What salaries are like in Europe, explained in a revealing graph

Rivers of ink have flowed recommending which countries have The best restaurants, the best pensions and even the European countries with the happiest citizens. But is no one going to talk about the salary differences that exist between the countries that make up Europe?

In the vast tapestry of the European economy, average salaries paint a picture of diversity and complexity. Today, we dive into a detailed analysis of hourly earnings across the continent, through a graph created by VisualCapitalist based on the data that Eurostat made public a few days ago. In it, you can clearly see how the purchasing power of citizens varies drastically, separated only by the line that marks a border.

Here it no longer matters whether the country has the largest number of millionaires living in its territory or whether its cities have become golden havens for millionaires. The average hourly wages reflects, on average, the income that employees receive for their work.

Average salary per hour worked in Europe. Source:VisualCapitalist.com

How much is charged per hour worked in Europe

It is paradoxical that one of the smallest countries on the continent is the one that has the highest average salaries. We are talking about Luxembourg, which thanks to basing its economy on financial services has one of the highest average salaries with 47.2 euros per hour.

It is not surprising since, despite its small size, the Grand Duchy has the highest GDP in Europe, according to data from the International Monetary Fund.

The Scandinavian countries follow closely, with Denmark in second place with an average salary of 42 euros per hour, followed by Norway with 41.7 euros, and Iceland with 39.5 euros per hour worked, occupying fourth place in the table.

Finland is left behind in this group, falling to ninth position with 30 euros per hour.

He average hourly wage in Europe is 24 euros per hourwhich fills the salary gap that exists between Sweden, which with 26.3 euros is in twelfth place, and Slovenia with 21.9 euros, which is next on the list.

We have to go down to fifteenth position in the table to find Spain which, with 18.2 euros, is halfway between Italy (21.5 euros) and Cyprus (16.3 euros). Spain occupies a central position in the table thanks to the successive SMI increases and the increase in salaries registered in recent years, which have avoided remaining in the rear of the European economies.

Likewise, the visualization of Eurostat data shows the salary difference that exists between the countries of northern and western Europe, compared to those that make up the south and east of the continent, reflecting differences in economic development and wealth resulting from geopolitics. of its recent past marked by the Iron Curtain.

Countries whose economies were badly damaged by Soviet influence, such as Bulgaria registers the lowest average salary in Europewith 8.1 euros per hour, preceded by Romania with 10.4 euros, Latvia with 10.7 euros or the 11 euros and 11.9 euros of Hungary and Poland respectively.

The chart also highlights the economic policy challenges Europe faces in establishing common regulatory frameworks when the economic realities of its citizens are so different.

In Xataka | The countries that work the most are far from being the ones that earn the most. The proof is in this graph

Image | VisualCapitalist.com