MigrantoAverage salary in Iceland
What people take home per month and earn per year, by industry and against other countries
Wages in Iceland
73% of gross pay stays in hand after income tax and employee contributions
Per employee, all industries
Take-home / mo
ISK 595,000
Gross / yr
ISK 9.8M
Salaries in Iceland by industry
Take-home pay by industry against the national average
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Key facts
Salaries in Iceland in numbers
Among the highest-paying countries in the world
#4 of 169 by average take-home pay, at ISK 595,000 a month and #2 in Europe.
Out-earns every neighbour
No neighbouring country pays more. The closest is Norway at ISK 590,000 a month against ISK 595,000 here.
6.7× the world median wage
Take-home averages ISK 595,000 a month, against ISK 88,900 in the middle country worldwide.
Education is paid unusually poorly in Iceland
Here it sits at -16% against the national average, where the same industry usually sits at +16%.
Industries pay unusually close together
Education sits at the bottom on ISK 501,000 a month, 1.9× below the best-paid industry, where a typical country stretches 3.1×. Which industry you land in matters less here than in most places.
Finance & insurance pays the most
It averages ISK 945,000 a month, 59% above the national average of ISK 595,000.
How salaries in Iceland compare
Neighbours, region and the world on the same take-home figure
Industries against the world
Where this country pays an industry more, or less, than that industry is usually paid
Pays more than usual here
- Manufacturing+22% here, usually -6%
- Hospitality & food-12% here, usually -27%
- Other services-7% here, usually -19%
Pays less than usual here
- Education-16% here, usually +16%
- IT & communication+26% here, usually +47%
- Health & social work-2% here, usually +12%
“Usually” is what the same industry pays above or below the national average in a typical country
Data source: Structure of Earnings Survey 2024 (Eurostat), adjusted to 2026 using IMF GDP-per-capita growth
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What you could earn in Iceland
Tell us what you do and what you earn today — we'll estimate what someone with your background could earn in Iceland, what your living costs might be, and what you could save
- What someone in your field earns
- What you could spend and save
- How it compares with today
Take-home in Iceland
ISK 238,000/mo
vs ISK 149,000 in your country
Cost of living
ISK 254,000
vs ISK 99,500 in your country
Potential savings
−ISK 16,600
more than in your country
Standard of living
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Frequently asked questions
What is the average salary in Iceland?
The average salary in Iceland is ISK 819,000 a month before tax, or ISK 595,000 take-home after tax and social contributions. Over a year that's ISK 9,830,000 before tax and ISK 7,130,000 after.
What is the average salary in Iceland in US dollars?
The average salary in Iceland in US dollars is about $79,020 a year before tax, or $4,781 a month after tax.
What are the highest-paying jobs in Iceland?
The highest-paying jobs in Iceland are in finance, IT, and manufacturing. Take-home pay in these industries averages around ISK 945,000 a month (about ISK 15,600,000 gross a year), roughly 59% above the national average.
What is a good salary in Iceland?
A good salary in Iceland is generally one above the national average — more than ISK 595,000 take-home a month, or ISK 9,830,000 gross a year. But a lot depends on your spending, where you live, and your financial goals.
What salary do you need to live comfortably in Iceland?
A typical person in Iceland spends about ISK 482,000 a month, while the average take-home pay is ISK 595,000. How much you need to live comfortably depends on the city, your family situation, and how you usually spend. See the cost of living in Iceland for the full picture.
What are the lowest-paying jobs in Iceland?
Education is the lowest-paying industry in Iceland. Pay there averages around ISK 501,000 a month take-home (about ISK 8,280,000 gross a year). For comparison, the highest-paying industries pay about 1.9 times more.
Is Iceland a high-salary country?
Yes. By average after-tax pay, Iceland is ahead of 98% of countries worldwide and ranks 2nd out of 41 countries in Europe.
Where to live?
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Living in Iceland
See the full country overview