The Nigerian President earns about ₦8,625,000 monthly ($5,750 converted at N1,500/$), which is 123 times higher than the recently approved ₦70,000 new minimum wage ($46.66).
World leaders are often the centre of attention in economic discussions as citizens expect more from them based on their huge compensation packages which include monetary and other luxurious gains.
It is also necessary to note that apart from the appealing monetary compensation, global leaders also enjoy major benefits like an extensive security system, bulletproof luxury vehicles and private jets which run into millions of dollars of taxpayer’s funds.
The annual salaries however vary in economies as the leader’s compensation is mostly based on certain factors which include the country’s economic power and specific laws governing wages and compensation in each country.
10 world leaders with the highest annual salary
According to VisualCapitalist, the table below ranks the top 10 highest-paid world leaders in 2024 and can differ year to year with changes in policies, additional perks, and other compensations. Data for Hong Kong is as of 2022.
S/NGovernmentLeader’s NameLeader’s Annual SalaryTitle1 SingaporeLawrence Wong$1.61MPrime Minister2 Hong KongJohn Lee Ka-chiu$695KChief Executive3 SwitzerlandViola Amherd$530KPresident4 United StatesJoe Biden$400KPresident5 AustraliaAnthony Albanese$390KPrime Minister6 GermanyOlaf Scholz$367KChancellor7 European UnionUrsula von der Leyen$364KPresident8 AustriaKarl Nehammer$307KChancellor9 CanadaJustin Trudeau$292KPrime Minister10New ZealandChristopher Luxon$288KPrime Minister
The annual income of the world leaders, which ranges from just over $200,000 to more than $1.6 million, often dwarfs the average income or minimum wage in their respective countries.
A recent data published by SBM Intelligence revealed a glaring disparity between the monthly salaries of African leaders and the official minimum wage in their respective countries.
According to the report, the Nigerian President earns about ₦8,625,000 monthly ($5,750 converted at N1,500/$), which is 123 times higher than the recently approved ₦70,000 new minimum wage ($46.66).
The South African Head of state earns $18,625 monthly which is 75 times higher than the country’s minimum wage ($284.12) while the Kenyan President’s monthly wage at $16,016 is also 117 times more than the country’s average worker’s wage ($136.03).
