The average monthly earnings for a private sector worker are on the rise in the Principality, growing by more than 5% between 2022 and 2023 to reach €4,841, with one in 10 employees taking home in excess of €7,346 each month.
According to a new report by IMSEE, Monaco’s dedicated statistical agency, the average monthly salary for a full-time private sector worker sat at €4,841 gross in 2023. This is up 5.2% on the figures reported in 2022, a rise matched by the median salary, which has been calculated at €3,256 for the same year.
To compare with the latest confirmed earnings in France, which date from 2022, Monaco’s private sector workers make considerably more. In France, the average monthly pay for that year was €3,466 gross for a full-time private sector worker, or €2,630 net.
Highest and lowest earners
The gap between the highest and lowest salaries in Monaco appears to be narrowing. A bigger increase in pay was noted among the Principality’s lowest-paid private sector workers in 2023, salaries rose by 5.4% on data collected in 2022, against a more moderate 2.5% at the top end of the scale.
See more: A will to work in Monaco: The Principality’s private sector is booming
One in 10 private sector employees in Monaco makes in excess of €7,346 a month. In comparison, one in 10 full-time workers earns less than €2,241.
Women are less likely to feature in the upper pay brackets than men. Just 16% of Monaco’s top 1% earners in 2023 were women, and the average salary for a female full-time private sector worker was 18.3% lower than that of her male counterpart.
The biggest earners according to the median monthly salaries were workers in the 45-to-54 age group, who made €3,539 a month. Salaries were relatively equal either side of this category, except for Monaco’s youngest private sector workers, the 15-to-24 group, whose median salary was €2,434 in 2023.
Finance and insurance workers earn the most on average
The highest-paid sectors include: financial and insurance activities, where the average monthly salary sat at €6,305; information and communication, with €4,195; and wholesale trade, where the average salary was €3,747, according to IMSEE.
The report also highlighted the significant pay gaps between the top three sectors and the bottom three: construction, €2,931; scientific and technical activities, €2,898; and retail trade, €2,894.
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Science and technical activities companies are Monaco’s biggest private sector employers
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