A new report has put Nigeria, Egypt, South Africa, Pakistan and Venezuela among countries with the lowest average salaries in the world.
A report by FounderPass, tagged Revealing The Disparity Between Global Incomes, reveals a ranked list of countries with the highest and lowest average salaries and explores the factors driving these disparities.
FounderPass is a platform offering perks, benefits, and deals on software and resources for both startups and established businesses.
The report notes that, Sri Lanka, Venezuela, Pakistan, Egypt, and Nigeria rank as countries where income disparities remains a challenge particularly in rural areas where opportunities are limited.
For instance, FounderPass notes that despite progress in certain areas, disparities persist, particularly in rural regions. Income levels remain low for many Egyptians, highlighting the need for continued efforts to improve economic conditions and enhance livelihoods.
Of Nigeria, the report stated that Africa’s most populous nation and largest economy, Nigeria holds immense potential. However, economic challenges such as corruption, infrastructure deficits, and high unemployment rates hinder progress.
“These factors contribute to lower average salaries and living standards for many Nigerians, underscoring the need for comprehensive economic reforms and investment in human capital,” the report added.
FounderPass further revealed in the report that Switzerland, Luxembourg, Singapore, United States, and Hong Kong have the highest average salaries globally.
“Despite wide income disparities and regional variations, the United States remains a global economic powerhouse with high average salaries in sectors such as technology, finance, and healthcare. The country’s entrepreneurial spirit, innovation culture, and diverse job market contribute to its economic prosperity and high standard of living.
“Max says, ‘Known for its bustling financial center and vibrant economy, Hong Kong ranks among the top countries with high average salaries.’ The city’s strategic location, low taxes, and free-market policies attract multinational corporations and skilled professionals, driving its economic growth and high income levels,” FounderPass stated.
