Salary of Highest Paid President in the World
The highest paid President in the World is Mr SR Nathan from Singapore. The Singapore Government announced that the President’s salary will be S$4,267,500 (US$3,500,000) in 2011, on 10 Mar 2011. This is a 26% pay increment, up from S$3,376,800 (US$2,700,000) in 2010.
Mr Nathan is the 6th President of Singapore from 1999 to 2011.
Singapore’s Presidential and Ministerial Salary Formula
The salary benchmark is pegged at two-thirds of the median income of the top 8 earners in each of the following 6 professions in Singapore:
Whether the economy is booming or down, the President is expected to command the high salary. The reason for this is due to the way the formula works, as it benchmark the President’s salary to highest salaries of the top professions in the country.
It is interesting to note that the original intent was to prevent corruption in the Government by pegging the payscale to market-rate, and to promote transparency in the way the salary is set with the formula.
Job Requirements of Highest Paid President in the World
Anyone who wishes to run in the elections to be the President of Singapore will need to meet very strict requirements specified in the Singapore Constitution. More details of what you need to do to qualify as a candidate for the position of the most well-paid President in the World can be found in Wikipedia.
Powers of Highest Paid President in the World
It is worth noting that despite commanding the highest salary as the head of state in Singapore, the elected President is not the most powerful position in the country. This is because Singapore is governed under the Westminster parliamentary system, which makes the Prime Minister the head of the government.
The best paid President in the World has the following 2 key roles instead:
1. Safeguard Singapore’s massive wealth with his power to block attempts by the current government to use past reserves that it did not saved.
2. Power to approve changes to key positions in the Singapore Government. The key appointments include the jobs of the Prime Minister, Chief Justice, the Attorney-General, the chairman and members of the Public Service Commission, the Chief of Defence Force and the Commissioner of Police.
It is interesting to note that “President” is not classified as an occupation under Ministry of Manpower’s salary survey reviews. Therefore it is not considered one of the top 100 best paid jobs (by average salary) in Singapore.