The IMSEE has published a new study on private sector salaries in Monaco. Here are the key findings.
Using data from Monaco's social security funds, the Monegasque Institute of Statistics and Economic Studies (IMSEE) has highlighted several important figures about private sector earnings. The most significant discovery is the upward trend in both median and average salaries within the Principality. According to this study, which calculates gross salaries on a full-time equivalent basis, the median salary rose by 5.2% in 2023, reaching 3,256 euros (1,287 euros above the minimum monthly wage), while the average salary climbed to 4,841 euros.
The study indicates that the gap between the highest and lowest salaries is shrinking. Specifically, one in ten employees earns less than 2,241 euros, marking a 5.4% increase from the previous year, while one in ten earns more than 7,346 euros, reflecting a modest 2.5% rise from 2022.
According to IMSEE, the top three highest-paying sectors are financial and insurance activities, information and communication, and wholesale trade. In contrast, the lowest-paying sectors are construction, scientific and technical activities, and retail trade.
Regarding gender equality, the study reveals that women are significantly underrepresented among the highest earners, making up only 16.1% of the top 1% of salaries. As a result, the average salary for women is 18.3% lower than that of men in full-time equivalent positions within the private sector.