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Mapped: Minimum Wage Around the World

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global minimum wage by country map

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.

CountryIncrease compared to Jan 2022Minimum wage as of Jan 2023 (full-time, USD)
Argentina104.5%$336
Turkey100.0%$457
Moldova32.5%$180
Latvia27.1%$555
Malaysia25.8%$289
Pakistan24.6%$111
Romania24.5%$393
Germany21.9%$1,594
Belarus21.2%$189
Lithuania18.8%$646
North Macedonia18.5%$298
Mexico17.4%$315
Chile17.1%$369
Russia16.9%$224
Kazakhstan16.6%$131
Colombia16.4%$249
Hungary16.0%$383
Netherlands15.3%$1,895
Poland14.6%$584
Belgium14.3%$1,509
Serbia14.3%$347
Estonia14.2%$704
Azerbaijan14.2%$186
Albania13.3%$265
Slovenia12.9%$896
US12.6%$1,550
Croatia12.0%$571
Uzbekistan11.9%$72
Paraguay11.4%$323
Armenia11.4%$138
Peru10.3%$233
Bosnia and Herzegovina10.0%$324
Bulgaria9.9%$315
Luxembourg9.3%$2,140
Philippines9.2%$141
Uruguay9.0%$424
Brazil8.9%$232
India8.5%$95
Indonesia8.1%$173
Greece7.9%$626
Portugal7.8%$690
UK7.3%$1,705
Slovakia7.2%$572
South Africa6.9%$226
France6.6%$1,380
Czechia6.6%$643
Vietnam6.0%$162
Ecuador5.7%$407
New Zealand5.6%$1,866
Ireland5.4%$1,753
Canada5.1%$1,545
Thailand5.0%$195
Australia4.8%$2,022
South Korea4.7%$1,333
Taiwan4.6%$800
Bolivia4.0%$284
Guatemala3.9%$383
Malta3.6%$788
Ukraine3.1%$146
Israel0.0%$1,389
Puerto Rico0.0%$1,328
Hong Kong0.0%$959
Saudi Arabia0.0%$958
Spain0.0%$925
Montenegro0.0%$459
Nigeria0.0%$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.

US minimum wage

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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GDP

Visualizing the $105 Trillion World Economy in One Chart

How much does each country contribute to the $105 trillion world economy in 2023, and what nations are seeing their nominal GDPs shrink?

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A chart showing the breakup of the world economy, organized by the size of each country's gross domestic product.

Visualizing the $105 Trillion World Economy in One Chart

By the end of 2023, the world economy is expected to have a gross domestic product (GDP) of $105 trillion, or $5 trillion higher than the year before, according to the latest International Monetary Fund (IMF) projections from its 2023 World Economic Outlook report.

In nominal terms, that’s a 5.3% increase in global GDP. In inflation-adjusted terms, that would be a 2.8% increase.

ℹ️ Gross Domestic Product (GDP) measures the total value of economic output—goods and services—produced within a given time frame by both the private and public sectors. All numbers used in this article, unless otherwise specified, are nominal figures, and do not account for inflation.

The year started with turmoil for the global economy, with financial markets rocked by the collapse of several mid-sized U.S. banks alongside persistent inflation and tightening monetary conditions in most countries. Nevertheless, some economies have proven to be resilient, and are expected to register growth from 2022.

Ranking Countries by Economic Size in 2023

The U.S. is expected to continue being the biggest economy in 2023 with a projected GDP of $26.9 trillion for the year. This is more than the sum of the GDPs of 174 countries ranked from Indonesia (17th) to Tuvalu (191st).

China stays steady at second place with a projected $19.4 trillion GDP in 2023. Most of the top-five economies remain in the same positions from 2022, with one notable exception.

India is expected to climb past the UK to become the fifth-largest economy with a projected 2023 GDP of $3.7 trillion.

Here’s a look at the size of every country’s economy in 2023, according to IMF’s estimates.

RankCountryGDP (USD)% of Total
1🇺🇸 U.S.$26,855B25.54%
2🇨🇳 China$19,374B18.43%
3🇯🇵 Japan$4,410B4.19%
4🇩🇪 Germany$4,309B4.10%
5🇮🇳 India$3,737B3.55%
6🇬🇧 UK$3,159B3.00%
7🇫🇷 France$2,923B2.78%
8🇮🇹 Italy$2,170B2.06%
9🇨🇦 Canada$2,090B1.99%
10🇧🇷 Brazil$2,081B1.98%
11🇷🇺 Russia$2,063B1.96%
12🇰🇷 South Korea$1,722B1.64%
13🇦🇺 Australia$1,708B1.62%
14🇲🇽 Mexico$1,663B1.58%
15🇪🇸 Spain$1,492B1.42%
16🇮🇩 Indonesia$1,392B1.32%
17🇳🇱 Netherlands$1,081B1.03%
18🇸🇦 Saudi Arabia$1,062B1.01%
19🇹🇷 Türkiye$1,029B0.98%
20🇨🇭 Switzerland$870B0.83%
21🇹🇼 Taiwan$791B0.75%
22🇵🇱 Poland$749B0.71%
23🇦🇷 Argentina$641B0.61%
24🇧🇪 Belgium$624B0.59%
25🇸🇪 Sweden$599B0.57%
26🇮🇪 Ireland$594B0.57%
27🇹🇭 Thailand$574B0.55%
28🇳🇴 Norway$554B0.53%
29🇮🇱 Israel$539B0.51%
30🇸🇬 Singapore$516B0.49%
31🇦🇹 Austria$515B0.49%
32🇳🇬 Nigeria$507B0.48%
33🇦🇪 UAE$499B0.47%
34🇻🇳 Vietnam$449B0.43%
35🇲🇾 Malaysia$447B0.43%
36🇵🇭 Philippines$441B0.42%
37🇧🇩 Bangladesh$421B0.40%
38🇩🇰 Denmark$406B0.39%
39🇿🇦 South Africa$399B0.38%
40🇪🇬 Egypt$387B0.37%
41🇭🇰 Hong Kong$383B0.36%
42🇮🇷 Iran$368B0.35%
43🇨🇱 Chile$359B0.34%
44🇷🇴 Romania$349B0.33%
45🇨🇴 Colombia$335B0.32%
46🇨🇿 Czech Republic$330B0.31%
47🇫🇮 Finland$302B0.29%
48🇵🇪 Peru$268B0.26%
49🇮🇶 Iraq$268B0.25%
50🇵🇹 Portugal$268B0.25%
51🇳🇿 New Zealand$252B0.24%
52🇰🇿 Kazakhstan$246B0.23%
53🇬🇷 Greece$239B0.23%
54🇶🇦 Qatar$220B0.21%
55🇩🇿 Algeria$206B0.20%
56🇭🇺 Hungary$189B0.18%
57🇰🇼 Kuwait$165B0.16%
58🇪🇹 Ethiopia$156B0.15%
59🇺🇦 Ukraine$149B0.14%
60🇲🇦 Morocco$139B0.13%
61🇸🇰 Slovak
Republic
$128B0.12%
62🇪🇨 Ecuador$121B0.12%
63🇩🇴 Dominican
Republic
$121B0.12%
64🇵🇷 Puerto Rico$121B0.11%
65🇰🇪 Kenya$118B0.11%
66🇦🇴 Angola$118B0.11%
67🇴🇲 Oman$105B0.10%
68🇬🇹 Guatemala$102B0.10%
69🇧🇬 Bulgaria$101B0.10%
70🇻🇪 Venezuela$97B0.09%
71🇺🇿 Uzbekistan$92B0.09%
72🇱🇺 Luxembourg$87B0.08%
73🇹🇿 Tanzania$85B0.08%
74🇹🇲 Turkmenistan$83B0.08%
75🇭🇷 Croatia$79B0.08%
76🇱🇹 Lithuania$78B0.07%
77🇨🇷 Costa Rica$78B0.07%
78🇺🇾 Uruguay$77B0.07%
79🇵🇦 Panama$77B0.07%
80🇨🇮 Côte d'Ivoire$77B0.07%
81🇷🇸 Serbia$74B0.07%
82🇧🇾 Belarus$74B0.07%
83🇦🇿 Azerbaijan$70B0.07%
84🇨🇩 DRC$69B0.07%
85🇸🇮 Slovenia$68B0.06%
86🇬🇭 Ghana$67B0.06%
87🇲🇲 Myanmar$64B0.06%
88🇯🇴 Jordan$52B0.05%
89🇹🇳 Tunisia$50B0.05%
90🇺🇬 Uganda$50B0.05%
91🇨🇲 Cameroon$49B0.05%
92🇱🇻 Latvia$47B0.05%
93🇸🇩 Sudan$47B0.04%
94🇱🇾 Libya$46B0.04%
95🇧🇴 Bolivia$46B0.04%
96🇧🇭 Bahrain$45B0.04%
97🇵🇾 Paraguay$43B0.04%
98🇳🇵 Nepal$42B0.04%
99🇪🇪 Estonia$42B0.04%
100🇲🇴 Macao$36B0.03%
101🇭🇳 Honduras$34B0.03%
102🇸🇻 El Salvador$34B0.03%
103🇵🇬 Papua
New Guinea
$33B0.03%
104🇸🇳 Senegal$31B0.03%
105🇨🇾 Cyprus$31B0.03%
106🇰🇭 Cambodia$31B0.03%
107🇿🇼 Zimbabwe$30B0.03%
108🇿🇲 Zambia$29B0.03%
109🇮🇸 Iceland$29B0.03%
110🇧🇦 Bosnia &
Herzegovina
$28B0.03%
111🇹🇹 Trinidad
& Tobago
$28B0.03%
112🇬🇪 Georgia$28B0.03%
113🇭🇹 Haiti$27B0.03%
114🇦🇲 Armenia$24B0.02%
115🇬🇳 Guinea$23B0.02%
116🇧🇫 Burkina Faso$21B0.02%
117🇲🇱 Mali$21B0.02%
118🇬🇦 Gabon$20B0.02%
119🇦🇱 Albania$20B0.02%
120🇲🇿 Mozambique$20B0.02%
121🇧🇼 Botswana$20B0.02%
122🇾🇪 Yemen$20B0.02%
123🇲🇹 Malta$19B0.02%
124🇧🇯 Benin$19B0.02%
125🇵🇸 West Bank
& Gaza
$19B0.02%
126🇳🇮 Nicaragua$17B0.02%
127🇯🇲 Jamaica$17B0.02%
128🇲🇳 Mongolia$17B0.02%
129🇳🇪 Niger$17B0.02%
130🇬🇾 Guyana$16B0.02%
131🇲🇬 Madagascar$16B0.02%
132🇲🇩 Moldova$16B0.02%
133🇧🇳 Brunei Darussalam$16B0.01%
134🇲🇰 North Macedonia$15B0.01%
135🇬🇶 Equatorial Guinea$15B0.01%
136🇲🇺 Mauritius$15B0.01%
137🇧🇸 Bahamas$14B0.01%
138🇱🇦 Laos$14B0.01%
139🇳🇦 Namibia$13B0.01%
140🇷🇼 Rwanda$13B0.01%
141🇨🇩 Congo$13B0.01%
142🇹🇯 Tajikistan$13B0.01%
143🇰🇬 Kyrgyz Republic$12B0.01%
144🇹🇩 Chad$12B0.01%
145🇲🇼 Malawi$11B0.01%
146🇲🇷 Mauritania$11B0.01%
147🇽🇰 Kosovo$10B0.01%
148🇹🇬 Togo$9B0.01%
149🇸🇴 Somalia$9B0.01%
150🇲🇪 Montenegro$7B0.01%
151🇸🇸 South Sudan$7B0.01%
152🇲🇻 Maldives$7B0.01%
153🇧🇧 Barbados$6B0.01%
154🇫🇯 Fiji$5B0.01%
155🇸🇿 Eswatini$5B0.00%
156🇱🇷 Liberia$4B0.00%
157🇩🇯 Djibouti$4B0.00%
158🇦🇩 Andorra$4B0.00%
159🇦🇼 Aruba$4B0.00%
160🇸🇱 Sierra Leone$4B0.00%
161🇸🇷 Suriname$3B0.00%
162🇧🇮 Burundi$3B0.00%
163🇧🇿 Belize$3B0.00%
164🇨🇫 Central
African Republic
$3B0.00%
165🇧🇹 Bhutan$3B0.00%
166🇪🇷 Eritrea$3B0.00%
167🇱🇸 Lesotho$3B0.00%
168🇨🇻 Cabo Verde$2B0.00%
169🇬🇲 Gambia$2B0.00%
170🇱🇨 Saint Lucia$2B0.00%
171🇹🇱 East Timor$2B0.00%
172🇸🇨 Seychelles$2B0.00%
173🇬🇼 Guinea-Bissau$2B0.00%
174🇦🇬 Antigua & Barbuda$2B0.00%
175🇸🇲 San Marino$2B0.00%
176🇸🇧 Solomon Islands$2B0.00%
177🇰🇲 Comoros$1B0.00%
178🇬🇩 Grenada$1B0.00%
179🇻🇺 Vanuatu$1B0.00%
180🇰🇳 Saint Kitts
& Nevis
$1B0.00%
181🇻🇨 Saint Vincent
& the Grenadines
$1B0.00%
182🇼🇸 Samoa$1B0.00%
183🇩🇲 Dominica$1B0.00%
184🇸🇹 São Tomé
& Príncipe
$1B0.00%
185🇹🇴 Tonga$1B0.00%
186🇫🇲 Micronesia$0.5B0.00%
187🇲🇭 Marshall Islands$0.3B0.00%
188🇵🇼 Palau$0.3B0.00%
189🇰🇮 Kiribati$0.2B0.00%
190🇳🇷 Nauru$0.2B0.00%
191🇹🇻 Tuvalu$0.1B0.00%

Note: Projections for Afghanistan, Lebanon, Pakistan, Sri Lanka and Syria are missing from IMF’s database for 2023.

Here are the largest economies for each region of the world.

  • Africa: Nigeria ($506.6 billion)
  • Asia: China ($19.4 trillion)
  • Europe: Germany ($4.3 trillion)
  • Middle East: Saudi Arabia ($1.1 trillion)
  • North & Central America: U.S. ($26.9 trillion)
  • Oceania: Australia ($1.7 trillion)
  • South America: Brazil ($2.1 trillion)

Ranked: 2023’s Shrinking Economies

In fact, 29 economies are projected to shrink from their 2022 sizes, leading to nearly $500 billion in lost output.

A bar chart showing the amount of nominal GDP shrinkage for several countries.

Russia will see the biggest decline, with a projected $150 billion contraction this year. This is equal to about one-third of total decline of all 29 countries with shrinking economies.

Egypt (-$88 billion) and Canada (-$50 billion) combined make up another one-third of lost output.

In Egypt’s case, the drop can be partly explained by the country’s currency (Egyptian pound), which has dropped in value against the U.S. dollar by about 50% since mid-2022.

Russia and Canada are some of the world’s largest oil producers and the oil price has fallen since 2022. A further complication for Russia is that the country has been forced to sell oil at a steep discount because of Western sanctions.

Here are the projected changes in GDP for all countries facing year-over-year declines:

CountryRegion2022–23 Change (USD)2022–23 Change (%)
🇷🇺 RussiaEurope-$152.65B-6.9%
🇪🇬 EgyptAfrica-$88.12B-18.5%
🇨🇦 CanadaNorth America-$50.17B-2.3%
🇸🇦 Saudi ArabiaMiddle East-$46.25B-4.2%
🇧🇩 BangladeshAsia-$39.69B-8.6%
🇳🇴 NorwayEurope-$25.16B-4.3%
🇰🇼 KuwaitMiddle East-$19.85B-10.8%
🇴🇲 OmanMiddle East-$9.77B-8.5%
🇨🇴 ColombiaSouth America-$9.25B-2.7%
🇦🇪 UAEMiddle East-$8.56B-1.7%
🇿🇦 South AfricaAfrica-$6.69B-1.6%
🇬🇭 GhanaAfrica-$6.22B-8.5%
🇶🇦 QatarMiddle East-$5.91B-2.6%
🇦🇴 AngolaAfrica-$3.54B-2.9%
🇿🇼 ZimbabweAfrica-$3.09B-9.4%
🇺🇦 UkraineEurope-$2.79B-1.8%
🇸🇩 SudanAfrica-$2.72B-5.5%
🇮🇶 IraqMiddle East-$2.47B-0.9%
🇹🇱 East TimorAsia-$1.67B-45.7%
🇬🇦 GabonAfrica-$1.60B-7.3%
🇬🇶 Equatorial GuineaAfrica-$1.35B-8.2%
🇲🇼 MalawiAfrica-$1.24B-9.9%
🇱🇦 LaosAsia-$1.21B-7.9%
🇧🇳 BruneiAsia-$1.13B-6.8%
🇾🇪 YemenMiddle East-$1.12B-5.4%
🇸🇸 South SudanAfrica-$0.86B-10.9%
🇧🇮 BurundiAfrica-$0.66B-16.9%
🇸🇱 Sierra LeoneAfrica-$0.42B-10.6%
🇸🇷 SurinameSouth America-$0.05B-1.4%

The presence of Saudi Arabia, Norway, Kuwait, and Oman in the top 10 biggest GDP contractions further highlights the potential impact on GDP for oil-producing countries, according to the IMF’s projections.

More recently, producers have been cutting supply in an effort to boost prices, but concerns of slowing global oil demand in the wake of a subdued Chinese economy (the world’s second-largest oil consumer), have kept oil prices lower than in 2022 regardless.

The Footnote on GDP Forecasts

While organizations like the IMF have gotten fairly good at GDP forecasting, it’s still worth remembering that these are projections and assumptions made at the beginning of the year that may not hold true by the end of 2023.

For example, JP Morgan has already changed their forecast for China’s 2023 real GDP growth six times in as many months after expectations of broad-based pandemic-recovery spending did not materialize in the country.

The key takeaway from IMF’s projections for 2023 GDP growth rests on how well countries restrict inflation without stifling growth, all amidst tense liquidity conditions.

Where Does This Data Come From?

Source: The International Monetary Fund’s Datamapper which uses projections made in the April 2023 World Economic Outlook report.

Note: Projections for Afghanistan, Lebanon, Pakistan, Sri Lanka and Syria are missing from the IMF’s database. Furthermore, all figures used in the article, unless specified, are nominal GDP numbers and rates.

 

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