The large software groups i.e. FAANG have very high margins and are very profitable. This means they can afford to pay their staff very well.

I live in the UK and the cost of living in London is roughly the same as NYC but salaries are lower for the same job.

Certain companies and countries (Luxembourg, Switzerland, UAE) have structural advantages which means staff get paid more. It is not always merit based. So you will have some very talented people who are are in the 'wrong' region or industry and get paid materially less than they could be.