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Forbes
03-06-2025
- Business
- Forbes
What It Means To Be Wealthy In Australia
The copper town of Cobar in the Australian outback Australia is a place of outdoor wonder, where sublime surroundings meet some of the world's oldest human history. As a tourist or a digital nomad, it's a vast place that attracts for its outdoor lifestyle and climate. But what does being wealthy in Australia mean, and what are the financial realities of life in this vast and fascinating country? Australia was ranked as the fifth-best country in the world in 2024, according to U.S. News, primarily due to its high scores across various matrices, including quality of life, social purpose, and adventure. It also has a high ranking for a comfortable retirement, green living, and raising children. It's also a great place to travel right now, as it's reinventing itself to align with indigenous businesses and sustainable tourism. For example, Western Australia is number eight on the BBC's list of The 25 Best Places To Go In 2025, home to one of the most isolated big cities on the planet, Perth. While it has been a bit tricky to reach Perth the past, it now boasts the only direct flight to Australia from Europe, bringing weary travelers to this beautiful part of the world in just seventeen hours from Paris. What better opportunity to visit the Swan Valley wine region, and almost 8,000 miles of immaculate coastline? Western Australia also boasts the world's most extended electric charging network, spanning over 4,000 miles of sustainable travel routes. It is also home to the AUS$20 million Jina Aboriginal Tourism Action Plan, where travelers can take tours through Indigenous-led businesses to discover the local culture. Across the other end of the country and a drive of 2,731 miles along the A1 National Highway from Perth to Queensland, and you reach the Tropical Coast, high on the list of CNTraveler's Best Places To Go list in 2025. This is the gateway to the Great Barrier Reef and its sustainability efforts to protect it, as well as a thriving art scene in Cairns and the stunning Whitsunday Islands, a year-round destination and now home to numerous new upscale hotel and restaurant developments. Co-owned with its neighbor, New Zealand, CNTraveler also recommends visiting the Subantarctic Islands, which are accessible only by ship and home to wilderness sanctuaries. In its words, these islands are "penguin chicks, snoozing seal pups, and colorful 'megaherbs,' the giant wildflowers that grow only on subantarctic islands." The 'Top End' is having a tourist moment too. Found in the northernmost region of the Northern Territory, explore the UNESCO World Heritage Site called Kakadu National Park, one of Australia's largest national parks and now home to an abundance of indigenous and ethical tourist ventures to help you explore the First Nation culture. Fly in and out of Darwin. If you need more proof to visit, Time Out lists Melbourne as one of its best cities of 2025 (number four) because of its new culinary prowess, cycling paths, wellness hubs, and new green spaces. Sydney ranks at number 15 because, of course, it has its unique Sydney vibe and is much loved for being a city that never forgets it's not more than a stone's throw from its beaches and green spaces. What's more, Perth comes in at number 33 and Brisbane at number 37; the latter will host the Olympics in 2032. According to the Organisation for Economic Cooperation and Development (OECD), of which Australia is a member, the average household net-adjusted disposable income per capita is $37,433 annually, which is higher than the OECD average of $30,490. The 38 members include most of the EU, as well as the U.S., the U.K., Australia, and New Zealand, making comparisons with the U.S. helpful—OECD state the average household net-adjusted disposable income in the U.S. is $51,147. According to Forbes, the average annual salary in Australia is $101,951, or approximately $1,975.80 per week. Although these figures vary significantly depending on the industry and location. As Forbes says, the median salary—the exact middle number in the salary range—is lower because a few higher earners skew the average and come in at around $72,000 or $1,396 a week. This is supported by the Australian Bureau of Statistics, which states the median employee earnings in someone's main job is $1,396 per week in 2025. The cost of living in Australia is comparable to that of other Western OECD nations, such as the U.S. and the U.K. The cost for a single person per month, not including rent, is as follows: Including rent, the cost of living in the United States is approximately 11% higher than in Australia. However, Australia's universal healthcare system, Medicare, provides free or low-cost medical services to residents, which can significantly reduce overall living expenses. As in many Western countries, the gap between the haves and have-nots has grown in recent years. According to the 2024 Inequality in Australia report, the average household wealth of Australia's highest 10% has grown from $2.8 million to $5.2 million (an 84% increase) over the past 20 years. Conversely, the average wealth of the lowest 60% has risen from $222,000 to $343,000 (a 55% increase). The highest 20% of households own 63% of the national private wealth, with an average net worth of $3.24 million. In contrast, the lowest 20% own just 1% of the wealth. The mean wealth of Australian adults in 2023 was $496,820, in fourth place behind Switzerland, the U.S., and Hong Kong, and in 2024, there were 635,000 millionaires in Australia. Australia has a Golden Visa program that requires an investment of approximately $3.2 million. For travelers seeking a more accessible option, Australia's working visa allows individuals under 30 (or under 35 from certain countries) to live and work in the country for one year as digital nomads. Skilled workers can apply for different visas, notably in the healthcare and technology industries. Australia offers a unique blend of natural beauty, cultural richness, and economic opportunity, so it's no wonder the country consistently ranks among the best places to live and visit. While the growing wealth gap highlights the challenges of financial inequality, the cost of living is comparable to that of the U.S. and the U.K., as well as many EU countries, and for many, being wealthy in Australia is all about the fact that the quality of life just can't be beaten.
Forbes
17-05-2025
- Business
- Forbes
What It Means To Be Wealthy In Ireland
The Wild Atlantic Way in County Clare is the in place to visit in Ireland in 2025. With its picturesque landscapes, and rich history and culture, Ireland has become a top destination for expats and travelers alike. But what does it mean being wealthy in Ireland? From average earnings and net worth to the cost of living and visa opportunities, understanding the Emerald Isle's wealth offers insight into its unique blend of tradition and modernity. After the last presidential election, internet searches by Americans for moving abroad surged, and many of these were on Ireland—unsurprising considering the strong links the U.S. has to the Emerald Isle. Ireland ranked number 23 in USA Today's ranking of the best countries in the world in 2024, primarily because of the friendliness of its people and its interesting Celtic heritage. Its quality of life and social purpose also ranks highly. Likewise, CNTraveler's readers adored the country in 2024, ranking it the 9th best country in the world, for its history, yes, but also for how it has embraced the tech giants in Dublin and opened the first new whiskey distillery in 125 years. Beyond the capital city, there are sceneries for every occasion from the Giant's Causeway to the Wild Atlantic Way, a 1600-mile drive down Ireland's western seaboard, that takes in Michelin-starred dining and eco hideaways alike. This western side of Ireland encompasses the coastline of County Clare. This place appears on CNTraveler's list of the best places to go in Europe in 2025 because it is reinventing itself as an eco-tourism destination. The Common Knowledge Center is a sprawling area of native forests and regenerative farmland where guests eat fresh bread from the sourdough bakery and munch on organic food prepared by an Ottolenghi-trained chef. Visitors can learn how to build furniture and drystone walls if they fancy. Then the only challenge is working out what to pack for the ever-changing weather, as delightful and atmospheric as the landscapes themselves. This Lonely Planet guide could help. The Organisation for Economic Cooperation and Development (OECD) ranks its 38 member states across various economic, social, and environmental factors and finds that in Ireland, the average household net-adjusted disposable income per capita is $29,488 a year, slightly lower than the OECD average of $30,490 a year. In the U.S., the average household net-adjusted disposable income per capita is $51,147 a year. A 2023 Euronews study compared earning averages for single people across the 27 EU member states and found that the average was $31,588 (€28,217) on a like-for-like basis, and for Ireland, the average annual net earnings for a single person without children was $48,306 (€43,151), higher than the EU average. As in many countries, it is also true that average earnings vary by region or county. Dublin has the highest median annual salaries, and in a report in 2024, the lowest salaries were in Donegal. The cost of living in Ireland is on a par with the U.S., the U.K., and Germany, but approximately 2.5% higher than in France. The cost for a single person per month, not including rent, is as follows: However, the situation is slightly different when you factor in rent because in Ireland, the rent is almost 100% higher than in France, but about the same as the average U.S. rent. Groceries, however, are more expensive in the U.S. at about 15% higher than in Ireland. Most of Ireland's top 1% of earners live in its capital, Dublin. The Household Finance and Consumption Survey, 2020, published in 2022, said that the top 10% of wealthy households have more than approximately $881,00 (€788,400) in net wealth. In contrast, the lowest 10% of households have around $111 (€100) in net wealth. The median gross wealth was just under €300,000 (€265,100). As the Washington Post says, it can be expensive and complicated going "full expat" in any country, and many people do a dummy run by visiting a country first, using a golden passport or digital nomad visa. If you want to live in Ireland, you must first secure a work permit to apply for either a short-term or long-term visa, and you will jump to the top of the queue if you work in specific fields in high demand, like healthcare and farming. In contrast, a general work permit is available for positions with a minimum salary of €30,000 (around $32,000), though this doesn't cover every type of job. Wealthy individuals and some retirees who meet income criteria can also pursue residency through other paths. Additionally, U.S. citizens who are students or recent graduates may qualify for a year-long working holiday in Ireland. You might be eligible for Irish citizenship if you have an Irish-born grandparent. Being wealthy in Ireland means more than financial stability; embracing a high quality of life, cultural richness, and a strong sense of community. With competitive salaries, a reasonable cost of living, and opportunities for expats through visas, Ireland offers a compelling lifestyle for those seeking to live abroad. Whether you're drawn by its stunning landscapes, thriving cities, or welcoming people, the Emerald Isle remains a destination worth exploring for those looking to redefine wealth and success.
Forbes
19-04-2025
- Forbes
What It Means To Be Wealthy In Germany
Hohenzollern Castle, Germany—but what does it mean to be wealthy, and how far will your money let you travel? It's home to more people than any other European nation and has one of the largest world economies. It also has fairytale castles, cute Christmas markets, and a lot of medieval villages nestled inside larger, more modern towns. But how far might your money go if you lived there, and what does it mean to be wealthy in Germany? Germany was the sixth most-searched-for country on Numbeo for Americans looking for information on visiting or moving there in 2024, and U.S. News places Germany number 7 in its overall ranking of the best countries in 2024, the same place it sat in 2023. This matrix ranks Germany highly because of its global power, entrepreneurship, quality of life, and social purpose. CNTraveler's 2024 Readers' Choice Awards placed Germany in 19th place globally in its 20 best countries stating that it has something for everyone and happily blends the old with the new—take, for example, its offering of high-tech spas combined with healing thermal springs, a tradition that dates back to the pre-Roman Celts. Lucky travelers roam through its sumptuous history and age-old forests while traveling back to the airport on hydrogen-powered passenger trains with only steam and condensed water as the byproduct. In terms of specific areas, CNTraveler named the Ahr Valley in Germany one of the 25 best places to go in 2025, namely for its astonishing wine and exceptional hiking and scenery. Regarding specific cities, Time Out's 50 Best Cities 2025 rated Berlin at number 23 globally for its famed nightlife but also because of its positive liveability aspects—the green spaces, cycle lanes, parks, forests, and excellent public transport system. It also notes that its organic wine and restaurant scene are positively sparkling, with 82% of residents rating its restaurants as 'good' or 'amazing.' Time Out says, "Once 'poor but sexy,' Berlin is now mostly just sexy." The Organisation for Economic Cooperation and Development has 38 member countries worldwide, including most of the EU, the U.K., the U.S., Mexico, Colombia, New Zealand, and Australia. According to the OECD Better Life Index, Germany outperforms the average of OECD countries in many economic, educational, and health indicators. Germany fares better than the average across jobs, work-life balance, education, safety, civic engagement, and life satisfaction. It also does better than average in terms of environmental quality. Notably, its greenhouse gas emissions per capita have decreased since 2010, and its use of renewable energy is increasing. The OECD states that the average household net-adjusted disposable income per capita is $38,971 a year, while the OECD average is less, at $30,490 yearly. A 2023 Euronews study found that the average annual net earnings for a single person without children was $43,387, higher than the EU average, at $32,144 on a like-for-like basis. When taken globally, a comparison of the cost of living in Germany is approximately equal to the U.S., the U.K., and France, where the cost for a single person per month, not including rent, is as follows: When you factor in rent, it becomes clear that Germany is a little more expensive per square meter than France (13%) but a lot less than the U.S. average (the cost of living in Germany is around 40% less than in the U.S., including rent). However, be warned that it can be notoriously tricky to find a place to rent in many large cities across Germany because of several competing factors: there is sometimes limited supply; people tend to stay in long-term rent agreements; and culturally, home ownership in Germany is often less than in other EU countries. The UBS Global Wealth Report 2023 found that in 2022, Germany's average wealth per adult was $256,180, but on a per capita basis, as per Statista, the financial net worth of households in Germany was around $108,000 in 2023. According to the Deutsche Bundesbank, to be considered one of the wealthiest 10% of households in the 2021 Household Wealth Survey, you would need to have a net wealth of $825,543 (€725,900). To be considered in the top 1% of earners, your income must be more than approximately $284,317 (€250,000). Germany has many affluent people, including 4% of global millionaires. In 2022, it had the third highest number of UHNW individuals (ultra-high-net-worth)—9,100 people had over $100,000 in assets at the end of 2023. Germany's digital nomad visa options differ because they don't require a minimum monthly income. However, visitors must consider the higher cost of living than in other European countries. One visa option is a Freiberufler visa, a freelance visa valid for up to three years. Germany has a rich history, innovation, and a high quality of life, making it a top choice for visitors and potential residents. Its strong economy supports high average incomes and excellent public services, reflected in its strong OECD rankings. While prices are comparable to other Western nations, it offers value, particularly against the U.S., when rent is factored into the cost of living.
Forbes
21-03-2025
- Business
- Forbes
Countries With A Digital Nomad Visa Program For Americans
Villajoyosa, in Alicante, Spain - a city and country that consistently ranks highly on digital nomad visa lists getty There are many ways to judge which countries have the best digital nomad schemes. Is it essential that they're an English-speaking country, or do you want to be there to learn a new language immersively? Another criterion might be the minimum monthly income requirement. What's clear, though, is that with 66 countries offering digital nomad visas globally, they'll be one that suits everyone. A digital nomad visa allows someone visiting a country to work there for a set period provided, in most cases, they earn an income from clients outside of the country—the key aim is to bring in people who will spend money in the economy but not take jobs from locals. Sometimes, countries give digital nomad visas to industry professionals they are looking to attract—notably technology professionals—and applicants must have proof of rent and health insurance. The Netherlands created the first scheme in 2000, recognizing the growing requirement by some professionals for flexible working arrangements overseas. The financial crisis of 2008 and the pandemic in the 2020s accelerated the trend—indeed, most existing global digital nomad visas (91%) were launched after COVID-19. Indeed, according to a report by MBO Partners, between 2020 and 2024, the global digital nomad population grew from 10.9 million to 35 million individuals, a 224% increase. Most of the 66 countries offering digital nomad visas are in Europe or the Americas—23 and 25, respectively. Many countries, such as Germany, the Bahamas, Uruguay, and Seychelles, have schemes that do not require minimum monthly income requirements. New Zealand has also recently launched one. This is not the only consideration, however, particularly when countries like Germany have a high cost of living and others such as New Zealand offer a fantastic quality of life but are likely more remote to your home country than other options. Most of the countries with digital nomad visas with minimum monthly income requirements lower than $2,000 are outside of Europe, with three exceptions—Albania ($815), Montenegro ($1,440) and the Czech Republic ($1,670). For the past couple of years, Albania has been touted as the European Must-See destination because of its affordability and sublime beaches on the Adriatic and the Ionion sea. CNTraveler and the U.K.'s Telegraph both listed Albania as one best value destination in 2024. Further afield from Europe, Colombia's digital nomad visa is very accessible at $750, while Ecuador ($1,350) and Brazil ($1,500) are two other options. There are three countries in the EU (as opposed to wider Europe) where the minimum monthly income requirement is under $3,000—Croatia has a minimum monthly income requirement of $2,750 (€2,540), the Czech Republic has a minimum monthly requirement of $1,808 ($1,670) and Italy's minimum monthly income requirement is $2,923 (€2,700) for its digital nomad visa. A Global Citizens Solutions report lists what it believes to be the seven best European countries offering digital nomad visas. The application process is similar in that applicants must provide proof of valid health insurance for the duration of their stay. Most visas are initially granted for one year with the possibility of renewal, except the Netherlands, which offers a three-year visa upfront but also requires a business plan. Some allow online applications (Romania), some are in person (Malta and Estonia), and some are via an embassy or consulate. Internations Expat Insider report has asked expats worldwide for the past 11 years about which cities are the best and worst for digital nomads. In 2023 and 2024, Spanish cities topped the list because of their affordability combined with the quality of life (Malaga, Alicante, and Valencia). Likewise, Spain topped the Global Citizens Solution list for the best place to live and work, as it was in the top ten in all five sub-indexes and led the overall ranking. In addition to its culture and landscapes, it has high-speed internet and a favorable tax environment. In 2025, the minimum monthly income requirement for a digital nomad visa is now at least $2,853 (€2,763), slightly higher than in previous years as Spain's minimum wage has risen to €1,381.33 per month. Applicants must demonstrate that their earnings are at least 200% of Spain's minimum wage (about $35,000 annually). The visa lasts one year but can be renewed. The Netherlands does not have a formal digital nomad visa but allows remote workers to apply as self-employed individuals under the MVV visa. The visa is valid for three years, with extensions possible, and applicants must meet experience, business, and economic contribution criteria. Holders are required to pay taxes and adhere to Dutch regulatory laws as legal residents. Norway's digital nomad visa requires applicants to have a valid two-year passport and proof of self-employment or employment with a non-Norwegian company. A unique requirement is that applicants must have a contract with a Norwegian client and earn at least $38,162 annually. The application fee is $641; proof of residence and health insurance are also required. Ranking 4th in Global Solutions Report, Estonia offers short-term (C) and long-term (D) digital nomad visas, costing around $100. Applicants must earn at least $4,884 monthly and provide proof of health insurance, a clean background check, and an in-person application submission. Ranking 5th, Romania's digital nomad visa allows remote workers to stay for one year, with the option to renew for another. Applicants must have a valid passport, health insurance, accommodation proof, a clear criminal record, and earn at least $4,000 monthly. Romania's isn't the cheapest digital nomad visa in the EU but it does offer additional tax benefits. Malta's digital nomad visa is open to remote workers who can perform their jobs online and earn at least $45,233 annually. Requirements include a clean background check, health insurance, and proof of accommodation. For anglophones, one benefit is that everyone speaks English, the sun shines 300 days every year, and it has some of the best diving in the Mediterranean. Portugal's digital nomad visa has a minimum monthly income requirement of $3,511. The application fee is $89, plus $78 for a residence card, and applicants must provide health insurance, a clean criminal record, and proof of accommodation. CNTraveler's 2024 Readers' Choice Awards recently placed Portugal in second place for The 20 Best Countries In The World (after Japan) and there are an increasing amount of flight options to Lisbon and Porto, the country's second city. The criticism of such visas is that many digital nomads choose to work in a country where the cost of living is often considerably lower than in their own country. They can usually pay more for local services, so costs for locals rise too, including rent and other living expenses. Many digital nomad visas also have a period where applicants are exempt from paying taxes in the new country, and many 'nomads' can access local healthcare and education systems. Becoming a digital nomad is also considerably more straightforward if you hold a powerful passport, which allows visa-free or visa-upon-arrival travel to more countries. The ability to arrive in a country and apply for a digital nomad visa can, therefore, further skew the power of certain individuals to travel more freely than others. The Global Citizens Solution report on Digital Nomads states that in 2024, 63% of digital nomads came from the U.S., the U.K., Canada, Germany, and the Netherlands. This can often lead to what the report calls 'slomadism' where digital nomads live and work in new countries for an extended period and then request permanent residency or citizenship. As per CNTraveler, these are the territories and countries currently offering digital nomad visas, listed alphabetically: Digital nomad visas reflect a shift in how and where we work, offering exciting opportunities for those seeking flexibility and adventure and a good work-life balance. With schemes available across Europe, the Americas, and beyond, remote workers can now choose locations that suit their budgets, lifestyles, and professional goals. For someone seeking a digital nomad visa, careful consideration of each destination's requirements, culture, and cost of living remains key to making the most of this modern way of working.
