What makes a good salary across Europe's capitals?

What constitutes a good salary in Europe can vary greatly depending on several factors, including profession, education, and individual expectations. Chris Chasteen, Research Director at ERI Economic Research Institute, emphasizes that location, experience, industry, and lifestyle also play a significant role in determining what qualifies as a good income.

As Euronews reports, in major European cities, salaries tend to reflect the cost of living. For example, in Berlin, mid-career professionals typically earn between €40,000 and €60,000 gross per year. A salary between €64,000 and €70,000 gross is often considered good in Germany, which translates to around €3,300 to €3,600 net per month for a single person. Despite rising living costs, Berlin remains more affordable than cities like London or Paris, according to Michael Stull, managing director at ManpowerGroup UK.

In London, mid-career professionals often earn between £50,000 (€59,455) and £70,000 (€83,235) gross annually. Given that median earnings in the capital are 23% higher than the UK average, a good salary in London should be between €3,643 and €5,183 net per month, depending on the area. Stull points out that the total compensation package, including benefits such as bonuses, stock options, and health insurance, can make a lower base salary more appealing.

In France, a comfortable lifestyle for a single person generally requires around €3,200 net per month, though the average net salary is €2,587. The cost of living in Paris is higher, with an estimated €3,400 needed to maintain a similar standard of living. In Spain, a good monthly salary is estimated to be around €2,700 net for a single person, with mid-career professionals in Madrid earning between €35,000 and €55,000 gross per year.

Ireland sees a good gross salary range between €4,100 and €6,000 per month, while the average gross salary for full-time workers is €3,220. Meanwhile, salaries in Rome are generally lower compared to northern European cities, with mid-career professionals earning between €35,000 and €50,000 gross per year. However, the lower cost of living helps balance this difference.

Satisfaction with household financial situations also varies across Europe. The European Commission reports that only 39% of people in Athens are satisfied with their household income, compared to 87% in Luxembourg. Overall, satisfaction tends to be higher in northern and western European cities.

As workplaces evolve, particularly with the rise of remote and hybrid work, salary expectations are shifting. Experts like Pawel Adrjan, head of EMEA research at Indeed Hiring Lab, note that these changes are influencing how people assess a good salary, making benefits and flexibility more critical than ever before.

[Information sourced from Euronews]