Monaco salaries rise in 2024 with median pay at €3,339, but sector disparities persist

MONACO – Salaries across Monaco’s private sector saw notable increases in 2024, with new figures released by the Monegasque Institute of Statistics and Economic Studies (IMSEE) revealing a 2.6% rise in median earnings compared to the previous year. However, the report also sheds light on enduring income inequalities across industries and age groups in the Principality.

According to the IMSEE report, the median gross monthly salary in Monaco now stands at €3,339, up by €83 from 2023. The average salary reached €4,931, reflecting a 1.9% increase. Interestingly, the study shows that lower-income earners are seeing faster wage growth than those at the top. The earnings threshold for the lowest-paid 10% rose by 2.7% to €2,302, while the highest 10% increased by only 2.2% to €7,505.

Finance sector leads in Monaco salaries

The disparity between business sectors is stark. Finance and insurance remains Monaco’s highest-paying industry, offering a median monthly salary of €6,613. This is followed by the information and communication sector (€4,244) and wholesale trade (€3,914).

In contrast, scientific and technical activities (€2,943), real estate (€3,030), and retail trade (€3,049) report the lowest median earnings. These findings emphasize the need for ongoing evaluation of wage equity across economic sectors.

Age still a key factor in salary progression

Salary levels also correlate strongly with age, according to the IMSEE data. The 15–24 age group earns an average of €2,523, with wages rising steadily to a peak of €3,624 for workers aged 45–54. Beyond that, earnings decline slightly to €3,615 for those aged 55–64 and €3,239 for workers over 65, suggesting a plateau in earning potential beyond mid-career.

Building a more balanced future

Monaco continues to attract international professionals with its competitive wage structure, but these latest figures underline the structural gaps that persist between different segments of the workforce. The government and employers may need to consider policy and HR adjustments to promote more inclusive wage growth.

For further insights on employment trends and the economic landscape in Monaco, visit IMSEE’s official site.