Average salary in Monaco | Petrini Exclusive Real Estate

What is the average salary in Monaco depending on your situation and sector of employment?

Average salary in Monaco | Petrini Exclusive Real Estate

The benefits of working in Monaco

In the minds, Monaco is a small paradise on earth where money and champagne flow freely. But what is it really? Focus on the standard of living and the benefits of Monegasque citizens and international workers.

For many, working in the Principality comes with a long list of privileges and opportunities. But do you really earn more money when you are employed in Monaco?

 

Minimum wages applied in Europe

Among the Member States of the European Union, 22 apply a monthly minimum wage. Yet the figures show that Europe is split into two groups highlighted by the gap in minimum wages.

On the one hand, 15 of them apply a minimum wage below €800. For the most part, they are the last to have joined the European Union in the 2000s. Among them, we find mainly Eastern countries including Bulgaria, Romania, Hungary, the Czech Republic and Slovenia.

Then, the remaining 7 apply a minimum wage of more than €1,400 per month, such as Ireland, Luxembourg, Germany and Belgium.

SMIC in France

France is one of these 7 countries that are considered to be the leaders of the European continent. Since January 1, 2022, the amount of the monthly gross minimum wage in France is €1,603.12 on the basis of 35 hours worked per week, i.e. an hourly basis of €10.57. In France, the minimum wage was increased by 1.81% in 2023. As of January 1, 2023, the SMIC is now set at 1,709.28 EUR gross per month, which is equivalent to an hourly rate of 11.06 EUR for a 35 hour working week.

But what about Monaco where the cost of living is higher and where rents can reach exorbitant prices?

The minimum wage in Monaco

Although the Principality is not part of the European Union, it is integrated into the European economic system. Thus, Monaco also applies a minimum interprofessional growth wage, as does France. In Monaco, the SMIC amounts to €1,786.33 gross on the basis of 39 hours worked per week, i.e. an hourly rate of €10.57.

Despite an hourly rate equal to that of France, Monaco does well thanks to the many large companies established there. Thus, the Rock offers more qualified positions with proportionally higher remuneration. As a result, the median gross salary is 2,450 euros in Monaco compared to 1,797 euros in France, according to the president of the Federation of Monegasque Companies (FEDEM).

As of November 1, 2024, the Minimum Interprofessional Growth Wage (S.M.I.C.) will increase by 1.97%, bringing it to €11.88 per hour, €463.32 per week for a 39-hour workweek, and €2,007.72 per month for 39 hours per week, or 169 hours per month.

 

Social security contributions

Salaries are expressed in gross because these are subject to several charges, which differ from one state to another. These cover, among other things, health insurance, old-age insurance and unemployment insurance. Once these expenses are subtracted, we obtain the net salary that the employee will receive.

Social security contributions in France

In France, the amount of compulsory social contributions is on average 22% of the salary received by the employee before deduction of charges.

Social security contributions in Monaco

In Monaco, the regulations on these contributions set the amount of payroll costs at 15.9%. This favorable rate influences the minimum net hourly wage, which is 16% higher than that paid in France.

Thus, we see that France collects more contributions; At equal gross salary, the most interesting salary is that of Monaco.


The advantages of working in the Principality

Working in Monaco has many advantages for foreign workers. Among other things, the political stability of the territory, its international profile with 139 nationalities, and of course its unequaled Mediterranean climate.

However, foreign workers primarily target the financial aspect, including higher wages and tax exemption for its residents.

Nevertheless, there are many other benefits for a Monegasque worker, for example:


Full employment

The Principality of Monaco is considered to be the most dynamic employment pool on the Côte d'Azur. Despite its small size, Monaco recruits, employs and creates work. According to government figures, more than 1,000 jobs are created each year.

Indeed, the limit of 2km² and 39,000 inhabitants affects local recruitment. The diversity of business sectors and the demand for skilled labor explain this search for talent outside the borders.

We will see in the last part of this article which sectors of activity are recruiting in the Principality.


Social coverage

A majority of European countries have social security for employees. In the Principality, the social coverage governed by the Caisses Sociales de Monaco (CSM) is more advantageous than in the neighboring States. The reimbursement rate for medical care is set at 80% compared to 70% in France. Expenses can even be covered at 100% for civil servants and state agents.

On the other hand, the rates applied by doctors are regulated by social security. Thus, the health professional must invoice a fixed sum according to the family quotient of the patient, determined by all the income of the family.


Retirees

Another privilege of working in Monaco concerns pensions. Indeed, pensions are much higher there than in France. According to Philippe Ortelli, President of the FEDEM, pensions are 35 to 110% higher in Monaco for an equivalent career and salary.

However, retirement from Monaco is really profitable when your entire career is spent there.

In addition, the retirement age is set at 65 compared to 62 in France. However, it is possible to anticipate retirement from the age of 60 and without reduction, with a simple written request.


Social funds

Employees insured with the CCSS benefit from family aid that is significantly higher than that received in France. Among other things, we find prenatal allowances, family allowances and the schooling bonus (schooling in Monaco).

Thus, the Principality remains a highly attractive center thanks to numerous financial advantages for international workers.

 

Sectors recruiting in Monaco

As mentioned earlier, Monaco struggles to recruit locally, particularly due to its small population. As a result, many private companies hire foreign workers with international profiles. Among the skills required by recruiters are, among others, languages, versatility, international experience and expertise.

Focus on the sectors of activity that are recruiting in 2022 in Monaco:


Financial sector

The financial sector is predominant in the Principality for the benefit of wealthy residents and non-residents. In 2020, the Commission for the Control of Financial Activities (CCAF) listed 29 banks spread over the territory of 2km², totaling 129 billion euros deposited.

For this reason, banks are constantly recruiting private bankers, banking lawyers and computer security engineers.

Other players in the Monegasque financial center also target profiles of accountants, management controllers, auditors or even corporate lawyers.


Legal sector

Legal professions are in high demand by private companies in the Principality, but also by the State. Among these professions, corporate lawyers specializing in various fields such as business law, maritime law and contract law.


Digital sector

In recent years, the country has bet on a general digital transition, both at the institutional level and at the level of Monegasque companies. For this reason, the digital professions recruit on a large scale. Especially since the local workforce is almost non-existent according to the labor management.

Among the professions that recruit, we find developers, digital engineers, information security managers and project managers.

Many other sectors are struggling to find competent and available staff. These include personal assistance, construction, hotels and restaurants.

However, many trades are already over-represented in the territory and local competition will slow down the hiring of foreign workers. Communication, tourism, events, osteopathy, real estate and yachting are among the industries that recruit the least.

Thus, to conclude this article, we will emphasize that working in the Principality is indeed an advantage for people belonging to the surrounding geographical areas. Both in terms of salaries and in terms of the many ancillary interests (social security, pensions, quality of life). In addition, companies are actively looking for certain very specific profiles such as jobs in the financial, legal and digital sectors.

If you have found work in the Principality, our Monaco real estate agency can help you find the ideal apartment for sale or rental. Do not hesitate to contact us directly by phone at +377 92 00 16 00 or by email: contact@petrini.mc

Nos derniers biens disponibles
Sole agent
petrini exclusive real estate monaco for rent one bedroom fontvieille les sporades11
petrini exclusive real estate monaco for rent one bedroom fontvieille les sporades9
petrini exclusive real estate monaco for rent one bedroom fontvieille les sporades5
ONE BEDROOM - LES SPORADES FONTVIEILLE 1 bedroom | 57 sqm

Discover this 2-room apartment in a quiet environment, in the heart of Fontvieille. Located in the residence Les Sporades, this property benefits from access to the swimming pool and immediate proximity to the shops and restaurants of the area.

5 700 € + Charges  : 300  €

Co-exclusive
img 8088
img 8089
box nr 108 109
DOUBLE PARKING BOX - PATIO PALACE Box

800 000 €

capture d ecran 2025 06 06 150901
capture d ecran 2025 06 06 150819
capture d ecran 2025 06 06 150758
SUPERB 3 BEDROOM APARTMENT COMPLETELY RENOVATED - GRANDE BRETAGNE 3 bedrooms | 128 sqm

A stone's throw from the beaches, this completely renovated 3 bedroom apartment combines modern comfort and elegance. Bathed in light, with a terrace overlooking the sea, it seduces with its top-of-the-range services and refined atmosphere.

9 000 000 €

Recherches fréquentes
Les derniers articles
highest paid job monaco

Highest Paid Job in Monaco: Top 10 Most Lucrative Professions In 2025, Monaco continues to attract professionals from all over the world. This small state on the French Riviera, known for its security, dynamic economy and first-class infrastructure, draws professionals eager to benefit from the many advantages it offers. Discover which profession can be the most rewarding for you.

bay house petrini exclusive16

Why do you need 500,000 euros to live in Monaco Monaco, a Principality located on the French Riviera, has long been loved by wealthy people from all over the world. Its pleasant climate, lavish living environment and attractive tax regime make it a prime place to live. However, since 2017, a rule has been in place that requires newcomers who do not work to pay a minimum deposit of 500,000 euros.

obtain a monegasque residence card
Becoming a resident in Monaco

How to Become a Monaco Resident Monaco, famous for its unrivalled setting, outstanding security and advantageous tax system, attracts every year many people wishing to move to this unique Principality. However, in order to live in Monaco for more than three months per year, it is essential to obtain a Monaco residence card (also known as a residence permit) issued by the authorities of the Principality. We have already covered the conditions for living in Monaco in a previous article. This guide will explore in more depth the steps to obtain your residence status.

Eugenia Petrini Exclusive Real Estate Monaco

Contactez notre agence immobilière à Monaco

Our selection of exclusive properties