Luxury, glitz, wealth: breaking down Monaco's stereotypes

In its article entitled “Comment Monaco modernise son image pour mieux séduire” (How Monaco is updating its image to be more attractive), Le Figaro sets out the new challenges ahead of the Principality as it seeks to revamp its reputation.

Renowned for its wealth and affluent residents, the Principality has a luxury image that it cannot deny. And Le Figaro was quick to point that out. “On the Rock, we picture the Princely Family behind the thick wall, remembering the Grace Kelly of the 1970s,” writes journalist Marie Visot. A cliché that is no longer enough to bring in the crowds, let alone big investors. “We must attract, welcome, integrate and retain the economic powerhouses that the country needs,” as Frédéric Genta, who is responsible for developing the Principality’s attractiveness, told the journalist. Far from wishing to shake off its image of “a rich real estate paradise”, Monaco now faces a different challenge: breaking down stereotypes.

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The French daily focused on sketching a portrait that reveals Monaco’s strengths, but also its flaws. A number of points were listed to illustrate the Principality’s determination to modernise.

An even more attractive digital environment

As Le Figaro points out, Monaco is far from being on the back foot when it comes to digital technology. The first country to be 100% covered by the 5G network, Europe’s first sovereign cloud and the world’s fastest broadband. Not to mention its start-ups, such as MonacoTech, which the author describes in detail, with its glass offices and ideal workspace for “growing start-ups.”

Interviewed by the newspaper, the sovereign cloud development director Stéphane Caillet even compares the high-end business centre to a “mini La Défense” [Paris’ major business district – Ed.].

New businesses still slow

It’s no secret that it’s difficult to set up a business in the Principality. Between old-fashioned regulations and soaring prices in the real estate and financial sector, Monaco still has a long way to go. And yet Le Figaro has no doubts about the Principality’s “traditional strengths” in terms of business: finance (15% of GDP), tourism (25% of Monaco’s income), events and yachting. Marie Visot of course had to mention the Café de Paris, the lively beaches and the legendary Michelin-starred chefs.

To become “the biggest resort in Europe,” as SBM CEO Stéphane Valeri told the newspaper, Monaco is betting on future international exhibitions. The goal is to have other ‘hits’ like Claude Monet, whose exhibition attracted 120,000 visitors in the summer of 2023, as Le Figaro reports.

Safety: a trump card

600 police officers and 1057 surveillance cameras. With the figures listed by Le Figaro, you’d be hard-pressed not to feel safe in Monaco. There is constant surveillance at every street corner, but also inside the Principality’s establishments. The Controller General of Monaco’s Police Department, Richard Marangoni, explained that “hotel registrations are systematically sent to the police services, who check that the individual is not wanted by Interpol,” every day. In a nutshell, Monaco is looking out for everything and everyone.

Money laundering: The Principality is determined

As the author of the article mentions, Monaco has been under increased scrutiny since January 2023, as the European Council body considers that, despite “considerable work”, the Principality has to do better in terms of surveillance, investigations and enforcement. Casinos and jewellers are in the firing line given the low number of suspicious transaction reports, despite the large number of customers and the importance of these sectors in Monaco.

Since then the government has been “on edge” according to Le Figaro. “Enforcing compliance with Moneyval’s recommendations” is therefore the challenge, as Prince Albert II told Le Figaro in an interview last July. Two laws will create a new independent authority to combat money laundering and financial corruption. A third will bolster its judicial arsenal.