I came across this article on the BBC website. In this article, they tried to compute the world's average wages. There is a calculator where you can input in your monthly wages (in local currency). Then the calculator will display your country's average wages and compute how you stand against your fellow country man.
Source:
I entered a monthly pay of SGD$3000 and this was the results:
The way the computation is done is interesting. It is based on PPP$ (Purchasing Parity Power). The concept behind this is it is more expensive to live in certain countries. This PPP$ will account for this difference. One PPP$ is equivalent to one USD$ spent in the US.
Noticed that with a monthly wage of SGD$3000, it is only equivalent to PPP$2027. With an exchange rate of 1.257 SGD to 1 USD (as of today), SGD$3000 is worthed USD$2387.
With a PPP$ that is 15.1% lower, we can see that it is much more expensive to live in Singapore.
Do try out the calculator and see where your wages stand against the rest of the world. Have fun playing around with the calculator.
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