The Top 10 Highest-Earning Countries in Europe
Thinking about moving to Europe but worried about making ends meet? We’ve got you covered. When it comes to salaries across the pond, a few countries consistently stand out. From Switzerland’s finance-driven economy to Iceland’s renewable energy leadership, each country leverages its strengths to attract and retain top talent with competitive wages. Here are the top 10 European countries with the highest wages, plus insights into their leading industries and quality of life.
1. Switzerland
Average Annual Wage: €106,839
Known for its banking and finance sectors, with companies like Credit Suisse and UBS leading the charge, Switzerland also excels in pharmaceuticals and engineering. As the highest-earning country in Europe, Switzerland’s strong economy and low unemployment are testaments to its financial success. The picturesque, ski-famous country also has a high standard of living.
2. Iceland
Average Annual Wage: €81,942
With a focus on fishing, renewable energy, and tourism, Iceland’s small population benefits from its well-paying jobs. The renewable energy sector contributes to the economy by offering high wages and boosting the national economy. Iceland is also home to some of the most incredible natural wonders in the world, complete with majestic waterfalls, volcanoes, and more.
3. Luxembourg
Average Annual Wage: €79,903
A major hub for finance and investment, Luxembourg’s economy is mainly driven by banking and real estate. Its favorable tax policies attract multinational corporations, resulting in high salaries across these industries. Despite being a small country about the size of Rhode Island, Luxembourg is considered to be one of the wealthiest (and most beautiful) countries in Europe.
4. Norway
Average Annual Wage: €74,506
Though oil and gas are key drivers in Norway, the country also has a strong technology and manufacturing sector. Norway’s high wages are supported by a high standard of living as well as comprehensive welfare benefits. In addition, the Nordic country is committed to sustainability and has invested heavily in renewable energy and electric vehicles (EVs).
5. Belgium
Average Annual Wage: €70,297
Belgium’s economy is fueled by industries such as chemicals, pharmaceuticals, and technology. Its strategic location in Europe, bordered by countries like France, Holland, and Germany, also makes it an attractive place for young professionals looking to travel in and around the region. If all else fails, at least you’ll get to try Belgium’s famous waffles.
6. Austria
Average Annual Wage: €68,690
Tourism, machinery, and steel are Austria’s main economic contributors. But the scenic country also has a high standard of living, with its advanced industries providing well-paying positions across the workforce. Austria is also home to a rich cultural heritage, with world-renowned music, arts, and historic architecture that continue to attract both tourists and expatriates.
7. Germany
Average Annual Wage: €66,635
Germany’s automotive and engineering sectors are acclaimed worldwide. But beyond that, the country also boasts strong pharmaceutical and IT industries that offer some of the highest wages in Europe. In addition, Germany stands out for its commitment to innovation, education, and vocational training programs that continuously supply skilled workers.
8. Netherlands
Average Annual Wage: €64,413
Known for its high-tech industries, the Netherlands excels in agriculture, chemical manufacturing, and clean energy. It also has a high standard of living and competitive wages in tech and finance. On top of that, a large number of Dutch professionals enjoy flexible work schedules and progressive labor policies that promote a strong work-life balance.
9. Denmark
Average Annual Wage: €62,972
Denmark’s high earnings come from sectors like pharmaceuticals, renewable energy, and IT. Its emphasis on green technology has also positioned it as a leader in sustainable industries. The Scandinavian country is known for its exceptional quality of living, including a comprehensive welfare system, high-quality healthcare, and commitment to work-life balance.
10. Finland
Average Annual Wage: €61,498
Despite coming in 10th place, Finland’s technology sector — especially in telecommunications — dominates the Scandinavian region. The country has also consistently ranked as the “happiest country on Earth,” thanks to its high-quality healthcare, excellent education system, and strong social support networks.