265 |
| Slovenia | 12.9% | $896 |
| US | 12.6% | $1,550 |
| Croatia | 12.0% | $571 |
| Uzbekistan | 11.9% | $72 |
| Paraguay | 11.4% | $323 |
| Armenia | 11.4% | $138 |
| Peru | 10.3% | $233 |
| Bosnia and Herzegovina | 10.0% | $324 |
| Bulgaria | 9.9% | $315 |
| Luxembourg | 9.3% | $2,140 |
| Philippines | 9.2% | $141 |
| Uruguay | 9.0% | $424 |
| Brazil | 8.9% | $232 |
| India | 8.5% | $95 |
| Indonesia | 8.1% | $173 |
| Greece | 7.9% | $626 |
| Portugal | 7.8% | $690 |
| UK | 7.3% | $1,705 |
| Slovakia | 7.2% | $572 |
| South Africa | 6.9% | $226 |
| France | 6.6% | $1,380 |
| Czechia | 6.6% | $643 |
| Vietnam | 6.0% | $162 |
| Ecuador | 5.7% | $407 |
| New Zealand | 5.6% | $1,866 |
| Ireland | 5.4% | $1,753 |
| Canada | 5.1% | $1,545 |
| Thailand | 5.0% | $195 |
| Australia | 4.8% | $2,022 |
| South Korea | 4.7% | $1,333 |
| Taiwan | 4.6% | $800 |
| Bolivia | 4.0% | $284 |
| Guatemala | 3.9% | $383 |
| Malta | 3.6% | $788 |
| Ukraine | 3.1% | $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 |
| Cyprus | -- | $854 |
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.
Money
Visualizing the World’s Growing Millionaire Population (2012-2022)
The world’s millionaire population has more than doubled in the last decade between 2012 and 2022. We visualize these numbers here.
Visualizing the World’s Growing Millionaire Population
Reaping the rewards of tech revolutions, market booms, and more, the last decade has seen a remarkable increase in the global number of millionaires.
In 2022, 1.1% of all of the world’s adults were millionaires, up from 0.6% in 2012.
In today’s visualization, we dive into the world’s growing millionaire population using data from this year’s Global Wealth Report by Credit Suisse.
The Global Millionaire Population, Then and Now
In 2022, total millionaire wealth stood at $208.3 trillion, accounting for 45.8% of global wealth. That represents a 138% increase from 2011, when millionaires held $87.5 trillion in wealth.
While the rise can be attributed to a number of factors, financial assets have accounted for most of the increase in total wealth since the 2008 Financial Crisis, according to Credit Suisse.
Here’s a look at the explosive growth in the number of millionaires from 2012 to 2022:
| Wealth range | Number of adults (2012) | Number of adults (2022) |
|---|---|---|
| $1-5M | 25.6 million | 51.5 million |
| $5-10M | 1.9 million | 5.1 million |
| >$10M | 1.0 million | 2.8 million |
At the very apex of these pyramids, the number of ultra-high-net-worth individuals (all holding $50 million or more in wealth) has nearly tripled over the last decade.
Where are the world’s millionaires mostly found?
- 42%: North America
- 27%: Europe
- 16%: Asia-Pacific (ex. China and India)
- 10%: China
- 5%: Rest of the World
In total, the world’s millionaire population amounted to 59.4 million adults in 2022.
Despite inflation, interest rates, and current market conditions hampering wealth creation for many in 2022 and 2023, Credit Suisse forecasts that the number of millionaires will still grow to 86 million by 2027, a 45% increase from 2022.
The Outlook for Wealth Inequality
Although wealth inequality fell slightly in 2022, a significant chunk of overall global wealth still belongs to the wealthiest parts of the population.
In stark contrast to millionaires, 52.5% of the world’s adults had less than $10,000 in wealth, and combined for just 1.2% of global wealth.
From a big picture perspective, however, worldwide wealth inequality has trended downward over the last two decades. That is, before the 2020–2021 period when the wealth gap was exacerbated due to the pandemic and the subsequent boom in share and house prices.
Looking ahead to 2027, Credit Suisse forecasts that the share of adults with less than $10,000 in wealth will fall, with more adults moving into the middle and upper income levels. It’ll be interesting to see if global wealth inequality continues its long-term downward trajectory.
Where does this data come from?
Source: Credit Suisse Global Wealth Report (2022 and 2012 versions)
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