This article will look at the 5 highest paying countries for psychologists. In another article, we have also discussed mental health in the US and the global mental well-being market outlook. If you want to read about that and a more extensive list, head straight to the 15 Highest Paying Countries for Psychologists.
5. Germany
Average Salary: $73,302
In Germany, becoming a psychologist involves a 3-year Bachelor’s (BA) degree followed by a 2-year Master’s (MA) program. To meet EuroPsy standards, 75 Bachelor’s and 96 Master’s programs are recognized. A national system is in place for the three-year psychotherapist education, which includes one year of supervised practice. In other areas, supervision is managed within the institution where the candidate is based. The NAC is working on combined training programs. The professional title “Psychologist” isn’t legally recognized, but “Diplom-Psychologe” is.
4. Denmark
Average Salary: $75,360
In Denmark, mental health support is accessible through the universal healthcare system. Approximately 8% of the population experiences depression, and 15% of schoolchildren have received mental health treatment. During the COVID-19 pandemic, the importance of physical and mental well-being became evident, but discussions around these aspects often remain separate. Seeking mental health help in Denmark is akin to visiting a general practitioner for a physical checkup. Most of the time, diagnostic assessments occur within a month of referral, and treatment starts within one to two months, with walk-in locations for psychiatric care. Danish residents receive free and equal access to mental healthcare.
3. Luxembourg
Average Salary: $93,520
Luxembourg offers mental health support through a range of healthcare providers. The CNS covers psychotherapy and medication prescribed by doctors, with reimbursement rates of 70% for adults and 100% for children under 18. A doctor’s prescription is needed for reimbursement, with limited sessions available.
Free consultations are also available through non-profit organizations, such as D’Ligue, Ligue Medico Sociale, Réseau Psy, and more. Access to mental health support is crucial in addressing the growing mental health challenges, especially for the 37% of individuals aged 18-44 whose mental health has worsened in Luxembourg.
2. United States
Average Salary: $104,388
Almost 50% of Americans will experience a behavioral health issue in their lifetime. The US faces a critical shortage of behavioral health professionals, hindering timely care access. In 2021, less than 50% of individuals with mental illnesses received prompt treatment, with even fewer for those with substance use disorders. Rural and economically distressed areas often lack providers; in 2018, over half of US counties lacked practicing psychiatrists, with rural areas having only a third of the supply compared to urban regions. Medicaid and Medicare beneficiaries struggle to find providers due to low reimbursement rates. Owing to the shortages, the salaries are driven up.
1. Switzerland
Average Salary: $113,505
From July 1, 2022, basic compulsory health insurance in Switzerland has been covering psychotherapy provided by trained psychologists, with prescription requirements and session limits. A provisional rate of CHF 154.80 ($171.2) until December 31, 2024 has been decided. A prescription allows up to 15 sessions, possibly a second prescription for a further 15. After 30 sessions, a report is needed for additional sessions, capped at 40. Previously, psychotherapy was only reimbursed when psychiatrists or approved psychiatric practices were provided. The change addresses the rising demand for mental health services and their underfunding. Switzerland is the highest paying country for psychologists.
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 25 Best Work from Home Jobs for 2023 and 25 Best Summer Jobs for College Students.
