A total of 46 bank employees in the grand duchy made more than €1m in 2022, according to the latest figures from an EU regulator.

The Luxembourg bankers took home an average of €1,453,565 each, the European Banking Authority on 25 April 2024. About half (52%) of total pay was variable remuneration, such as performance bonuses or deferred compensation.

While individual details were not published, 42 of the 46 Luxembourg bankers earned between €1m and €2m in 2022, three between €2m and €3m, and one between €5m and €6m.

A majority (61%) of the 46 bankers worked in management functions, the EBA reported. However, six worked in retail banking, while one worked in asset management, one in investment banking, one had a corporate function and nine had “other” positions.

In both Luxembourg and across the entire EU, 91% of high earning bankers were men and 9% women.

The EBA’s previous reports listed a total of 37 Luxembourg bank employees who earned more than €1m a year in 2021 and 23 in 2020.

Across the entire EU, there were 2,017 bank staffers who made more than €1m in 2022, up slightly from 1,957 in 2021 and 1,383 in 2020.

The EBA report stated: “The growth in the number of high earners is predominantly attributed to the good performance of institutions, expansion of business and the increase of salary levels related to inflation.”