Life in Europe is something everyone wants to experience. While some people go for work and business, others for adventure and vacation. Well, if are wondering about working in any European country and, how much you might earn working in any country in Europe, this includes both countries in and not in the European Union.
The average salary of a country is one of the indications of how well a country’s economy is doing. If the average salary is high, it shows how well employees of this country are better paid than employees of a country with a lower average. This is not always the case as other factors could affect the average salary of a country.
The influx of immigrants into European countries and an ever-growing unemployment rate made it hard to find fair amount of average salaries in Europe. Also, you should note that not all European countries use the same currency, making it a bit difficult to standardize all the rates.
Here’s an overview of the average salaries you could expect to earn in Europe. Just remember that each country is different and this guide doesn’t take into account taxes, cost of living, or the type of work you’re doing.
What Is the Best-Paying Country in Europe?
The Eurozone is the second largest economy in the world and offers a much lower cost of living than other major regions such as North America, Asia, Australia, and even Africa.
Countries like Germany and the UK are doing better economically, but those are not always the countries offering the highest salaries. Let’s take a closer look at some of the highest paying and most economically sound countries in Europe:
1. Switzerland [€6,572 per month]
Switzerland is the highest paying country not only in Europe but also in the world. Not only does it offer the highest salary, but you also get more annual leave than any other country in the surveyed countries of Western Europe. It has an advanced economy and a high standard of living.
The country relies heavily on foreign trade – particularly from the EU 50%, USA 15% and the developing countries 25%. Most of this depends on small and medium-sized enterprises with over 90% of them being family owned. If you are working in Switzerland then you will be aiming for this top average salary. The major industries in the country include finance, banking, electronics, luxury, watches, tourism, and chocolates(beverages).
2. Luxembourg [€6,342 per month]
Luxembourg is the second highest paying country with an average of 94,850 EUR per annum. Luxembourg also scored highest for career opportunities and job security among other factors.
Luxembourg has been placed as the 3rd safest country in terms of finances, legal and governmental regulations, and medical insurance. The country is a prime example of a nation with a strong economy that remains advantageous on an international scale. The country had heavily invested in telecommunication, tourism, steel, banking, and finance, and they have all reaped good fruits.
3. Liechtenstein [€5,612 per month]
The Liechtenstein economy is characterized by a high per-capita income and low unemployment. The service sector now accounts for over 60% of GDP, with over 7% of its workforce employed in financial services.
Liechtenstein has long been open to foreign investment, with the banking sector the most important component of the economy and source of pride. Its economy is based on small, but thriving businesses involved in banking and manufacturing. It exports machinery, instruments, electrical equipment, and chemicals while importing foodstuffs, textiles, and other consumer goods.
4. Denmark [€5,553 per month]
The Danish economy is an example of a prosperous small and open economy that has established a social model based on a broad spread of economic prosperity, which has been sustained and preserved through currency crises, business cycles, and international developments.
Denmark is the top export country in the world per capita. It ranks above the other “top economies” of Germany, Switzerland, and Japan. Denmark exports 107.8 billion EUR each year, which is at a rate of 27,409 EUR per second! Denmark also ranks above the Netherlands, United Kingdom, Hong Kong, Switzerland, and Belgium. The most popular items that Denmark ships include machinery and transport equipment, chemicals, fish and seafood, foodstuffs, and medical equipment.
5. Iceland [€5,124 per month]
Iceland’s economy is a small, open, and trading country with advanced information society and a diversified economy in which the manufacturing sector, including exports, plays a leading role. Natural resources are limited to fish landing and renewable hydropower.
Iceland’s economy is built on a foundation of fisheries exports and tourism. Their economy is also based on industry, which accounts for about 20% of the GDP. Food processing, textiles, and tourism are among Iceland’s main industries. Iceland also has abundant and renewable sources of energy, such as hydropower and geothermal power.
6. Norway [€4,751 per month]
Norway is one of the best-paying countries in Europe and one of the most equal societies in the world. The annual gross income for a full-time worker in Norway is about €57012, which includes a lot of benefits such as paid vacation and sick days, free healthcare and education, a pension fund that kicks in from your first day of work, and a lot more benefits that we can’t even think of.
Next to oil and gas, Norway’s biggest export is metal products. Norway has lots of other natural resources like coal, iron ore, lead, zinc, copper, fish, and timber. But because metal products are where they make the most money from exports, a lot of Norwegians have jobs that involve making things out of steel or aluminum. So many people in Norway work in manufacturing that it’s often compared to Japan.
7. Germany [€4,644 per month]
Germany has a strong economy and one of the highest salaries in Europe, thanks to its high-tech, manufacturing, and industrial sectors. This also means that there are more opportunities for different types of jobs in Germany than in other European countries with lower wages and employment costs.
The German labor market is extremely competitive and has an excellent training system. Germany is also one of the leading countries in Europe for research and development, which is why it attracts a lot of high-skilled workers. Employers are expected to provide a generous salary, benefits, a pension plan, paid vacation time, and many other perks. Some German industries even have a no-layoff policy. The result of all this is that the average full-time worker in Germany earns about €4,644 per month.
8. The Netherlands [€4,540 per month]
The Netherlands is one of the best-paying countries in Europe. A national policy of mutual agreement between employers and employees has led to a relatively high standard of living for both. The Netherlands is an important player in global trade and has attracted major players from both the EU and non-EU countries who have chosen to establish their headquarters or manufacturing facilities here.
It’s especially popular among ex-pats because of its multiculturalism and high standard of living, which includes universal healthcare and free education. The country attracts workers from all over the world with its dynamic labor market, excellent social security, and good work-life balance.
9. Vatican City [€4,500 per month]
The Vatican is an independent city-state. It is the smallest country in the world and is situated in the center of Rome, Italy. The Vatican is the main location of the Catholic Church. The economy of the Vatican City is based on tourism, postage stamps, sales of artwork and publications, and investments. Its currency is the euro and its official language is Italian.
10. Monaco [€4,240 per month]
Monaco’s economy is based on services, tourism, and banking. There are many reasons why Monaco is attractive to so many people.
First of all, it’s one of the best-paying countries in Europe. The minimum wage in Monaco is €50,880 per year and that is one of the highest minimum wage countries in the world. Second, it has no corporate or income taxes (it’s one of only four countries that don’t have an income tax). Third, although a majority of its residents are French nationals, most are not native to Monaco. The country has become a tax haven for wealthy individuals from around the world who want to live or do business in Monaco without paying taxes on their income there or elsewhere.
11. Belgium [€4,211 per month]
Belgium is one of the best-paying countries in Europe. Its unemployment rate is lower than average for the continent and tends to be much lower than the EU average. This is due to a large number of jobs in Belgium being in high-paid industries, with over half of them in the services sector and nearly a quarter of them in manufacturing.
The other major factor contributing to Belgium’s great economy is its excellent system of higher education, which has established itself as one of the premier options for studying abroad in Europe and even the world. Many international graduates return home to work at some of the top companies in the country after completing their degrees abroad.
12. Austria [€4,080 per month]
Austria is one of the best-paying countries in Europe. The average monthly gross salary there is 3,553 euros. This makes Austria the tenth best-paying country in Europe, despite high taxes and a high cost of living.
In addition to its high average salary, Austria has a low level of unemployment and a high employment rate. If you choose to get your degree in Austria, you will have an excellent opportunity for finding a job.
The prospects for future growth are also good. Austria offers many opportunities for studying abroad and there are plenty of jobs for expats, both from multinational companies and from small businesses.
What Is The European Average Salary?
According to Eurostat, the average monthly wage in the EU countries is €1,921.19. There are about 55 European countries of which 27 are in the EU, so getting an overview of the average salary is a bit difficult. Salaries in European countries vary due to the cost of living, taxes, and economy.
Many of the European states have a GDP per capita similar to that of developed countries in East Asia and higher than that of most countries in Sub-Saharan Africa. For instance: in 2014, an employee in Germany earned more than double his counterpart in Bulgaria.
Shockingly, employers in Europe pay a lot more than in other parts of the world. In fact, on average, you can say that European salaries are 2.5 times as large as in countries like South Africa, Brazil, or Indonesia. The highest salaries are paid in Norway, Luxembourg, and Switzerland, while the lowest ones are in Bulgaria and Romania. European powerhouses like the United Kingdom, Germany, France, and Belgium pay high salaries while countries that pay way less are Albania, Azerbaijan, and some other countries.
Wondering what the average salary is in Europe? Your first thought might be to search Google for a list of salaries in each country, but you would end up getting hundreds of different answers. Instead, let’s find averages using data collected by Eurostat, Wikipedia, and Statista, who have collected data on almost everything including the average salary in Europe.
|Country||Local Currency||Average Gross Salary in EUR (€)|
|Bosnia and Herzegovina||Bosnia and Herzegovina convertible mark||856|
|North Macedonia||Second Macedonia denar||721|
|United Kingdom||Pound sterling||3,061|
How Much Is A Good Salary in Europe?
Many factors determine how much a good salary in Europe. The first one is the cost of living, which varies from one country to another. Personal income taxes also vary a lot. In countries like Denmark and Sweden, for example, you pay a high-income tax, but the cost of living is so low that you still can earn a decent salary. In other countries like France, Italy, and Spain, however, it’s much cheaper to live, but the income taxes are high.
Another factor is the exchange rate between the euro and your native currency. If you’re from a country with a strong currency, for example, Germany or England, you will be able to get more euros for your money than if you were from a country with a weak currency such as Greece or Ireland.
With a gross salary of 48,000 EUR per annum as a single, you will get about €4,000 monthly or €2,000 after tax. It’s a good income for a single person. This is an average wage for skilled and qualified professionals with several years of experience.
In practice, it’s very hard to give an average of what is considered a good salary in Europe. It depends on your preferences and lifestyle.
Which Jobs and Industries Are the Most In-Demand in Europe?
In the past decade and a half, Europe has experienced economic growth, monetary stability, and increased political cooperation. In addition, many countries have provided welfare support to their citizens to increase social mobility. While some of these countries have seen an increase in unemployment, many industries are still in great need of workers. The largest industries in Europe are the food industry, followed by chemicals and pharmaceuticals.
The most in-demand jobs and industries in Europe vary by country, but there are a few trends that we can see across the continent. One of these is that manufacturing and engineering are among the most commonly sought positions—this could be because European countries have traditionally been known for their manufacturing prowess, and it’s no surprise that they still hold a strong reputation for producing high-quality goods.
There’s also a demand for healthcare workers, so if you’re considering a career in medicine, nursing, or one of the many other healthcare-related fields, this might be the place to start. Here is a tabulated list of in-demand jobs in the UK, Germany, France, Italy, and Spain.
|Entertainment||Transportation & Logistics||Non-profit||Agriculture||Public Safety|
|Wellness & Fitness||Construction||Software & IT Services||Education||Entertainment|
|Construction||Legal||Transportation & Logistics||Transportation & Logistics||Retail|
|Transportation & Logistics||Public Safety||Agriculture||Retail||Agriculture|
|Legal||Hardware & Networking||Education||Energy & Mining||Education|
|Hardware & Networking||Software & IT Services||Manufacturing||Manufacturing||Design|
|Consumer Goods||Consumer Goods||Finance||Wellness & Fitness||Hardware & Networking|
|Education||Real Estate||Recreation & Travel||Recreation & Travel||Software & IT Services|
|Software & IT Services||Media & Communications||Wellness & Fitness||Software & IT Services||Consumer Goods|
|Design||Finance||Design||Hardware & Networking||Manufacturing|
Which Country in Europe Has the Highest Number of Job Opportunities?
The European continent provides a huge amount of opportunity for those looking to work abroad, especially in countries like the U.K., Germany, Ireland, and France. But one of the most exciting things about having access to all of these different places is being able to choose where to live, and if you know you want more job opportunities in Europe, which country has the highest number?
What Drives Higher Average Incomes?
- Education: Higher levels of education can lead to better job opportunities and higher-paying careers. A well-educated workforce is often more productive and can contribute to economic growth.
- Skill and Expertise: Specialized skills and expertise in fields such as technology, engineering, medicine, and finance can command higher salaries in the job market.
- Economic Growth: Regions or countries experiencing strong economic growth tend to have higher average incomes, as businesses expand and create more jobs, leading to increased wages.
- Industry and Sector: Certain industries, such as technology, finance, and healthcare, often offer higher-paying jobs compared to others. The industrial composition of an area can impact average incomes.
- Labor Market Conditions: Labor supply and demand, as well as labor market flexibility, influence wages. A tight labor market with high demand for workers can lead to higher incomes.
- Entrepreneurship: A thriving entrepreneurial ecosystem can lead to the creation of successful businesses and high-income opportunities for business owners and employees.
It would seem that the countries with higher living expenses (high prices of food and accommodation) were naturally followed by a more competitive salary, but this was not always the case. For instance, people in Switzerland are among the highest paid in Europe which translates into the costs of living being among the highest in the world.
The job market in Europe is constantly changing, with countries like Germany and Norway especially benefiting from the recent growth in jobs. This is why it is so important to consider what your living expenses will be when choosing your European location. New job opportunities are coming up every day, so apply today and you just might have the prospects of a lifetime tomorrow!