In Monaco, 1 in 2 private sector employees earns over €3,256 euros gross per month
In Monaco, half of all private sector employees earn more than €3,256 per month © Monaco Tribune
Monaco Statistics (IMSEE) has just published a study concerning salaries in the private sector in Monaco. Here are the figures.
Based on data provided by Monaco’s social security funds, the Monegasque Institute for Statistics and Economic Studies (IMSEE) has released a number of figures on private sector salaries. Most significant is the upward trend in median and average wages in the Principality.
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According to the study, which is based on the calculation of gross full-time equivalent salaries, the median salary increased by 5.2% in 2023, rising to €3,256 (€1,287 higher than the minimum monthly salary), and the average salary reached €4,841.
Smaller gap between highest and lowest wages
The study clearly shows that the gap between the highest and lowest wages is narrowing. In other words, one in ten employees earns under €2,241, an increase of 5.4% compared to the previous year, while one in ten employees earns over €7,346, just 2.5% more than in 2022.
The study indicates that the three highest-paying sectors are finance and insurance, information and communication, and wholesale trade. In contrast, the three lowest-paying sectors are construction, scientific and technical activities, and retail.
Mostly men at the top
In terms of gender equality, it is important to note that there are few women among the high wage earners, accounting for only 16.1% of the top 1%. Their average salary is 18.3% lower than that of men for an FTE in the private sector.