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Highest paid world leader to get salary increase of $1 million
Confirmed
In Short: Singapore's Prime Minister Lawrence Wong will see his annual salary increase by $1 million, which he plans to donate to charity over five years.
Singapore's Prime Minister Lawrence Wong announced a significant salary increase for himself and other ministers, raising his annual pay by $1 million to $2.8 million. According to reports, Wong will donate his own raise to charity over the next five years.
Wong stated that the increase is necessary to attract talent and address the difficulty in convincing business leaders and top civil servants to run for political office. The raise is part of a broader salary adjustment for ministers, with some expected to earn up to $1.35 million by the end of the current term.
The decision comes amid rising unemployment in Singapore, with retrenchments hitting their highest level in over five years. Despite the increase, critics have begun to voice concerns within the country about the decision to boost salaries for political leaders.
The new salary system will see a one-off increase of up to 9 percent, with subsequent adjustments based on performance rather than an immediate jump. Ministerial salaries in Singapore, already among the world's highest, will go up from October 15th, significantly boosting the prime minister's annual pay.
What's confirmed
What's still developing
- Even before his pay raise kicks in, Wong is still by far the highest paid world leader.
- He currently receives an annual salary of S$2.2m and will now see his pay go up by more than 60% to S$3.6m ($2.8m).
- In comparison, the UK prime minister makes £170,171 a year while the US president earns £296,000, according to data from Political Salaries, a non-profit, which ranks the Singapore prime minister as the highest-paid world leader.
- The dataset shows the Hong Kong chief executive is the second-highest earner globally with £532,000 annually, followed by the Swiss president at £448,000.
- Singapore pays its political leaders high salaries to attract talent and deter corruption, but the issue is thorny in the city-state, where the median wage worker makes about S$5,775 a month.