Monaco’s economy is performing strongly. Average annual real GDP growth in the five years to 2015 stood at 5.4%, outperforming the wider Eurozone, which grew by just 1.2% per annum over the same period. The Principality’s economy also grew faster than the rival private wealth hotspots of Zurich, Geneva and Luxembourg, which had average five-year GDP growth rates of 1.6%, 1.3% and 3.4% respectively.
At €166,000, GDP per capita is the second highest globally (just behind Liechtenstein). Monaco is a net importer of labour, employing 47,504 people in the private sector, of which 76% reside in France.
In contrast to many other small states built on single economic sectors (usually financial services), Monaco’s economy is highly diversified. Marine sciences, tourism, gambling, high-value manufacturing and construction, as well as private banking and insurance, all contribute to the economic base.
Monaco is home to the highest concentration of millionaires in the world. WealthInsight counts 31 millionaires per 100 residents, an increase of 7% since 2014. Fast and direct connections to the rest of the continent have helped this figure rise. Independent of the EU, but physically connected to it, Monaco benefits from two state-of-the-art marinas – Port Hercules and Port de Fontvieille – with another, Port de Cap d’Ail, located immediately adjacent in neighbouring France. The Héliport de Monaco provides a six-minute connection to Nice Côte d’Azur International Airport.