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How Albanese's $549,250 salary compares to other world leaders

·4-min read
Australian Prime Minister Anthony Albanese waving.
Australian Prime Minister Anthony Albanese receives a salary of $549,250. (Source: Reuters)

Newly elected Australian Prime Minister Anthony Albanese is among the highest-paid leaders in the world, but his pay packet is much leaner in comparison to at least one global counterpart.

Overseeing the affairs of a country, internally and externally, is a massive task and undeniably a high-pressure role, which warrants a handsome salary.

But, in reality, some CEOs of large corporations draw much bigger pay cheques than government representatives of the highest rank.

Generally, the countries where leaders get paid more tend to be among the wealthiest and most productive countries in the world, according to USA Today.

In Australia, the salary of all members of Parliament and parliamentary office holders are determined by the Remuneration Tribunal, an independent committee entrusted by the Australian Parliament to investigate and make recommendations on parliamentary salaries.

Here's a look at the salaries of the top five highest-paid leaders in the world and how the Aussie PM's remuneration compares.

5. Prime Minister of Australia - Anthony Albanese

Annual salary: $549,250

Assumed office on May 23, 2022

Even as Albanese strives to grant a wage rise big enough to cover inflation, the new Australian PM will be paid a total salary of $549,250 which is inclusive of the base salary received by all members of Parliament ($211,250) plus a 160 per cent 'additional salary' for the role of prime minister.

Albanese's new salary as PM is a 40 per cent rise from his earlier pay of $390,813 as opposition leader.

The Aussie PM's perks include two official residences, the Lodge in Canberra and Kirribilli House. These residences are fully staffed and catered for the prime minister and their family. Additionally, both have extensive security facilities.

Several transport amenities for official business are also at the PM's disposal.

The Royal Australian Air Force's Airbus A330 MRTT, or KC30-A, is used to transport the prime minister within the country and overseas.

For ground travel, the PM is given an armoured BMW 7 Series car. It is referred to as "C-1" (Commonwealth One) and is escorted by police vehicles from state and federal authorities.

4. President of the United States - Joe Biden

Joe Biden.
The annual salary of the US president is $563,964. (Source: Reuters)

Annual salary: $563,964

Assumed office on January 20, 2021

The US president's salary is determined by the US Congress in accordance with certain sections of the constitution.

Any increase or reduction in presidential salary cannot take effect before the next presidential term of office.

Along with the salary, the US president receives a $70,442 expense allowance; a $140,885 non-taxable travel account, and $26,768 for entertainment expenditure.

3. President of the Swiss Confederation - Ignazio Cassis

Ignazio Cassis.
The annual salary of the Swiss President is $697,905. (Source: Reuters)

Annual salary: $697,905

Assumed office on January 1, 2022

In addition to the salary, the Swiss president receives an annual expense allowance of $44,080 and an additional $17,632 during the year in office.

While the president's telecommunication costs are covered, they are expected to pay their TV and radio bills themselves.

Other perks include an official state car and a company car. For private usage they are billed 0.8 per cent of the car’s new value per month. The president also receives a first class annual rail pass.

2. Chief executive of Hong Kong - Carrie Lam

Hong Kong Chief Executive Carrie Lam speaks during a news conference after the Legislative Council election in Hong Kong, China, December 20, 2021. REUTERS/Tyrone Siu
The annual salary of the Chief Executive of Hong Kong is $951,689. (Source: Reuters)

Annual salary: $951,689

Assumed office on July 1, 2017

The high salary of the chief executive of HK was initially determined based on the amounts paid to the city's colonial governors in 1992, which was around $384,561 per annum, as well as perks.

In 2016, an independently appointed commission proposed raising the salaries of bureau heads by 12.4 per cent, based on the cumulative change in the Consumer Price Index over a period of four years.

The commission believed the remuneration package of politically appointed officials should be pitched at an "attractive level" in order to recruit and retain high-calibre talent.

1. Prime Minister of the Republic of Singapore - Lee Hsien Loong

Lee Hsien Loong.
The annual salary of the Singaporean prime minister is $2,260,255. (Source: Getty)

Annual salary: $2,260,255

Assumed office on 12 August 2004

The prime minister of Singapore is the highest-paid political leader in the world. The remuneration is based on the median income for Singapore's top earners.

His annual salary is four times higher than that of Australian PM Anthony Albanese and 20 times the country's GDP per capita ($84,325).

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