What is the average salary in Monaco depending on your situation and industry?
In 2025, salaried workers in Monaco earn on average about €4,900 gross per month (around €4,300 net), with a median income of around €3,300 gross per month. These pay levels, among the highest in Europe, reflect the Principality’s economic dynamism. However, they come with a high cost of living. In this article, we examine in detail the average and median salary in Monaco, the Monegasque minimum wage, the impact of the cost of living, international comparisons and the specific tax features for workers. Official data sources (IMSEE, INSEE, Eurostat) are cited to ensure the accuracy of the figures.
Average and median salary in Monaco in 2025
This gap between the mean (€4,900 gross per month) and the median (€3,300 gross per month) is not trivial. The mean is pulled upward by a minority of very high incomes, whereas the median better reflects the “typical” salary. In short, half of Monaco’s employees earn less than €2,600 net per month, even though the overall average is well above €4,000. All figures in this article come from IMSEE (Monegasque Institute of Statistics and Economic Studies).
Perception vs reality
In the popular imagination, working in Monaco rhymes with wealth. The reality is more nuanced. A gross income of €3,300 corresponds to about +25% versus the French median net income (≈ €2,100). Solid, but far from the millionaire cliché.
The best-paid jobs in Monaco are in finance, luxury and high technology. Most roles in hospitality, retail, administration or services remain close to levels seen in the PACA region or Northern Italy.
Distribution and foreign workforce
The pay structure also reflects the makeup of the workforce. Over 61% of employees are French, often commuters from the Alpes-Maritimes, about 14% are Italian and only 3.6% are Monegasque. This diversity underlines the attractiveness of Monegasque salaries compared with neighboring countries, while also reminding us that living in the Principality requires a very high housing budget.
Social benefits and taxation in Monaco
Working in Monaco is not only about higher pay. Social conditions are also advantageous. Employee contributions average 13 to 14% of gross pay, compared with around 22% in France, which brings the net much closer to the gross. The CSM also provides 80% health coverage (up to 100% for public servants) as well as enhanced family benefits such as allowances and school grants.
Pensions in Monaco are another major advantage. They are on average 35 to 110% higher than in France for an equivalent career, with the legal age set at 65 but an option for early retirement from 60 without a reduction. This gap, combined with economic stability and the Principality’s unique tax framework, helps explain the appeal of Monaco’s job market.
The absence of personal income tax for Monegasque residents brings gross and net much closer, subject to social contributions. The situation differs for French nationals who are subject to the 1963 convention. The applicable rules are explained in our guide to France–Monaco tax residency, which details taxation for cross-border workers and residents by case.
With employee contributions around 13 to 14% (versus about 22% in France), net take-home pay remains higher for the same job title. How the local market works is covered in our overview of working in Monaco, including cross-border employment.
Since the housing budget is decisive for purchasing power, rough benchmarks are gathered in our study on the minimum required to live in Monaco, while obtaining Monegasque residency status involves proving accommodation and meeting specific criteria.
Minimum wage in Monaco in 2025
In Monaco, the minimum wage follows the trend of the French minimum wage, but benefits from a specific uplift. Since 1 January 2025, it has been set at €11.88 gross per hour, or about €2,008 gross per month based on 169 hours (39 hours per week), compared with 35 hours in France (Journal de Monaco).
This flat allowance, unique to the Principality, represents approximately +5% compared with the French minimum and is not subject to social contributions. In practice, thanks to lower social charges, the Monegasque net minimum wage is now around ≈ €1,850 per month, putting it on a par with leading countries such as Luxembourg or Belgium. As in France, this minimum income is automatically adjusted each time the French minimum wage increases. Thus, in November 2024, the hourly rate rose from €11.65 to €11.88 (Legimonaco.mc), ensuring regular alignment with inflation and manual worker wages.
Regarding the minimum wage, the Principality ranks among the highest in Europe. Many Eastern European countries still apply a minimum below €800. This wage floor, already higher than in France, is even more meaningful when compared with other European countries.
How much do you earn in Monaco compared with neighboring countries
Monaco’s salary levels are among the highest in Europe, but it is useful to compare them with immediate neighbors and other French-speaking countries such as France, Switzerland, Luxembourg, Belgium and Canada.
Salary in France vs Monaco
In metropolitan France, the median gross income in the private sector is around €2,400 to €2,500 per month, or ≈ €2,100 net. That is roughly 25% lower than the Monegasque median pay, set at €3,300 gross (≈ €2,600 net). The French average income reaches €3,000 gross per month, but is weighed down by a high share of part-time work and low wages.
Salary in Switzerland compared with Monaco
Switzerland remains a global benchmark. The median pay reaches ≈ €6,000 gross per month (≈ 6,500 CHF), nearly double Monaco’s level. Zurich and Geneva rank among the best-paid cities worldwide, but purchasing power is offset by a very high cost of living, including housing, health insurance and services.
Salary in Luxembourg vs Monaco
Luxembourg shows a median salary of ≈ €4,800 gross and an average income of ≈ €6,300 gross. Its minimum wage, set at €2,387 gross per month, is the highest in the European Union. Given its international profile, the Grand Duchy is one of the most comparable countries to Monaco.
Salary in Belgium compared with Monaco
In Belgium, average gross monthly income reaches ≈ €3,900, while the median salary stands around €3,400 gross. Although seemingly close to Monaco, these levels are substantially reduced in net terms due to higher taxes and social charges. Real purchasing power remains more favorable in the Principality.
Salary in Canada compared with Monaco
In Canada, the median annual income is about 65,000 CAD, or ≈ €3,900 gross per month after conversion. This remains below Monegasque pay, although some provinces (Ontario, Alberta) approach European standards. As in Switzerland, the cost of living varies greatly by region.
In summary: Monaco vs its neighbors
Monaco sits above France, Belgium and Canada, is comparable to Luxembourg, but remains below Switzerland.
Its salary appeal strengthens once social charges and taxes are considered. No personal income tax for non-French residents, lower contributions and specific allowances allow workers to keep a net income well above neighboring countries.
For example, an executive paid €6,000 gross earns about €5,700 net in Monaco, versus around €4,500 net in France. Combined with economic dynamism and the Principality’s international prestige, this explains why Monaco remains one of the most sought-after hubs in French-speaking Europe.
Salaries by sector in Monaco
In Monaco, pay gaps vary significantly by industry. In 2024, jobs related to financial and insurance activities were clearly in the lead, with an average salary of €6,613 per month, far ahead of the overall average of €4,931. The information and communication sector followed with €4,244, reflecting the rise of tech companies and digital services. Wholesale trade completes the podium at €3,914, confirming its central role in Monaco’s economy.
Conversely, some sectors remain close to the lower end. Retail trade shows an average salary of just €3,049, almost equivalent to that observed in real estate activities (€3,030), which are nonetheless strategic in the Principality. Scientific and technical activities bring up the rear at €2,943, a gap of more than €3,600 compared with finance. These disparities reveal the duality of Monaco’s economy, between highly specialized, high value-added branches and others closer to the local market and proximity services.
This dynamic is also seen in wage growth. The lowest incomes are rising slightly faster (+2.7%) than the highest (+2.2%), marginally reducing inequalities. However, the gap remains significant, with 10% of employees earning less than €2,302, while another decile exceeds €7,505.
Finally, the public sector, which accounts for about 8% of jobs in Monaco, guarantees stable pay that is above French scales. It nevertheless remains below levels reached in the private sector, particularly in finance, wealth management or luxury, where the most attractive salaries are concentrated.
Average pay in Monaco
In 2025, Monaco posts competitive salary levels. These figures confirm the Principality’s economic prosperity, with overall pay higher than in France or Italy. However, they come with a high cost of living, including high rents and premium services, which tempers the slightly higher salaries.
The Monegasque tax advantage, no personal income tax and lower social charges, allows residents to keep strong purchasing power. Combined with local safety and quality of life, this sustains Monaco’s appeal among skilled workers worldwide.
As a leading real estate agency in the Principality, Petrini Exclusive Real Estate Monaco is committed to leveraging its expertise and network for those wishing to benefit from Monaco’s momentum.
With our in-depth knowledge of the local market and administrative requirements, we support you at every stage, from project assessment (job, budget, taxation) to finding the ideal home and settling in Monaco. Our added value lies in personalized, discreet and efficient guidance that reflects the Monegasque spirit of excellence.
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