Between 2014 and 2022 in Iceland, men earned more than women. Whereas the average wage in the country has increased steadily over the past six years for both genders, men earn over 120,000 Icelandic Krona (ISK) more than women. The average earnings of Icelandic men was 932,000 Icelandic Krona in 2022 compared to 625,000 in 2014. For women, the mean income was 808,000 Icelandic Krona in 2022 and 492,000 in 2014.

Between 2014 and 2022 in Iceland, there was a steady increase in average monthly earnings. While the mean income was 563,000 Icelandic Krona in 2014, it rose to 871,000 Krona in 2022, showing an increase of 54 percent over these nine years.

Among all occupational groups in Iceland, men have higher average wages than women. Managers was the occupational group with the highest average earnings in 2022, with men earning around 1.3 million Icelandic krona per month, compared to women's 1.1 million. Elementary occupations was the group with the lowest average earnings, with men and women earning 480,000 and 480,000 Icelandic krona per month, respectively. There is a significant income gap between the genders in Iceland.

Key information about Iceland Household Income per Capita

• Iceland Annual Household Income per Capita reached 61,901.130 USD in Dec 2022, compared with the previous value of 60,523.130 USD in Dec 2021.
• Iceland Annual Household Income per Capita data is updated yearly, available from Dec 1990 to Dec 2022, with an averaged value of 36,152.955 USD.
• The data reached an all-time high of 71,650.752 USD in Dec 2007 and a record low of 18,156.928 USD in Dec 1994.
• In the latest reports, Retail Sales of Iceland grew 9.708 % YoY in Apr 2023.

CEIC converts Annual Household Income per Capita into USD. Statistics Iceland provides Average Household Income per Capita in local currency. The Central Bank of Iceland average market exchange rate is used for currency conversions.

In Iceland, there is a significant income gap between men and women. Even though the average income of both sexes increased steadily from 2008 to 2021, men have consistently earned around 500 Icelandic Krona more than women every hour. Whereas Icelandic men earned over 4,100 Krona per hour in 2021 compared to 2,110 in 2008, the numbers were respectively close to 3,700 and 1,680 for women, showing that the income gap in Iceland was almost just as high in 2021 as it was 13 years earlier.

Iceland Average Income: Work: Female data was reported at 3,426.000 ISK th in 2016. This records an increase from the previous number of 3,099.000 ISK th for 2015. Iceland Average Income: Work: Female data is updated yearly, averaging 1,436.000 ISK th from Dec 1990 (Median) to 2016, with 27 observations. The data reached an all-time high of 3,426.000 ISK th in 2016 and a record low of 567.000 ISK th in 1990. Iceland Average Income: Work: Female data remains active status in CEIC and is reported by Statistics Iceland . The data is categorized under Global Database’s Iceland – Table IS.G028: Average Income: by Age and Sex.

In Iceland, people working in the financial and insurance industry had the highest average wages in 2022, earning more than one million Icelandic krona per month. The electricity, gas, steam and air conditioning industry had the second highest average wages. With short of 530,000 Icelandic krona per month, the accommodation and food industry had the lowest average wages in Iceland in 2022.

Iceland Average Income: Total data was reported at 6,418.000 ISK th in 2017. This records an increase from the previous number of 5,910.000 ISK th for 2016. Iceland Average Income: Total data is updated yearly, averaging 2,855.000 ISK th from Dec 1990 (Median) to 2017, with 28 observations. The data reached an all-time high of 6,418.000 ISK th in 2017 and a record low of 1,116.000 ISK th in 1990. Iceland Average Income: Total data remains active status in CEIC and is reported by Statistics Iceland . The data is categorized under Global Database’s Iceland – Table IS.G028: Average Income: by Age and Sex.

Iceland Average Income: Capital: Female data was reported at 580.000 ISK th in 2017. This records an increase from the previous number of 470.000 ISK th for 2016. Iceland Average Income: Capital: Female data is updated yearly, averaging 276.500 ISK th from Dec 1990 (Median) to 2017, with 28 observations. The data reached an all-time high of 1,109.000 ISK th in 2007 and a record low of 33.000 ISK th in 1994. Iceland Average Income: Capital: Female data remains active status in CEIC and is reported by Statistics Iceland . The data is categorized under Global Database’s Iceland – Table IS.G028: Average Income: by Age and Sex.

Iceland Average Income: Work data was reported at 4,563.000 ISK th in 2017. This records an increase from the previous number of 4,291.000 ISK th for 2016. Iceland Average Income: Work data is updated yearly, averaging 2,053.500 ISK th from Dec 1990 (Median) to 2017, with 28 observations. The data reached an all-time high of 4,563.000 ISK th in 2017 and a record low of 922.000 ISK th in 1990. Iceland Average Income: Work data remains active status in CEIC and is reported by Statistics Iceland . The data is categorized under Global Database’s Iceland – Table IS.G028: Average Income: by Age and Sex.

The income level in Iceland generally correlates with educational levels across the country; the higher the educational level, the higher the average income. In 2020, people with a doctoral degree or an equivalent education had the highest average income in Iceland, earning 13.8 million Icelandic Krona on average. In contrast, people with a basic educational only earned 5.2 million Icelandic Krona on average in 2020.

Iceland Average Income: Disposable: Female data was reported at 4,243.000 ISK th in 2017. This records an increase from the previous number of 3,846.000 ISK th for 2016. Iceland Average Income: Disposable: Female data is updated yearly, averaging 1,817.500 ISK th from Dec 1990 (Median) to 2017, with 28 observations. The data reached an all-time high of 4,243.000 ISK th in 2017 and a record low of 666.000 ISK th in 1990. Iceland Average Income: Disposable: Female data remains active status in CEIC and is reported by Statistics Iceland . The data is categorized under Global Database’s Iceland – Table IS.G028: Average Income: by Age and Sex.

Les salaires en Islande ont augmenté à 868 000 ISK/mois en 2023 contre 809 000 ISK/mois en 2022. Les valeurs actuelles, des données historiques, des prévisions, des statistiques, des tableaux et le calendrier économique - Islande - Salaires.

The public sector - central government was the sector with the highest mean wages in Iceland in 2022, 776,000 and 708,000 Icelandic krona per month for men and women, respectively. While men working in the private sector earned more than men in the local government, women in local government had higher average earnings than women in the private sector. There is a significant income gap between the genders in Iceland.

Iceland Average Income: Disposable: Male data was reported at 5,224.000 ISK th in 2017. This records an increase from the previous number of 4,868.000 ISK th for 2016. Iceland Average Income: Disposable: Male data is updated yearly, averaging 2,528.500 ISK th from Dec 1990 (Median) to 2017, with 28 observations. The data reached an all-time high of 5,224.000 ISK th in 2017 and a record low of 1,185.000 ISK th in 1990. Iceland Average Income: Disposable: Male data remains active status in CEIC and is reported by Statistics Iceland . The data is categorized under Global Database’s Iceland – Table IS.G028: Average Income: by Age and Sex.

The national minimum wage per month in Spain increased steadily over the last years. The minimum monthly wage grew by about 89 percent from 2008 to 2024, with salaries increasing from 600 euros a month to 1,134 euros a month in 2023. In 2019, the Socialist government of Spain passed a decree by which the national minimum wage would be given a boost of 164 euros, therefore making it stand at 900 euros per month as of that year, the largest increase to date.

Salaries in Spain

Along with the monthly wage, the national minimum daily wage also grew consistently over the past years, with the gross minimum standing at 37.8 euros a day in 2024 relative to 20 euros a day in 2008. Annual wages in Spain have however not followed this trend and fluctuated greatly during the same period. The highest average wage registered in Spain took place in 2009, year in which the mean salary amounted to over 30,000 euros a year after a period of ongoing growth. Spanish salaries however initiated a downtrend that prompted the average worker to earn approximately 29,113 thousand euros a year in 2022.

Salaries in Europe

Iceland ranked as the European country that featured the highest salaries in 2022, with an average wage of approximately 79,473 euros a year. Luxembourg and Switzerland followed second and third, with average salaries of 78,000 and 73,000 a year, respectively. In terms of growth, Portugal ranked as the country that saw the lowest decrease in salaries in 2022 compared to the previous year, with a development of -0.2 percent more relative to 2021, during that year, no European country registered an increase in real wages.

Graph and download economic data for Current Account Balance: Total Income for Iceland (DISCONTINUED) (BPBLIN01ISA637S) from 1990 to 2013 about Iceland, current account, BOP, and income.

Although Iceland was the first country in the world to enforce equal pay for men and women, and despite Iceland being one of the top places in the world to work for women, a gender pay gap still existed in 2022. That year, the gender pay gap favoring the men was the highest among directors and chief executives. On the other hand, female senior government officials received almost the same monthly salary as their male counterparts.

Iceland Average Income: Other: Female data was reported at 1,333.000 ISK th in 2017. This records an increase from the previous number of 1,174.000 ISK th for 2016. Iceland Average Income: Other: Female data is updated yearly, averaging 475.000 ISK th from Dec 1990 (Median) to 2017, with 28 observations. The data reached an all-time high of 1,333.000 ISK th in 2017 and a record low of 143.000 ISK th in 1990. Iceland Average Income: Other: Female data remains active status in CEIC and is reported by Statistics Iceland . The data is categorized under Global Database’s Iceland – Table IS.G028: Average Income: by Age and Sex.

Graph and download economic data for Current Account Debit: Total Income for Iceland (DISCONTINUED) (BPDBIN01ISA636S) from 1990 to 2013 about debit, Iceland, current account, BOP, and income.