Number of people earning over €60,000 triples since 2021 in Malta

28,191 people earned over €60,000 a year in 2024 – more than three times the number recorded in 2021.

Finance Minister Clyde Caruana confirmed various new income figures in Parliament on Wednesday (yesterday), in addition to last week’s.

The number of Malta’s highest earners has continued to grow, with 5,308 people declaring an income of €120,000 or more in 2024, up from 3,938 in 2022 and 3,153 in 2021.

The data paints a picture of a steadily expanding group of top-income earners in Malta. In 2021, 7,993 people earned between €60,000 and €79,999, while 3,500 earned between €80,000 and €99,999, and 1,808 earned between €100,000 and €119,999.

By contrast, the latest figures for 2024 show that 14,399 people now fall within the €60,000–€79,999 range, 5,584 earn between €80,000 and €99,999, 2,900 between €100,000 and €119,999, and 5,308 earn €120,000 or more.

High earners make up 8.5 per cent of Malta’s workforce

According to employment data published in September by the NSO, 295,571 people in April were registered as full-time workers, while 35,292 work part-time as their primary job. This means that 8.5 per cent of Malta’s workforce now earns €60,000 or more annually, while 1.6 per cent earn a salary exceeding €120,000.

These figures highlight how Malta’s labour market has evolved in recent years, with more professionals entering higher income brackets despite broader concerns about rising living costs.