Average Salary in Monaco 2024

Explore the fascinating intricacies of salaries in Monaco through this insightful article. Discover the pay scale range, wage gap dynamics, annual salary increments, and a breakdown based on education level or years of experience. Gain valuable insights into the monetary aspects of living and working in this high-profile principality. Delve into the nuances behind the affluent lifestyle and understand the key factors that influence salaries in Monaco. Unlock a wealth of information in this comprehensive analysis, aiding informed decisions with regards to career choices and personal financial planning. Dive deep into the thriving job market of Monaco and unravel the mysteries of salary structures in this captivating read.
Please be aware that the data we are providing is as accurate as possible at this early stage of the year 2024.

However, as we gather more data for 2024, we make adjustments to ensure the highest level of precision.

What is the average salary in Monaco in 2024?

What is the average salary in Monaco in 2024?
7,000EUR
(EUR 83,900 yearly)
Low 3,200 EUR
Average 7,000 EUR
High 30,900 EUR
In Monaco, the average salary is EUR 7,000 per month. However, salaries can range from EUR 3,200 (lowest average) to EUR 30,900 (highest average, actual maximum salary is higher). Keep in mind that these salaries include housing, transport, and other benefits. Careers can have vastly different salary ranges. For specific job titles and their corresponding salaries, please refer below.
In comparison with average salary in Monaco in 2023, salaries changed by +0.7% so far. Looking ahead, economists project a gradual recovery in the job market. We will be able to fully compare 2023 and 2024 at the year's end.

Pay Scale and Salaries in Monaco

Pay Scale Comparison and Salary Structure

Nearly everyone earns less than EUR 30,900, 75% of the people earn EUR 9,700 or less. 50% employees earn less EUR 6,800 or less, 25% of the employees earn less than EUR 5,100.Download chartGet chart linkShare on FacebookShare on Twitter

Salary Structure

Nearly everyone earns less than EUR 30,900, 75% of the people earn EUR 9,700 or less. 50% employees earn less EUR 6,800 or less, 25% of the employees earn less than EUR 5,100.

Minimum Wage and Starting Salary

Minimum Wage and Starting Salary refers to the fundamental pay levels for entry-level positions. It encompasses the legally mandated minimum wage and the initial compensation offered to new hires, impacting job seekers and employers alike. Understanding these figures is crucial for ensuring fair labor practices and successful career beginnings. In Monaco the minimum salary is EUR 3,200.

Median Salary

The median salary for Monaco is EUR 5,600, depicting the middle point of all salaries in a dataset. This figure provides a more balanced view of income distribution and is commonly used to estimate average earnings in various professions and industries.

Salary range and Percentile

Salary Range refers to the span between the lowest and highest salaries in a given dataset, indicating the scope of potential earnings. Percentile, on the other hand, represents a specific point in the range, showing how a salary compares to others in the dataset, making it useful for benchmarking pay levels. In Monaco the salary ranges from EUR 3,200 to EUR 30,900.

Annual Salary Increments in Monaco

What is the average annual salary increment in the Monaco? How frequently do employees receive salary raises?

During 2024, Monaco recorded an average salary increment of around 0.7% for its employees, spanning various job sectors. On a global scale, the average salary increase for 2024 is 0.7%.Download chartGet chart linkShare on FacebookShare on Twitter
In 2024, the average salary increase for employees in Monaco was around 0.7%. It's important to highlight that this figure is an average across all job sectors. Globally, the average for 2024 is 0.7%.

Historical Graph of Annual Salary Increments in Monaco

The salary of employees in Monaco has been increasing in recent years, with an average yearly increment of 3.2%. The increment ranges from 0.7% to 5.6% per year.Download chartGet chart linkShare on FacebookShare on Twitter
On average, employees in Monaco experienced a salary increase ranging from 0.7% to 5.6% per year in recent years. This translates to an average increment of 3.2% per year.

Salary Forecast and Trends for the Future in Monaco

There are several key factors that influence future of salary growth. That is why we provide range of most probable forecast of salary increments. During next year salary increment will most likely be around 3.7%. Estimated range is between 2.0% and 5.7%.Download chartGet chart linkShare on FacebookShare on Twitter
There are several key factors that influence future of salary growth. That is why we provide range of most probable forecast of salary increments. During next year salary increment will most likely be around 3.7%. Estimated range is between 2.0% and 5.7%.

Gender Wage Gap in Monaco

What is the difference in pay between mens and womens? Men vs. women salary comparison.

Monaco has an actual wage gap of 6.0%.Download chartGet chart linkShare on FacebookShare on Twitter
Actual wage gap in Monaco is 6.0%.
It's due to many factors, such as:
  • Sexism.
  • On average, women take 10% extra days of paid vacation per year compared to men.
  • Compared to men, women have a lower likelihood of having a college degree.
  • Women are more likely than men to take on caregiving responsibilities for children and elderly relatives.
  • Part-time work is more common among women, and they typically earn less than their full-time counterparts.
  • Women tend to gravitate towards lower-paying occupations more than men.

Salary Comparison by Education Level

How does the education level influence the amount of salary?

Completing high school and obtaining a bachelor's degree come with numerous benefits. Firstly, it significantly improves career prospects, leading to higher earning potential and increased access to a wider variety of job opportunities. Advancing from a bachelor's degree to a master's degree offers several compelling advantages. Firstly, it deepens one's expertise and knowledge in a specific field, making graduates highly sought-after specialists in their areas of study. Continuing from a master's degree to a Ph.D. brings numerous benefits. Firstly, it allows individuals to become true experts in their chosen fields, conducting groundbreaking research and contributing to the advancement of knowledge.Download chartGet chart linkShare on FacebookShare on Twitter

The Benefits of Transitioning from High School to a Bachelor's Degree

Completing high school and obtaining a bachelor's degree brings a multitude of benefits. Firstly, it significantly enhances one's career prospects, leading to higher earning potential and access to a broader range of job opportunities. Beyond financial rewards, pursuing a bachelor's degree fosters personal growth, critical thinking skills, and the chance to specialize in a particular field of interest. It also facilitates valuable networking opportunities and the development of a global perspective. Ultimately, the journey from high school to a bachelor's degree is a transformative path that opens doors to a more fulfilling and prosperous future.

The Advantages of Progressing from a Bachelor's to a Master's Degree

Advancing from a bachelor's degree to a master's degree offers several compelling advantages. Firstly, it deepens one's expertise and knowledge in a specific field, making graduates highly sought-after specialists in their areas of study. This advanced education often leads to even greater earning potential and career advancement opportunities. Additionally, master's programs often emphasize research and critical thinking, honing these skills for practical application in professional settings. Networking opportunities expand further, connecting students with experts in their fields. Lastly, pursuing a master's degree is a significant personal achievement, reflecting dedication and a commitment to lifelong learning, which can contribute to personal growth and fulfillment.

The Advantages of Advancing from a Master's to a Ph.D. Degree

Continuing from a master's degree to a Ph.D. brings numerous benefits. Firstly, it allows individuals to become true experts in their chosen fields, conducting groundbreaking research and contributing to the advancement of knowledge. This expertise often leads to prestigious career opportunities in academia, research, and leadership positions in various sectors. Ph.D. programs foster advanced critical thinking, problem-solving, and analytical skills, making graduates highly adaptable and innovative. Networking opportunities expand even further, with collaborations and connections in the global academic and professional communities. Pursuing a Ph.D. is a testament to perseverance, intellectual curiosity, and a commitment to pushing the boundaries of human understanding, ultimately leading to a fulfilling and influential career.

Salary Breakdown Based on Career Levels

How does an individual's salary evolve as time goes on?

Promotion from junior to intermediate role brings increased responsibilities and expertise. Generally, salary rises significantly, often 18%-22% higher, reflecting higher skill level and value to the company. Elevated from intermediate to senior role, responsibilities expand, along with a substantial salary hike of around 8%-12%. Expertise and leadership garner higher recognition and greater financial rewards. Ascending from senior to executive role amplifies responsibilities. Typically, salary surges significantly, often 21%-25% higher, mirroring strategic influence and heightened leadership contributions.Download chartGet chart linkShare on FacebookShare on Twitter

Salary increase going from Junior to Intermediate

Promotion from junior to intermediate role brings increased responsibilities and expertise. Generally, salary rises significantly, often 18%-22% higher, reflecting higher skill level and value to the company.

Elevation from Intermediate to Senior Role Brings Salary Advancement

Elevated from intermediate to senior role, responsibilities expand, along with a substantial salary hike of nearly 8%-12%. Expertise and leadership acquire higher recognition and greater financial rewards.

Executive Promotion: Salary Increase from Senior Position

Ascending from senior to executive role amplifies responsibilities. Typically, salary surges significantly, often 21%-25% higher, mirroring strategic influence and heightened leadership contributions.

Average Hourly Wage in Monaco

What is the average hourly wage in the Monaco?

Average Hourly Wage
41EUR
Low 19 EUR
Average 41 EUR
High 181 EUR

What are the disadvantages of being paid on an hourly wage basis?

  • Income instability: Hourly wages may result in irregular or fluctuating income, making it difficult to budget and plan for expenses.
  • Limited earning potential: Hourly workers may face limitations in terms of the number of hours they can work, which can restrict their earning potential compared to salaried positions.
  • Lack of benefits: Hourly workers often have fewer or limited benefits such as paid time off, health insurance, retirement plans, and other perks usually related to full-time employment.
  • Inconsistent work hours: Hourly workers may experience unpredictable work schedules, including shifts that vary in duration or irregular hours, which can disrupt work-life balance and make it difficult to maintain consistent routines.
  • Uncertain job security: Layoffs, downsizing, or changes in demand can make hourly positions more vulnerable to job insecurity when compared to salaried positions.
  • Limited career advancement: Some hourly roles might have restricted possibilities for career advancement, professional growth, or upward movement within the organization.
It's important to note that these disadvantages may not apply universally and can vary depending on specific job circumstances and individual preferences.

Highest and Lowest Paying Jobs in Monaco

What are the best paying jobs in Monaco?

List with best paid jobs in MonacoDownload chartGet chart linkShare on FacebookShare on Twitter

Highest paying jobs Monaco?

  1. Surgeon (EUR 30,500)
  2. Doctor (EUR 27,600)
  3. Chief Executive Officer (CEO) (EUR 26,300)
  4. Registered Nurse Anesthetist (EUR 25,600)
  5. Dentist (EUR 24,500)
  6. Airline Pilot (EUR 23,700)
  7. Intellectual Property Lawyer (EUR 22,900)
  8. Marketing Manager (EUR 20,200)
  9. Marketing Director (EUR 20,200)
  10. Sales Director (EUR 19,000)
  11. Sales Manager (EUR 19,000)
  12. Petroleum Engineer (EUR 18,900)
  13. Brand Manager (EUR 18,400)
  14. Marketer (EUR 18,400)
  15. Judge (EUR 18,200)
  16. Treasurer (EUR 17,900)
  17. Controller (EUR 17,900)
  18. Pharmacist (EUR 17,500)
  19. Tax Lawyer (EUR 17,200)
  20. Lawyer (EUR 17,200)
List with worst paid jobs in MonacoDownload chartGet chart linkShare on FacebookShare on Twitter

Lowest paying jobs Monaco?

  1. Cashier (EUR 3,300)
  2. Childcare Worker (EUR 3,500)
  3. Stock clerk (EUR 3,600)
  4. Elder Care Worker (EUR 3,600)
  5. Receptionist (EUR 3,700)
  6. Bartender (EUR 4,000)
  7. Food and beverage server (EUR 4,000)
  8. Janitor (EUR 4,100)
  9. Waiter (EUR 4,100)
  10. Tour Guide (EUR 4,200)
  11. Customer Service Representative (EUR 5,000)
  12. Hotel Concierge (EUR 5,100)
  13. Rehabilitation Counselor (EUR 5,100)
  14. Travel Agent (EUR 5,600)
  15. Secretary (EUR 5,700)
  16. Painter (EUR 5,900)
  17. Carpenter (EUR 6,100)
  18. Bus Driver (EUR 6,300)
  19. Artist (EUR 6,300)
  20. Truck Driver (EUR 6,400)
List with best paid industries in MonacoDownload chartGet chart linkShare on FacebookShare on Twitter

Highest paying jobs by industry

  1. Healthcare (EUR 19,500)
  2. Business and Management (EUR 16,600)
  3. Marketing and Sales (EUR 15,300)
  4. Engineering (EUR 14,100)
  5. Law (EUR 13,400)
  6. Accounting and Finance (EUR 13,200)
  7. Computer and Information Technology (EUR 13,000)
  8. Transportation and Logistics (EUR 12,700)
  9. Science (EUR 12,600)
  10. Education and Training (EUR 10,400)
  11. Other (EUR 7,700)
  12. Hospitality and Tourism (EUR 6,500)
  13. Social Services (EUR 5,300)
  14. Services (EUR 4,900)