The annual personal income in Iceland was 8.4 million ISK on average in 2022 or little less than 700 thousand ISK per month. The median of annual personal income was 6.6 million ISK or 554 thousand ISK per month, indicating that one-half of individuals had a total income under 554 thousand ISK per month.
Employment income was 5.8 million ISK on average, capital income 0.8 million and other income 1.7 million ISK. Total income is the sum of employment income, capital income and other income.
The number of municipalities in Iceland was 64 at the end of the 2022. The median of total annual income was highest in Garðabær, or 7.9 million ISK and over 7.8 million ISK in Seltjarnarnes. In Fjarðarbyggð the median of total annual income was just below 7.4 million ISK, 7.3 million in Kópavogur and above 6.9 million ISK in Reykjavik. In fourteen municipalities the median was less than 7.0 million ISK.
The average of the total annual income is relatively higher than the median value or nearly 10.6 million ISK in Seltjarnanes and Garðabær. The average of annual total income was 8.3 million ISK in Reykjavik and 8.5 million ISK in Hafnarfjörður and Mosfellsbær. Thirteen municipalities had total annual income under 7.0 million ISK on average.
A further breakdown of the median of total annual income by municipalities, is in the graph below.
About income statistics from tax returns
Statistics Iceland has published statistics on personal income for the period 1990 to 2022 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.