What is the secret of the dizzying growth of these tiger economies? All of them share one common thing. The key to success is the minimum wage that is set at a very high level.
All jokes aside—as we can see, the first five economies in the table require employers to pay a minimum wage that is higher than the value added by the worker. It's hard to imagine this law is actually enforced in the five countries, but still it tells us something. Also, among the seventy countries with the highest relative minimum wages, there are only four developed ones: Italy, New Zealand, Malta, and Slovenia. The rest is third world.
High minimum wages are self-defeating. They discourage employers from hiring more than anything else. There is not a single country with a high minimum wage level whose labour market would be fine. On the other hand, there are developed countries without statutory minimum wages: Sweden, Switzerland, Denmark, Singapore, Cyprus. Perhaps not flawless themselves, but would rather choose Zimbabwe?
No, you wouldn't. Because you know that high minimum wages are bad.
TABLE OF 30 COUNTRIES WITH HIGHEST MINIMUM WAGES: