Based on the data from 2023, Luxembourg, Switzerland, and Malta lead Europe in financial services and insurance salaries as a percentage of GDP. Notably, Luxembourg tops the list at 7.6%, followed by Switzerland at 4.4%, and Malta at 3.7%. On the other hand, countries like Slovakia, Norway, and the Czech Republic have the lowest values.
Year-on-year variations in 2023 show significant declines in Cyprus (-3.88%), Denmark (-4.36%), and Ireland (-6.3%). Some countries, including Malta, France, and Lithuania, saw positive trends with increases of 1.12%, 1.22%, and 14.87%, respectively. The average variation per year (CAGR) over the past five years reveals a mix of growth and decline across the continent.
Future trends to watch:
- Potential stability in larger economies like Germany and the United Kingdom, despite slight declines last year.
- Continued growth in emerging markets such as Lithuania.
- Effect of economic policies and digital transformation on financial services employment across Europe.
Top countries in Financial Services and Insurance Wages and Salaries by Country
| # | 10 Countries | Percent of GDP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Luxembourg | 7.6 | 2023 | 0% | -0.77% | View data |
| 2 | 2 Switzerland | 4.4 | 2023 | +2.33% | 0% | View data |
| 3 | 3 Malta | 3.7 | 2023 | +2.78% | +1.12% | View data |
| 4 | 4 Cyprus | 3.2 | 2023 | 0% | -3.88% | View data |
| 5 | 5 United Kingdom | 2.5 | 2023 | -3.85% | -0.78% | View data |
| 6 | 6 Iceland | 1.9 | 2023 | 0% | -1.02% | View data |
| 7 | 7 Netherlands | 1.7 | 2023 | 0% | 0% | View data |
| 8 | 8 Austria | 1.7 | 2023 | 0% | 0% | View data |
| 9 | 9 France | 1.7 | 2023 | 0% | +1.22% | View data |
| 10 | 10 Denmark | 1.6 | 2023 | -5.88% | -4.36% | View data |
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