Total income in 2017 was 6.4 million ISK on average and monthly total income was 534 thousand ISK. This is an increase of 6.7% from 2016, at 2017 prices. At the same time the median total income was 5.0 million ISK or 416 thousand ISK monthly, which is an increase of 7.1% between years. It should be noted that these averages are based on individuals from the age of 16.
The median of total income increased steadily from 2000 to 2007. In the following three years, total income decreased by a little over 20%. Since then, total income has been increasing and is now close to what it was in 2007, at 2017 prices. However, the composition of total income has changed in the sense that the share of capital income is now less than it was in 2007.
Of the ten most populous municipalities, Garðabær had the highest average total income or 8.2 million ISK. The second highest total income was in Kópavogur or 6.9 million ISK. The increase between years was similar in these municipalities.
About income statistics from tax returns
Statistics Iceland publishes information on income for the period 1990 to 2017 by municipalities, 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.