Private Sector Salaries in Monaco Rise in 2024, Driven by Grow thin Lower Wage Brackets
Salaries in Monaco’s private sector saw moderate growth in 2024, with a notable increase in lower income brackets and continued disparities between economic sectors, according to the latest data released by Monaco Statistics (IMSEE).
The median gross monthly salary for full-time private sector employees reached €3,339 in 2024 — a 2.6% increase (+€83) compared to 2023. Meanwhile, the average gross salary rose to €4,931, reflecting a 1.9% increase (+€90) year-on-year.
These figures highlight a slight narrowing of wage inequality, especially as the lowest salaries increased faster than the highest.
Wage Distribution
In Monaco’s private sector:
- One in ten employees earns less than €2,302, a figure that rose 2.7% over the previous year.
- Conversely, the top 10% earn more than €7,505, marking a 2.2% increase.
This trend suggests that income growth is more pronounced among lower earners — an encouraging sign for equity in the Principality’s labour market.
Sector Disparities
Monaco’s economic structure reveals significant disparities in pay across sectors. The top-paying industries include:
- Financial and insurance activities (€6,613 median),
- Information and communication (€4,244), and
- Wholesale trade (€3,914).
On the other end of the spectrum, the lowest median salaries were observed in:
- Scientific and technical activities (€2,943),
- Real estate activities (€3,030), and
- Retail trade (€3,049).
This contrast underlines the continuing importance of sector-specific wage policies and the need to attract skilled workers across all fields.
Age and Earnings
The data also show that median salaries tend to increase with age, peaking between 45 and 54 years old (€3,624) before slightly declining in older age brackets:
- 15 to 24 y/o: €2,523
- 25 to 34 y/o: €3,119
- 35 to 44 y/o: €3,547
- 45 to 54 y/o: €3,624
- 55 to 64 y/o: €3,615
- 65 y/o and over: €3,239
This pattern reflects both seniority-based progression and the evolving structure of the workforce.
As Monaco continues to develop its international economic influence, the evolution of private sector wages remains a key indicator of prosperity and social cohesion. With lower earners seeing proportionally higher increases in 2024, the Principality is taking a step forward in building a more balanced and inclusive labour market.
Responses