Big cities tend to offer greater job opportunities and higher salaries. But the cost of living in such cities also tends to be pretty high. Every year, Deutsche Bank Research publishes its Mapping the World’s Prices report shedding light on the cost of living, rent, income, and other details in 56 major cities around the world. Here we take a look at the top 10 cities with the highest average monthly salary based on the 2019 Mapping the World’s Prices report.
Ranked: Cities with the highest average monthly salary
The average monthly salary figures in Deutsche Bank Research’s report are net of taxes. The average salary is an excellent indicator of a city’s financial health. The list below is dominated by technology and financial centers around the world.
10- London, UK
London is one of the biggest financial centers in the world. The average monthly salary in London is $2,956, down 13% from $3,381 last year. The average income in London has declined by 7% in the last five years.
9- Melbourne, Australia
The Australian city offers one of the world’s best quality of life. It has a low crime rate. The average monthly salary in Melbourne net of taxes is $3,181. Salaries in Melbourne have declined by as much as 17% in the last five years. Back in 2014, the average salary in the city was $3,841 per month.
8- Copenhagen, Denmark
The capital of Denmark is one of the world’s most expensive cities to live in. But it also offers a high quality of life. According to Deutsche Bank Research, the average salary in Copenhagen is $3,190, down from $3,601 five years ago. Compared to last year, the average income went down 8%.
7- Oslo, Norway
The average salary in Oslo declined 11% this year compared to 2018. Salaries in Oslo have tumbled a staggering 30% in the last five years to $3,246 this year. Despite the falling income over the years, Oslo remains among top 10 cities with the highest average monthly salary.
6- Sydney, Australia
Sydney also witnessed a decline in the average salary, but it was not as steep as that of Oslo. The average monthly income of Sydney residents decreased 8% compared to last year to $3,599 this year. By comparison, the average salary in Sydney was $4,458 five years ago. It is one of the world’s wealthiest cities, and attracts high net worth individuals (HNWIs) from around the world because of its high quality of life.
5- Chicago, United States
In the last few years, Chicago has often been described as a dying city because its residents are abandoning it to move somewhere else. That’s quite surprising because the average salary in Chicago has been going up steadily. According to Deutsche Bank Research, the monthly salary in Chicago is $4,062, up 11% from last year. Five years ago, the average salary in the city was $3,247.
4- Boston, United States
Boston is home to prestigious educational institutions like MIT and Harvard. It’s also one of the world’s best startup cities. It has seen a dramatic rise in average salaries over the last few years. The average monthly salary in Boston is $4,288, up 15% from $3,740 last year.
3- New York City, United States
New York is a global financial hub. It’s home to two of the world’s largest stock exchanges – NASDAQ and the New York Stock Exchange. The average monthly income in New York is $4,612, up 12% compared to last year. In the last five years, monthly salaries in New York have gone up by 33%, helping it retain its position as the city with the third highest average monthly salary.
2- Zurich, Switzerland
For the last several years, Zurich offered its residents a much higher salary than any other city in the world. But this time it has been dethroned by San Francisco. It lost the top spot after witnessing an 18% decline in the average salary over the last five years. The city offers the best quality of life, though it’s incredibly expensive to live there. The average salary in Zurich is $5,896, down from $7,171 five years ago.
1- San Francisco, United States
Salaries in San Francisco have shot up 31% since last year and a staggering 88% in the last five years, earning it the top spot. This year, the average salary in San Francisco is $6,526, which is 42% higher than a New Yorker’s average income. The San Francisco Bay area is a global technology hub. Thanks to the rapid digitization around the world and the growth in the US tech sector, the average income of San Francisco residents has gone up faster than other cities on the list.