Mali Iceland

Updated 2026-02-25

Mali

Minimum Wage

CFA192.30 /hr

$0.35 USD

Avg. Gross Salary

CFA120,000 /mo

Iceland

No statutory minimum wage

Avg. Gross Salary

kr800,000 /mo

Avg. salary: -97% Mali vs Iceland

Unlike Iceland, which has no statutory minimum wage, Mali mandates a wage floor of $0/hr. Average gross salaries diverge further: $215/mo in Mali versus $6,479/mo in Iceland, a 30.1:1 ratio. GDP per capita (PPP) in Iceland is 25.4x that of Mali, underscoring the structural economic divide.

Mali has lower GDP per capita ($3,315 vs $84,257). Mali's unemployment rate is 2.8% compared to Iceland's 3.6%.

Detailed Comparison

Detailed wage comparison between Mali and Iceland
Metric	Mali	Iceland	Diff
Minimum wage /hr	CFA192.30 $0.35	None	—
Minimum wage /day	CFA1,538 $2.76	None	—
Minimum wage /mo	CFA40,000 $71.81	None	—
Minimum wage /yr	CFA480,000 $861.76	None	—
Avg. gross salary /mo	CFA120,000 /mo $215.44	kr800,000 /mo $6,478.78	-96.7%
Avg. net salary /mo	N/A/mo	kr560,000 /mo $4,535.15	—
Median individual income /yr	CFA360,000 /yr $646.32	kr7,800,000 /yr $63,168.12	-99.0%

Percentage differences are based on USD equivalent values. Positive means Mali is higher.

Work Week

Mali: 40 hrs/wk standard

Max 48 hrs/wk

Overtime : 1.15x pay

Labour Code (Law No. 92-020 of 23 September 1992, amended) sets standard hours at 40 per week (8 hrs/day, 5 days). Maximum including overtime is 48 hours/week. Overtime rates: 115% for day hours; 130% for hours between 21:00 and 05:00 on weekdays; 150% for Sunday daytime; 200% for night hours on Sundays/holidays. Workers are entitled to 2.5 days of paid leave per month worked (30 days/year). Friday prayers (Jumu'ah) are accommodated — Mali is ~90% Muslim.
Iceland: 40 hrs/wk standard

Max 48 hrs/wk

Overtime : 1.8x pay

Standard working week is 40 hours (set by collective agreements). The Act on Working Environment and Health sets maximum average of 48 hours/week per EU Working Time Directive. Overtime premiums are set by collective agreements, typically 80% premium (1.8x) for daytime overtime, higher for evenings/weekends. A landmark 2021 agreement reduced standard hours from 40 to 36 for many public sector workers, with the private sector gradually following.

See this comparison from Iceland's perspective: Iceland vs Mali

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Frequently Asked Questions

Is the minimum wage higher in Mali or Iceland?

In Mali, the minimum wage is CFA192.30/hr ($0.35 USD). In Iceland, it is no statutory minimum wage.

How much less does the average worker earn in Mali compared to Iceland?

The average gross salary in Mali is CFA120,000/mo ($215.44 USD), compared to kr800,000/mo ($6,478.78 USD) in Iceland. In USD terms, workers in Mali earn approximately 2907% less. Average salaries reflect the full labor market, not just the minimum wage floor. The gap between Mali and Iceland is shaped by differences in industry composition, labor productivity, and the overall cost of living in each country. Workers in Iceland earn more in nominal terms, though how far that income stretches depends on local prices in Mali.

How do work hours compare between Mali and Iceland?

Both Mali and Iceland mandate a similar standard work week of 40 hours. When work hours are equal, the country with the higher minimum wage delivers proportionally higher weekly earnings. Standard work week rules set the baseline; actual hours worked often differ based on industry norms and individual employment contracts.

What is the cost of living difference between Mali and Iceland?

While direct cost of living data varies by source, GDP per capita (PPP) gives a useful proxy for overall economic level. Iceland has the higher GDP per capita at $84,257, which is 25.4x that of Mali at $3,315. From Mali's perspective, this means goods and services are priced at a lower economic level. A higher GDP per capita generally correlates with higher wages, higher consumer prices, and greater availability of goods and services. Workers moving between these two countries should expect significant differences in rent, food, and transportation costs.