In this article, we will look at the 5 highest paying countries for bankers. We have also discussed the global financial services market along with the developments in the banking sector in the US in another article. If you are interested in reading about that along with a more extensive list, head straight to the 20 Highest Paying Countries for bankers.
5. United Kingdom
Average Salary: $90,073
In the UK, Citigroup’s announcement to cut over 1,000 banking jobs reflects broader challenges in the sector. The American bank’s plan to reduce 20,000 roles globally follows its worst quarter in 15 years, citing losses from exiting Russia and currency devaluation. Jane Fraser, Citi’s CEO, aims to streamline operations and improve performance amid weak investment banking revenue. The UK, Citi’s second-largest hub, could see around 1,300 job losses over two years.
4. Qatar
Average Salary: $104,051
In October 2023, Qatar’s banking sector saw a notable increase in total assets, reaching QR1.939 trillion ($253.53 billion), with the loan book rising by 1.5%. Both public and private sectors contributed to the growth, particularly driven by government initiatives and services sector expansion. Despite this growth, the loan-to-deposit ratio slightly declined. Private sector deposits increased by 2.7%, notably in the companies & institutions segment, while public sector deposits also saw a sizable increase. Qatar’s banking sector continues to exhibit stability and growth, confirming the country’s strong economy and attractive opportunities for financial services professionals, further strengthening its position as a top-paying country for bankers.
3. Luxembourg
Average Salary: $133,896
Luxembourg pays the highest salaries to bankers due to its status as a global financial hub, offering a favorable tax regime and business-friendly regulations. Major banks like BNP Paribas, Deutsche Bank, and J.P. Morgan Chase operate there, drawn by the stable economy and political environment. Competition among international banks for skilled professionals further drives up salaries. Additionally, the demand for specialized financial services such as wealth management and fund administration adds to earning potential.
2. Switzerland
Average Salary: $165,842
Switzerland is a global powerhouse when it comes to cross-border wealth management, boasting a 25% market share in 2022. Swiss banks managed CHF 7,847 billion in assets, half from international sources. Among 235 banks, UBS and Credit Suisse commanded 40% of total turnover. UBS’s acquisition of Credit Suisse in 2023 reshaped the landscape. The remaining 60% of turnover was driven by various entities including cantonal banks, international banks, and regional institutions. This diverse banking sector not only adds direct value but also furnishes vital financial services to businesses and individuals, solidifying Switzerland’s status as a premier financial hub.
1.United States
Average Salary: $166,050
In 2024, US financial giants are responding to market shifts by trimming jobs. PayPal plans to cut 2,500 roles, Block Inc has begun its job cuts, Citigroup aims for 20,000 reductions, Nasdaq is restructuing post-acquisition, and BlackRock has announced a 3% cut.
Nevertheless, the US remains the highest-paying country for bankers. These actions reflect a strategic move to streamline operations and enhance profitability amidst evolving financial landscapes, indicating a concerted effort by industry leaders to adapt to changing market dynamics and optimize performance.Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily enewsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also take a peek at 13 Best Bank Stocks To Invest In For Long-Term and 11 Best Regional Bank Dividend Stocks to Buy.
