The average salary and other monetary statistics of a given country are one of the best ways to deduce its economic well being, employment rate and the potential of a new business in that region. If the median salary in the said country is high, then it simply means that employees working in that country earn higher or are better paid than those countries with lower average salaries.
In 2018, a study confirmed that the average salary of employees in the European Union is €1,916 per month. This research showed that employees in Spain are paid below average at only €1,800 per month, but workers in Norway & Luxembourg tops the list, with each employee earning an average of €3,000 per month.
European countries with higher salaries include the United Kingdom, France, Austria, Germany, Belgium, and Norway. While EU countries with slightly lower median salaries are Ireland, Cyprus, Portugal, Malta, and Greece. Workers in larger companies or multinational firms also have a higher average salary than workers in smaller companies that perform the same task.
Average monthly salary in Europe
Some countries pay workers higher than others while others use a different currency other than Euros. While this is the case, Europe is one of the best places to work. These are the official average salaries earned by employees in Europe.
EU countries that pay above average |
EU countries that pay below average |
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5 top-paying European countries
The table above shows some of the best countries to work in the EU based on the average income earned by workers. This segment of the article takes a look at some of the top-paying countries in Europe, their top industries, and the working system adopted by the state.
1. Luxembourg
Luxembourg is one of the smallest countries in Europe with four significant languages: Luxembourgish, German, French, and English. The top-paying industries in Luxembourg are Banking and financial services, real estate services, telecommunications, construction, tourism, and cargo transportation.
The average annual salary of employees in Luxembourg is $63,062 and most workers work 29.19 hours per week.
2. Iceland
With over 100 active volcanoes, lava covers 10% of this country and there is an average eruption every five years. It is a small country that gets most of its energy from geothermal sources.
The average annual income for employees in Iceland is currently at $61,787 with close to 15 public holidays, workers and employees have ample time to rest. Top paying industries in this country are geothermal power, hydropower, tourism, and medical/pharmaceutical products.
3. Denmark
Danes are known as the happiest population on earth. Maybe it’s because workers here are some of the top earners in Europe. That aside, Denmark has a healthy population, good social support, a stable economy, and low unemployment rates.
The employees in Denmark earn a medium income of $51,600 per year working 27.08 hours per week. The most vibrant sectors in Denmark are wind turbines, pharmaceuticals, construction, furniture, food processing, textiles, and clothing.
4. Norway
Located in the northern and eastern hemispheres, Norway is one of the wealthiest countries in the world. It is among the top 5 countries with the highest per capita income.
The cost of living in Norway is high and it is the 10th largest exporter of oil. The normal income in Norway is $51,400. The top paying industries in Norway are Petroleum and gas, mining, shipping, aquaculture, food processing, and textiles.
5. Austria
The Republic of Austria is also one of the best places to work in Europe if you want more pay for small work. Located in Central Europe, Austria is a luxurious state that shares its borders with Italy, Switzerland, the Czech Republic, Hungary, Slovakia, Germany, Slovenia, and Liechtenstein.
Vienna is the home of classical music, art, and culture. Major industries in Austria are Petroleum and gas, shipping, fishing, pulp production, paper production, mining, and textiles.
When looking for a place to work in Europe, countries that pay a decent salary well above average is a pretty good sign that it has favorable monetary benefits for you. You should also beware of taxes because you do not necessarily take home the entire salary, your income tax will still be deducted from your salary, depending on the region you stay in and how much you earn.
Another thing to take note of is the cost of living. Living in these countries is quite expensive, with a smaller salary, you can still live very comfortably in cheaper countries like Spain, Portugal or Italy.
Contact our specialists to learn more about the options of immigration to Europe!