The annual personal income in Iceland was 10.0 million ISK on average in 2024, or about 831 thousand ISK per month. That is a 6.7% increase from last year. When looking at price adjustment, the real increase is about 0.8%. The median of annual personal income was 8.3 million ISK, indicating that one-half of individuals had a total income under 691 thousand ISK per month. The increase for median value in personal income was 7.3%, but when looking at price adjustment, the increase was 1.4%.
Employment income was 6.8 million ISK on average, capital income 1.2 million and other income 2.0 million ISK. Total income is the sum of employment income, capital income and other income.
Income composition by men and women
In the year 2024, the average total income for women was approximately 750 thousand ISK per month, while for men it was around 912 thousand ISK. Within the age group 24-54 years, the average total income for women was 825 thousand ISK per month, compared to 983 thousand ISK for men.
Income from work generally constitutes the largest portion of total income, although other sources of income carry more weight in older age groups. The difference in income from work between men and women can be explained among other, by the fact that men tend to work more hours than women on average. When examining other income, it becomes evident that these are higher for women than men up to a certain age. For example, in the age group 25-54 years, the average amount of other income for women was 113 thousand ISK per month, while it was 71 thousand ISK for men.
About income statistics from tax returns
Statistics Iceland has published statistics on personal income for the period 1990 to 2024 by municipality, age and sex. This comprises total income as well as income from earnings, capital gains and disposable income including other income and taxes. Results are based on individuals’ tax returns.