Between 1991 and 2011, the number of holders of a higher education diploma increased in Metropolitan France and they were more concentrated in the large agglomerations. At the same time, the wage advantage of higher education graduates improved in the densest local labour markets, whereas it declined in the rest of the country. This suggests that the wage dynamic involved here is rather the result of an adjustment on the part of employers to the demand for work. This finding of a territorial concentration of the most highly qualified employees, coupled with a greater increase in their wage advantage in those areas where they are most in demand by employers, is consistent with observations in the United States. However, in the United States, it resulted in an accentuation of inequalities in terms of wage advantage for graduates between areas, whereas France experienced a trend towards homogenisation of local labour markets. The reason for this is that at the beginning of the 1990s, the wage advantage of higher education graduates in France was lower in the large agglomerations than in the rest of the country; this is no longer the case today.