Politicians are essential to the day-to-day operation of a nation. However, the average politician’s pay varies greatly depending on where they live, with some making only approximately five figures per year from their base income. There is no denying that having the title of head of state or government entails a significant amount of responsibility. But most places in the world also include a sizable wage with it.
The President or Prime Minister, together with other politicians, serves as the ruling body of every nation. The responsibility for successfully administering a nation and guiding its citizens lies with the governing entities. These leaders receive a sizable salary in addition to other sources of wealth. But did you know that some politicians have accumulated net worth in the billions as opposed to the millions, most of which is attributable to their political careers?
A list of nations that pay their politicians handsomely is provided in this article in no specific order. Don’t be shocked if any of the countries you expected to appear aren’t. Even though the majority of the nations on the list have developed economies, the wages of their politicians, particularly their heads of state, are far more than the average GDP of the nations.
Top 8 Countries With The Highest-Paid Politician
1. Singapore: The highest-paid ministers in the world are those of Singapore. The yearly compensation of the prime minister was S$3.07 million before a pay review in 2011, whilst the remuneration of ministerial-level officials ranged from S$1.58 million to S$2.37 million.
The prime minister created a committee on May 21, 2011, to examine the payment of the president, the prime minister, those who hold political appointments, and members of parliament. The committee suggested wage reductions, which were then discussed and approved by Parliament. As a result, the prime minister’s salary was decreased by 36% (including the elimination of his pension) to S$2.2 million. The world’s highest-paid political figure is still the prime minister, though.
2. Australia: A spate of payment rises has led to Australia’s top politicians earning upwards of $500,000 annually. The staggering sums Australian politicians receive will astound you, especially in light of the 2.75 percent pay increases that began for Federal, Victorian, NSW, and Queensland MPs on July 1.
The increases are blamed on rising living expenses brought on by Australia’s 7% inflation rate. The average Canberra backbencher earns $217,060 per year in addition to their allowances, which is the largest raise for Federal MPs in ten years. The highest salary, $549,250, goes to Australia’s leader, Prime Minister Anthony Albanese, who is now one of the highest-paid politicians in the world.
3. USA: In the US, a politician’s income can range from nothing to six figures, with those elected to municipal posts receiving the least and those to state and federal offices earning the highest. As the head of state, the president of the United States receives an annual salary of $400,000.
A base salary of $174,000 per year is paid to members of the US House of Representatives and Senate. According to the Council of State Governments, governors receive salaries ranging from $70,000 to $201,000 for their job as the chief executive of their state. Additionally, the pay for other politicians and officeholders varies.
4. Switzerland: In Switzerland’s Federal Assembly, the National Council is the lower chamber, and the Council of States is the upper house. In addition to receiving 440 CHF ($491) per diem for attending meetings of the council or committees, council members are paid a base salary of 26,000 CHF ($29,013) annually.
Additionally, members are given 33,000 CHF ($36, 827) per year for labor and supplies. Members also receive a pension contribution, along with food, lodging, and travel expenses. According to estimates from the Swiss government, a member normally earns between 130,000 and 150,000 CHF ($145,080 to $167,400) annually.
5. New Zealand: The best-paid international leaders have frequently included New Zealand’s prime ministers in recent years. Even locally, the newest backbencher MPs in this country make over three times the average income of New Zealanders.
The Remuneration Authority determines and assesses MPs’ compensation in New Zealand. Additionally, it calculates the MPs’ superannuation and establishes their basic allowance. Depending on the other positions that MPs hold, such as that of Prime Minister, minister, Speaker, and leader of the Opposition, the payment varies. An MP currently earns a base salary of $163,961, while a Cabinet Minister makes $296,007. Chris Hipkins, the prime minister, ranks among the highest-paid international politicians, earning $471,049 a year.
6. Italy: Italian politicians have long been known for their high remuneration, and their current annual income of €209,693 ($209,470/£182,020) is considerably higher than the nation’s average annual wage of $41,438 (£35,980).
The six-figure salaries of the MPs include an additional €84,000 ($81.4k/£75k) allowance in addition to their basic income. The Italian parliament did, however, vote to reduce the number of lawmakers from 630 to 400, as well as the number of senators from 315 to 200. This is expected to save the nation close to €1 billion ($1 billion/£870 million) over the following ten years.
7. UK; The politicians in the UK are among the highest paid. As of April 2023, the basic yearly salary for a Member of Parliament (MP) in the House of Commons is £86,584. In addition, MPs are entitled to reimbursements for the expenses associated with running a business, paying employees, and maintaining a home in their district or a house in London.
For positions or additional responsibilities, such as ministerial appointments, serving as a whip, or leading a select committee or a public bill committee, extra cash is paid. The House of Lords does not pay its members a salary. They can choose to get a daily attendance allowance of £332, plus travel costs and free meals at restaurants. A reduced attendance stipend of £166 per day is also available to peers.
8. Hong Kong: John Lee Ka-Chiu, the leader of Hong Kong, has a monthly salary that exceeds HK$450,000, or $58,000, while the heads of departments and bureaux make more money than the presidents of many other nations.
Lee’s current monthly remuneration, as reported by the Office of the Chief Executive, is HK$452,200 ($58,800), an increase of around HK$30,000 from that of the previous CE, Carrie Lam Cheng Yuet-Ngor. The Chief Secretary for Administration has been paid HK$401,950 per month since the new government took office in July.
The salaries of the Financial Secretary and the Secretary of Justice are HK$388,350 and HK$375,200 per month, respectively. The pay adjustment process has also boosted the monthly remuneration of the Directors of Bureaux to HK$362,500. This demonstrates that Hong Kong’s politicians are among the highest-paid in the world.
Conclusion: You may get a sense of how far nations will go to pay their leaders and politicians by looking at this list of the nations where politicians earn the highest salaries worldwide. Some have been in charge for decades, while others have only recently taken office. While some are threatened with salary reductions, others have experienced payment rises.