In this article, we will look at the 15 highest-paying countries for psychologists. We have also discussed mental health in the US and the global mental well-being market outlook. If you want to skip our detailed analysis, head straight to the 5 Highest Paying Countries for Psychologists.
In 2023, there is fortunately a widespread understanding, at least on paper, that mental health is crucial, as it profoundly impacts our well-being and daily life. Hence, without psychologists, many would struggle in isolation, unable to overcome internal battles. It is worth mentioning that the highest-paid type of psychologists are industrial-organizational psychologists.
The state of mental health in the United States, as of 2019, is alarmingly serious. Over 19% of American adults, totaling more than 50 million individuals, grapple with mental health issues. Shockingly, 24.7% of them don’t receive the necessary care, a stagnant statistic since 2011, and over half receive no treatment. Disturbingly, almost 5% of adults report experiencing suicidal thoughts, with a decade-long increase.
The global mental wellness market is projected to grow, increasing from $148.37 billion in 2022 to $160.3 billion in 2023, with a CAGR of 8%. However, the ongoing Russia-Ukraine war has disrupted global economic recovery from the COVID-19 pandemic, leading to economic sanctions, rising commodity prices, supply chain disruptions, and inflation across different sectors. Despite these challenges, the mental wellness market is anticipated to reach $215.8 billion in 2027, with a CAGR of 7.7%. Regarding regional dominance, North America held the largest share of the mental wellness market in 2022.
In the post-COVID era, employers face pressing healthcare challenges, with 88% of employees dealing with or expecting long-term mental health issues and 70% of employers experiencing higher chronic condition management needs. These challenges can be tackled with the rise in telemedicine, especially in therapy. Since the COVID-19 pandemic necessitated remote healthcare solutions, it also accelerated the adoption of teletherapy. Not only did it offer convenience by eliminating geographical barriers and allowing individuals to access mental health support from the comfort of their homes, but it also reduced the stigma associated with in-person therapy. This also explains why telemedicine is one of the best work-from-home jobs in 2023.
Teladoc Health Inc (NYSE:TDOC) offers an integrated whole-person care experience and thus, streamlines access to healthcare services. They have achieved remarkable results using data and machine learning, such as a 66% average improvement in blood sugar levels when individuals use diabetes management and mental health services together. Additionally, those who largely reduce depression and anxiety are 2x more likely to experience considerable weight loss, and individuals using multiple services have been able to reduce blood pressure levels by 9.6mmHg.
Teladoc Health Inc (NYSE:TDOC) provides comprehensive mental health services through virtual care solutions. Individuals can access licensed therapists and board-certified psychiatrists for therapy and medication management via video or phone appointments. Their diverse network of mental health providers allows users to choose a professional that suits their specific needs.
With Teladoc Health Inc (NYSE:TDOC)’s emphasis on real conversations and the highest quality mental health services, 90% of their users have reported improvements. Moreover, they offer digital content and tools to support emotional well-being, and these services are often included in health plans and employer benefits. The company is committed to delivering tailored care and aims to make mental healthcare more accessible and destigmatized.
On the financial end, in the second quarter of 2023, Teladoc Health Inc (NYSE:TDOC) reported a 10% year-over-year increase in revenue which totaled $652.4 million. The company generated an operating cash flow of $101.2 million and a free cash flow of $64.6 million during the same period. However, a net loss of $65.2 million, equivalent to $0.40 per share, was incurred in Q2 2023.
On the other hand, Centene Corp (NYSE:CNC), another key player in the mental healthcare industry, has undergone a huge transformation in recent years. Originally recognized for managing Medicaid plans for low-income individuals, Centene Corp (NYSE:CNC) has strategically diversified its portfolio and expanded its reach. With their entry into the Affordable Care Act public exchange system, they continued with strategic acquisitions like the purchase of Health Net in 2016, a company with large commercial health insurance operations in California. In January 2020, Centene Corp (NYSE:CNC) further broadened its scope by acquiring WellCare Health Plans, a Medicare plans issuer.
However, most noteworthy event was the completion of Centene Corp (NYSE:CNC)’s $2.2 billion acquisition of Magellan Health. Magellan was a behavioral health care manager for 41 million people across different health plans, which positioned Centene Corp (NYSE:CNC) to serve tens of millions of individuals in large-and-small-group employer health plans. This acquisition also entrusted Centene Corp (NYSE:CNC) with managing medical pharmacy and specialty care costs for millions of enrollees with individual or group major medical insurance.
Amidst these transformative acquisitions and the evolving industry of healthcare, Centene Corp (NYSE:CNC) has been adapting to changing market conditions. The company’s workforce reduction of approximately 2,000 employees, around 3% of its total staff, is essentially a response to the increased competition in the government-subsidized health insurance market. Despite reporting huge profits driven by increased membership, Centene Corp (NYSE:CNC) seeks to streamline its operations and refocus on its core health benefits and services in the United States.
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Methodology
To list the highest-paying countries for psychologists, we identified the countries with the highest demand for psychologists and then made a list for 22 countries with the average salaries for psychologists. Of those 22, the 15 with the highest average salaries were selected and have been ranked. We acquired the data for average salaries of psychologists for each country from ERI Economic Research Institute. The list is presented in ascending order.
Here is a list of the highest-paying countries for psychologists.
15. New Zealand
Average Salary: 64,254
In 2019, the New Zealand government pledged $1.9 billion to improve mental health services, yet after four years, progress remains limited. Funds have mainly gone to new initiatives like health coaches and mental health apps, neglecting vital investments in training programs for mental health professionals. It is one of the countries where psychologists are in demand.
14. Austria
Average Salary: $64,293
The two most famous psychologists from Austria are Alfred Adler, known for his work in individual psychology, and Viktor Frankl, the founder of logotherapy and a Holocaust survivor.
13. Netherlands
Average Salary: $67,262
The Netherlands offers a high quality of life and a balanced work-life culture. Dutch psychologists often benefit from part-time work options, strong work-life balance values, and a culture that values family time and structured, authoritative parenting which eventually creates a conducive environment for psychologists to thrive.
12. Finland
Average Salary: $67,668
Finland is a country consistently ranked as the happiest in the world. Finland produces around 350 new psychologists annually, with favorable employment prospects. Consequently, there is a low chance of unemployment among Finnish psychologists.
11. Norway
Average Salary: $67,735
Eyr, an e-health startup in Norway, secured €1.84 million ($1.93 million) in funding to improve healthcare services, particularly mental health. The platform has experienced remarkable growth in digital mental health consultations. With active government support, Norway seeks to reduce waiting times for mental health services and make them more accessible. Eyr aims to achieve profitability within 14 to 18 months, projecting around 8,000 psychological consultations in 2023.
10. United Arab Emirates (UAE)
Average Salary: $68,935
The UAE is one of the highest-paying countries for psychologists owing to its robust economy, demand for mental health services, and its ability to attract international talent. It is also one of the highest paying countries for caregivers.
9. Ireland
Average Salary: $70,300
In Ireland, becoming a psychologist typically requires about six years of education. One can pursue a Bachelor of Science in Psychology or study Psychological Studies as part of an Arts degree. Afterwards, a master’s degree is necessary for practice. Specializations like clinical, organizational, counseling, or health psychology are possible. Psychologists work in different settings, like healthcare, education, and the private sector.
8. Australia
Average Salary: $72,489
Demand for psychologists has increased by 70% on the Gold Coast since the onset of the COVID-19 pandemic. The Australian Association of Psychologists (AAPi) reported that 52% of clients wait over 6 weeks, with 27% waiting over two months for services. Australia is one of the countries with a shortage of psychologists.
7. Belgium
Average Salary: $72,575
Belgium is actively reforming its mental health care system to emphasize preventive care. Over 2,800 psychologists and special education practitioners work to bridge gaps in early detection. The reform has already benefited nearly 180,000 individuals. The government invests €330 million ($347 million) annually in mental health, and patients receive affordable psychological care through compulsory health insurance. It is one of the highest-paying countries for psychologists in Europe.
6. Canada
Average Salary: $73,228
Canada is experiencing a growing demand for psychologists, with nearly one in five Canadians aged 11 or older requiring mental health services. There are predictions that there will be a shortage of 400 qualified psychologists over the next nine years. Between 2022 and 2031, the country expects 18,800 new job openings for psychologists, with 18,400 job seekers available to fill them.
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Disclosure: None. 15 Highest Paying Countries for Psychologists is originally published on Insider Monkey.