Personal Finance
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.
Personal Finance
Ranked: What People Value Most in a Financial Advisor
Positive reviews and recommendations are some of the least important factors—so what do people look for in a financial advisor?
Ranked: What People Value Most in a Financial Advisor
Are advisors putting their focus where it matters? You might think that positive reviews and recommendations would be a top consideration for people choosing a financial advisor. However, other qualities appear to be much more important.
This graphic uses data from Morningstar’s Voice of the Advisor report to outline what people value most in a financial advisor.
The Qualities Investors Value
Morningstar surveyed 400 people: 100 Caucasian women, 150 women of color, and 150 men of color. The values below show how often people chose an item as most or least important when working with an advisor.
Quality | Most Important | Least Important |
---|---|---|
Expertise and knowledge in financial planning and investments | 60% | 11% |
Personalized financial advice that meets my specific goals and needs | 54% | 16% |
Ability to understand my risk tolerance and appropriately align my investments | 47% | 17% |
Specialization in specific financial situations, such as retirement planning | 45% | 17% |
Ability to communicate complex financial concepts in an understandable way | 42% | 22% |
Transparent fee structure and pricing for my advisor’s services | 42% | 22% |
Trust and rapport established during the initial meetings with my advisor | 36% | 24% |
Ability to incorporate investment options that reflect my values | 22% | 41% |
Positive online reviews or ratings about my advisor’s services | 22% | 46% |
Recommendations from friends or family who had a positive experience with my advisor | 20% | 47% |
Commitment to diversity and inclusion, making me feel comfortable and respected | 20% | 47% |
Recommendations from other professionals, such as accountants or attorneys | 19% | 50% |
Shares a similar background or cultural understanding | 10% | 68% |
Participants were asked the following question: “On each screen, we will show you 3 items to think about when working with a financial advisor. Select which one is most important and which one is the least important of the items. You will see more than one screen and items may appear more than once.”
Enjoying this content? Dive into more insights in the Voice of the Advisor Report:
Even among a survey pool that was mostly people of color, the majority of respondents didn’t think a commitment to diversity or a shared background were important.
Instead, three of the top four factors were related to personalization.
Personalization: A Key Quality in a Financial Advisor
People cared deeply about personalization regardless of gender and race. It was even more important to those with more than $250,000 in assets, suggesting that personalization may become more critical as a person’s portfolio value increases.
Even investors not currently working with an advisor and non-investors noted that personalization would be a top quality they would look for in a financial advisor.
Within personalization, people noted risk management was a very important element. Financial advisors can highlight their ability to tailor financial plans based on each person’s risk tolerance in order to attract clients.
Looking for tips on how to grow your advisory business? Get insights on what investors want, and how other advisors are evolving, in Morningstar’s Voice of the Advisor report.
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