The Monegasque Institute of Statistics and Economic Studies recently released a new report about Monaco’s unique workforce over the course of the past year.
In 2024, the Principality had 78,364 jobs. More than nine out of ten of these jobs were salaried (90.4%, or 70,825). The vast majority of salaried employment was in the private sector (83.7%, or 65,599 positions), with the remaining share in civil service (6.7%, or 5,226 jobs).
30% more employment in the past ten years
Over the past ten years, employment in Monaco has increased by 30.7%, despite the health crisis. This corresponds to nearly 18,400 additional jobs in Monaco since 2015.
Self-employment grew much more rapidly over the same period, by around 51.0%, representing an average annual growth rate of 4.7%. This represents an additional 2,546 self-employed jobs since 2015.
The number of private sector employees exceeded the 60,000 mark with 60,454 employees in December 2024 or 2,128 more compared to last year, an increase of 3.6% (+5.1% in 2023).
Less than 40% of workers are Women
Fewer than four out of ten private sector employees are women. 37,568 men and 22,887 women are employed in the private sector in 2024 or 37.9% women. That is less than last year (38.3%).
The gender distribution varies depending on the sector. In 2024, the proportion of men reached 91.8% among employees in Construction. Only four sectors have more women than men: Administration, Education, Health and Social Work (72.0% women), Other Service Activities (59.0% women), Retail Trade (52.8%), and Financial and Insurance Activities, which are closest to parity with 50.4% women.
Nearly 108 million hours were worked in the private sector in 2024, an increase of 4.6 million compared to 2023 (+4.5%).
An Aging Workforce
In 2024, the average age of private sector employees was 42.4 years: 42.3 years for women and 42.5 years for men. In 2015, the average age was 41.3 years, meaning the workforce has aged by approximately one year and two months over the past decade.
25% of private sector workers live in Nice
The Monegasque labor market is distinguished by several unique features, particularly compared to its French and Italian neighbours. The number of workers is almost twice that of residents, meaning Monaco’s workforce largely resides outside of the Principality.1,014 Monegasques were employed in Monaco’s private sector in 2024.
More than a quarter of private sector employees live in Nice, an increase of nearly 4,900 since 2017. 145 different nationalities are recorded among private sector employees in 2024, compared to 128 ten years ago.
