Singapore’s government says it will raise the annual salaries of its ministers and other office holders, including its prime minister who is the highest-paid political leader in the world.

Lawrence Wong will see an increase of $1.1 million (€950,000) in his annual pay package. Even before his pay raise kicks in, Wong is still by far the highest-paid world leader.

He currently receives an annual salary of $1.74 million and will now see his pay go up by more than 60 per cent to $2.8 million.

Wong said that raising the pay of ministers was necessary to attract better talent. The government has previously argued that paying ministers high salaries also deters corruption.

“Political salaries are a difficult and emotive issue – the sums involved are more than what most citizens earn,” Wong said in parliament. “It is ultimately about whether Singapore will continue to have the quality of political leadership we need to take our country forward.”

The wealthy island has long justified high political salaries as necessary to attract capable people into government and reduce the risk of corruption. The system remains politically sensitive at a time of heightened economic anxiety, particularly as Wong seeks to bring more private-sector talent into politics.

So, how much do other major world leaders earn? Leaders’ earnings have been converted into US dollars for comparative purposes and do not include perks, residences, security and pensions.

(1) Singapore: Lawrence Wong ($1.74 million)

Singapore has paid its senior ministers and prime ministers far more than their countries elsewhere, arguing that these salaries should be competitive with the very top private-sector jobs.

(2) Hong Kong: John Lee ($719,000)

Hong Kong’s chief executive John Lee is the second best-paid political leader. He heads up one of the world’s most important financial centres and remuneration has traditionally reflected the territory’s high-income economy and private-sector salary levels.

(3) Switzerland: Guy Parmelin ($600,000)

The Swiss president is unusual because the position rotates annually among the seven members of the Federal Council. The salary largely reflects membership of the country’s collective executive rather than a powerful stand-alone presidency.

(4) Australia: Anthony Albanese ($431,000)

Australian prime ministerial pay has risen steadily in recent years and now exceeds the US president’s salary. While a recent increase was the subject of criticism, pay is determined by an independent remuneration tribunal.

(5) United States: Donald Trump ($400,000)

The US president receives the same presidential salary that has been in place since 2001.

Trump, however, has been accused of using the office of the presidency to enrich himself. The New York Times estimates that, as of last year, Trump had amassed at least $1.4 billion through overseas property deals that often require co-operation with foreign governments, settlements from media companies such as X, ABC News, Meta, YouTube and Paramount, and a $400 million jet from Qatar that he plans to take with him after leaving office.

Trump made more than $1bn last year on return to presidency

(6) Germany: Friedrich Merz ($366,000)

The sixth-highest-earning world leader is German chancellor Friedrich Merz. Germany’s position as Europe’s largest economy lends weight to the office, even if the salary remains modest compared with top private-sector executives.

(7) Austria: Christian Stocker ($326,000)

Austrian chancellor and leader of the centre-right Austrian People’s Party, Christian Stocker is one of the best-paid EU leaders. As in Germany, the office combines significant domestic executive authority with an increasingly visible diplomatic role in European affairs.

(8) Canada: Mark Carney ($315,000)

Canada’s prime minister gets a parliamentary salary and an allowance attached to his premiership. He took a steep pay cut compared to his previous role as governor of the Bank of England, where his total remuneration package was worth between £850,000-£900,000 (€990,000-€1.05 million) a year.

(9) Denmark: Mette Frederiksen ($309,000)

Denmark’s prime minister Mette Frederiksen is the ninth-highest earner globally. Frederiksen has become one of Europe’s most recognisable centre-left leaders, winning international attention for Denmark’s restrictive migration policies and strong support for Ukraine.

(10) Belgium: Bart De Wever ($307,000)

Belgium’s prime minister ranks among the best-paid political leaders in Europe. A Flemish nationalist and long-time mayor of Antwerp, De Wever’s government faces challenges ranging from public finances and defence spending to managing divisions between Dutch-speaking Flanders and French-speaking Wallonia.

(14) Ireland: Micheál Martin ($298,000)

The Taoiseach is the 14th-highest-paid political leader in the world. Micheál Martin earns a gross annual salary of €256,311, which includes a basic parliamentary salary received by all TDs (€119,467) supplemented by an additional prime ministerial office allowance (€136,844).