Australia might have the highest hourly minimum wage in the world, but it’s also one of the most expensive places in the world to live.
$16 in Australia doesn’t buy as much stuff as it does in the U.S. When you adjust Australia’s hourly minimum wage for buying power, or Purchasing Power Parity (PPP), that $16 is worth only about $9.77 -- which is still quite a bit higher than the U.S. hourly minimum wage of $7.25.
The country with the highest “real” minimum wage is Luxembourg: $10.37 after being adjusted for PPP.
Only nine countries had a higher real minimum wage than the U.S.’, according to OECD data.
Here’s a map that compares the real minimum wages of 26 countries:
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Here’s the same data, presented in a bar chart: