Salaries in the Principality’s private sector continued their upward climb in 2024, albeit at a slower pace than the previous year, according to new figures released by the Monegasque Institute of Statistics and Economic Studies (IMSEE). The latest data, based on figures from the Monaco Social Security Funds, sheds light on median and average wages across industries — and the persisting disparities between sectors.

The median gross salary for full-time employees reached €3,339, a modest increase of 2.6% or €83 compared to 2023. The average salary also rose, albeit by just 1.9%, settling at €4,931. By comparison, both figures jumped by over 5% in 2023, indicating a general slowdown in wage growth across the board.

The Principality’s minimum gross wage remains fixed at €2,007.72 per month, meaning Monaco’s median earner makes roughly €1,300 more than the lowest legally allowed salary. A breakdown by age shows that wage growth plateaus with age — a 25-year-old worker can expect to earn around €3,119, while someone in the 55–64 age bracket averages €3,615, a marginal difference compared to the leap seen in earlier career stages.

Finance and Tech Lead the Pack

IMSEE’s analysis paints a clear picture of wage inequality between Monaco’s core economic sectors. Unsurprisingly, financial and insurance services sit at the top of the salary table, with an average gross monthly wage of €6,613. Information and communication roles follow at €4,244, and wholesale trade employees earn an average of €3,914.

At the other end of the scale, workers in retail trade earn just €3,049, while real estate and scientific and technical activities bring in even less — €3,030 and €2,943 respectively. The figures underscore the extent to which sectoral differences continue to shape earning potential in the Principality.

Low Wages Catching Up — Slightly

In 2023, wage inequality showed signs of narrowing, but that momentum slowed in 2024. The bottom 10% of earners now make less than €2,302 per month — a 2.7% increase. Meanwhile, the top 10% earn north of €7,505, up 2.2%. Though growth at the bottom has slightly outpaced that at the top, the wage gap remains largely intact.

While the latest figures confirm ongoing efforts to stabilise earnings in Monaco’s private sector, they also highlight a persistent divide between industries — and the need for sustained attention to wage equity as the Principality continues to evolve economically.