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Average Salary in Iceland 2018

How much money does a person working in Iceland make?

540,529 ISK per month
Average Monthly Salary
A person working in Iceland typically earns around 540,529 ISK per month.
This is the average monthly salary including housing, transport, and other benefits.
Salaries differ drasticly between different jobs. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Distribution of Salaries in Iceland | All Jobs

25% of people earn
500,000 ISK
or less
50% of people earn
506,219 ISK
or less
75% of people earn
666,667 ISK
or less
Minimum
350,000 ISK
Median
506,219 ISK
Maximum
760,000 ISK

Abount These Figures: Salary Range, Median and Percentiles

Salaries in Iceland range between 350,000 ISK per month (minimum salary) to 760,000 ISK per month (maximum salary).

The median salary is 506,219 ISK per month, which means that half (50%) of the population are earning less than 506,219 ISK while the other half are earning more than 506,219 ISK. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of the population are earning less than 500,000 ISK while 75% of them are earning more than 500,000 ISK. Also from the diagram, 75% of the population are earning less than 666,667 ISK while 25% are earning more than 666,667 ISK.

What is the difference between the median and the average salary? What should you be looking at?

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plently of room for improvement. If your wage is in between the average and median, then things can be a bit confusing. We have written a guide to explain all the different senarios. How to compare your salary

Salaries for specific job categories

Choose your job category from below to explore specific salary details

Salary Trend and Forecast in Iceland

How are Iceland salaries changing over time? Listed below is a chart that shows the average salary over the past few years.

2015201620172018
Average Salary 2015    =  
497,553 ISK
Average Salary 2016    +3%  
511,485 ISK
Average Salary 2017    +3%  
525,806 ISK
Average Salary 2018    +3%  
540,529 ISK
Percentage increase and decrease are relative to the previous value
Salaries in Iceland are on the rise in the year 2018 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2018 are 3% higher than those of 2017. The trend suggests a slow yet continous increase in pay in 2019 and future years. These numbers differ slightly from industry to another.


Average Hourly Wage in Iceland | All Jobs

2,772 ISK per hour
Average Hourly Wage

The average hourly wage (pay per hour) in Iceland | All Jobs is 2,772 ISK. This means that the average person in Iceland earns approximatly 2,772 ISK for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

The hourly wage is the salary paid in one working hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and annual vacation allowance. The figures mentioned above are good approximation and they are considered to the be the standard.

Salary Comparison By City

CityAverage Salary
Keflavik520,000 ISK
Reykjavik512,740 ISK
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