The employees who are part of the best paid 1% are mostly men, over the age of 50, working in Hauts-de-Seine or in Paris, according to an INSEE study published on Thursday. The higher the salary, the fewer women there are and the more athletes and bankers are present.
A man, over 50 years old, living in Hauts-de-Seine or in Paris and mainly occupying managerial or executive positions in companies and banks. This is the robot portrait of the employee whose remuneration is among the highest 1% in the private sector, drawn up by INSEE in a study published on Thursday.
In 2017, 1% of employees in the private sector received more than 8,680 euros net per month, which corresponds to 7.5 times the minimum wage. Not to mention the income from capital. Among these 163,000 people, a little more than half of them are administrative and commercial executives, accounting and financial executives or engineers and technical executives. A quarter are salaried leaders (presidents, general managers, managers, etc.) and staff executives. Executives from banking and financial market organizations, which includes portfolio managers and traders in particular, make up 7% of this group of employees, contrary to popular belief. And as we generally arrive at a managerial or managerial position at the end of their career, the employees of the Top 1% are quite old since 52% are over 50 years old.
Ile-de-France concentrates more than 40% of very high incomes
In what sectors do these French people work? “Top 1% employees are over-represented in the head office and management consulting sectors of activity and in financial services, including in particular the activities of holding companies and financial intermediation”, notes INSEE. Wholesale trade and computer activities including programming or computer consulting are also sectors where these employees are very present.
Fewer women and more athletes the more wages rise
The landscape is a little different when you move up the salary scale even higher. The Top 0.1% receives more than 22,860 euros per month, the 1,000 best paid employees more than 89,530 euros, and the 100 employees who earn the most in France, more than 280,580 euros per month. “The share of salaried executives, staff executives of large companies and executives in the financial sector is still increasing to the detriment of that of other executives; that of professional athletes becomes significant ”, underlines INSEE.
There, the football player is very present as well as the leader of the CAC 40 and the trader. More specifically, athletes account for 11% of the 1,000 richest employees in the country and 26% of the 100 wealthiest. Bank executives represent 11% of the 1,000 best paid employees in France and managers 45%.
But where are the women? They are well hidden … While they represent 42% of employees in the private sector, their share decreases as income increases. They are only 18% of the Top 1% and only 9% of the 1,000 highest paid employees in the country. “This low presence of women among the best paid employees clearly contributes to increasing the average wage gap between women and men: on average, in 2017, in the private sector, women earned 16.8% less than men, but excluding Top 1%, the difference falls to 12.4% “, notes INSEE.