The sinking shekel-dollar rate has made high technology wages in Israel almost on par with American counterparts when translated into dollars, Globes reported. Software engineers in Israel earn $68,000 a year after taking into account the more than 25 percent increase in the value of the shekel the past two years.

Americans doing the same work earn $76,000 a year, while pay for the same job in Russia is less than $18,000 a year.