To choose Monaco is to benefit from a dynamic economy resolutely turned towards the international world
In 1850, tourism, leisure and the Monte-Carlo Casino dominated economic activity in the Principality. Today the direct and indirect impact of tourism on the Monegasque economy, still estimated to be 15%, has been supplanted by financial activities and international trade. Even more surprising is the fact that revenue from gambling in the casinos of the famous SBM (Société des Bains de Mer) represents a mere 5.5% of the State’s resources, whereas VAT brings in nearly 50%.
By capitalising on its obvious assets – a privileged location, accessibility, political stability, maximum security for individuals and property, an active cosmopolitan population and moderate tax system – the Principality has encouraged development of a dynamic and diversified platform resolutely turned towards the international world.
“Made in Monaco” is a fabric of over 5,000 companies hailing from a wide range of sectors: International trade, banking and finance, other services, tourism – hotels, retail, real estate and construction, among others. The tertiary sector and other services with high added value are spear-heading the Monegasque economy, and are particularly well suited to a small territory. Yet industry is still very much alive here, representing 6% of the total turnover. Encompassing a wide variety of “niche activities”, where manual expertise rubs shoulders with high tech know-how, a skilled labour force and absence of pollution, the industrial scene is constantly adapting.