Monaco salaries: median earnings of €3,339 in 2024 – but who earns the most?
Salaries are soaring in Monaco, but inequalities persist © Unsplash
The Monegasque Institute of Statistics and Economic Studies (IMSEE – Monaco Statistics) has just published its annual analysis of private sector salaries in Monaco. The figures for 2024 show an overall increase in pay, with particular attention paid to how the different business sectors and age groups have evolved.
Half of all private sector employees now have gross earnings of over €3,339 per month, an increase of 2.6% (+€83) compared with 2023. The average salary was €4,931, up 1.9% (+€90).
It is worth noting that low wages are rising faster than high salaries. The threshold for the lowest-paid 10% rose by 2.7% to €2,302, while that of the highest-paid 10% only improved by 2.2% to €7,505.
Significant differences between business sectors
The survey highlights major disparities between the key sectors of activity. Finance & insurance remains by far the highest-paying sector, with a median salary of €6,613, followed by information and communication (€4,244) and wholesale trade (€3,914).
At the other end of the spectrum, scientific and technical activities (€2,943), real estate (€3,030) and retail trade (€3,049) have the lowest pay levels.
An age-related wage ceiling
The study also reveals that median salaries gradually increase with age, then hit a ceiling. The 15-24 age group earns an average of €2,523, which gradually rises to a peak of €3,624 for the 45-54 age group, before falling slightly for the older age groups (€3,615 for the 55-64 age group and €3,239 for the over 65s).
The data confirms Monaco’s reputation as a country with attractive salaries, while also highlighting the challenges posed by pay disparities between the Principality’s different economic sectors.