It's no secret that Monaco is a place for the world's elite. It used to be a gambling haven, attracting the wealthiest people to place their bets and try to get more money. Nowadays, however, it's become more of a summer destination; a seasonal playground for celebrities, socialites, and more to enjoy life to the fullest. Despite all of this, many people still actually live and work in this tiny but important principality. It's even one of Europe's most prominent city-states. But how exactly is the job market here right now? Here are some information to keep you up to date.
The Unemployment Rate in Monaco
According to MacroTrends.com
, the current unemployment rate in Monaco is 0.00%. Now, this may seem too good to be true for a lot of people but it's actually not that impossible to begin with. As Monaco is a small principality, most, if not all of the people residing here are already employed. It helps that many international corporations operate here, bringing more opportunities for employment for locals and expats alike. Monaco itself is regarded as a 'tax haven,' a term that describes countries and city-states that offer little to no tax liability to people and businesses. That along has invited many companies to set up shop here.
The Stability of Monaco's Economy
It also shouldn't be a surprise Monaco's economy is one of the more stable in the world. It is one of the smaller territories in Europe, one that has positive political and economic relations with its neighboring nations. Because of this, more and more foreign businesses have started operating in Monaco, allowing for more employment opportunities for the citizens here. But with that said, a good chunk of the employed people in the principality are actually mostly expats, those relocated to work here. In fact, Internations
states that only 2% of the jobs in Monaco were filled by locals back in 2015.
The Average Salary in Monaco
Now, let's talk salaries! Even though Monaco is not an official member of the EU, it maintains a good relationship with the latter nonetheless. That's why the principality actually uses Euros as its main currency even though it's not covered by a Schengen Visa
or anything like that. As for the average salary for the ordinary worker here, it ranges from €2,069.00 to €6,464.00 per month. Compared to other countries, even those in Europe, Monaco has some of the highest in the region. This further proves why the city-state remains prosperous and stable despite what's happening in the rest of the world.
Monaco's Highest-Paying Jobs on Average
Even though the average salaries in Monaco are actually pretty decent overall, some jobs pay higher than others. And if you're relocating here and would want a high-paying job to ensure your lifestyle, you'll want to work in the fields of IT (Information Technology), technology & development, and leasing. All of these have average salaries that range between €5,000.00 to €6,000.00. Of course, if you reach managerial positions in any of these fields, your average salary can go put to €8,000.00 to €9,000.00 per month. However, when it comes to which industries hire the most in Monaco, tourism, finance, and insurance take the cake.
No Income Taxes in Monaco
As stated earlier, Monaco is considered a 'tax haven,' attracting many international businesses and expats to relocate here. The gist of the term is that you pay fewer taxes here than you would in other countries, making it easier for you to earn and save more than you spend. For you personally, a major benefit to working and living in Monaco is that you don't have to pay income taxes here since the government doesn't impose one on its citizens. Unlike in its closest neighbor France
, where income tax can depend on how much you earn there, here, you don't have to pay a single cent.
Finding Work in Monaco
Finally, how can you go about finding work in Monaco? It's actually pretty easy! Since, as already mentioned, the job market in Monaco is doing pretty well, and the fact that a huge chunk of the employed population here is made up of expats, looking for employment here isn't impossible. In fact, it's practically the same as in other countries, especially going online. Monaco has a ton of web portals and job-seeking sites to help people find work on the internet. And if that doesn't work, there's always the prospect of teaching English, which is one of the most common jobs that expats do in Monaco.
Working and living in Monaco may seem like a dream, but it's a lot more real than you probably imagine. This is thanks in large part to the stable job market of the principality, which already has a strong foundation of international businesses and expat workers!
No matter how well the job market in Monaco is doing, luxury rentals
are always available for those who want to spend the rest of their lives here!