In 2024, Monaco labor market had a total of 78,364 jobs. The vast majority of these, 90.4% (or 70,825 positions), were salaried employment. Most of this paid employment, 83.7% (or 65,599 positions), was in the private sector, with the remaining 6.7% (or 5,226 jobs) in the civil service.
Significant employment growth over the past decade
Monaco labor market in 2024 experienced significant growth of 30.7% over the past ten years, despite the global health crisis. This means that since 2015, nearly 18,400 new jobs have been created.
Self-employment grew even faster over the same period, by an impressive 51.0%, representing an average annual growth rate of 4.7%. Since 2015, the number of self-employed positions has increased by 2,546.
The number of private sector employees surpassed the 60,000 mark in December 2024, reaching 60,454 employees. This is an increase of 2,128 compared to the previous year, representing a growth of 3.6% (+5.1% in 2023).
Gender distribution and workforce demographics
Fewer than 40% of workers are women. In the private sector in 2024, there were 37,568 men and 22,887 women employed, making up 37.9% women. This is a slight decrease from the previous year (38.3%).
Gender distribution varies significantly by sector. In construction, the proportion of men reaches 91.8%. Only four sectors have more women than men:
- Administration, Education, Health and Social Work (72.0% women)
- Other Service Activities (59.0% women)
- Retail Trade (52.8%)
- Financial and Insurance Activities are closest to parity with 50.4% women.
In 2024, nearly 108 million working hours were logged in the private sector, an increase of 4.6 million hours compared to 2023 (+4.5%).
An aging workforce and its characteristics
In 2024, the average age of private sector employees was 42.4 years: 42.3 years for women and 42.5 years for men. Compared to 2015, when the average age was 41.3 years, the workforce has aged by approximately one year and two months over the past decade.
Monaco’s labor market has several unique features, particularly compared to its French and Italian neighbors. The number of workers is almost double that of residents, meaning the vast majority of Monaco’s workforce resides outside the Principality. In 2024, 1,014 Monegasques were employed in Monaco’s private sector.
More than a quarter of private sector employees live in Nice, an increase of nearly 4,900 since 2017. In 2024, 145 different nationalities were recorded among private sector employees, compared to 128 ten years ago.
