Breakdown of Monaco’s private workforce shows average salary of €4,600 per month

19/11/2023

A new IMSEE report shows that the pay checks of Monaco’s private sector employees vary wildly, with more than half taking home over €3,000 per month, peaking at close to €20,000 in some sectors.

The private sector workforce is in the spotlight in IMSEE’s latest report, released Friday 17^th November. Monaco’s official statistics agency has compared salary scales between the Principality’s major economic sectors (MES) in the year 2022 as well as salary distribution.

It shows that nearly half of all private sector workers earn in excess of €3,074 gross per month in full time equivalent terms (FTE). This goes up to €7,166 for the top tier earners, while one in 10 take home pay packets of €2,126 gross at the lowest end.

FTE, as explained by IMSEE, is a “salary converted to full-time throughout the year (on the legal basis of 169 hours per month), whatever the volume of work actually paid.”

Exceptionally high salaries in certain private sector jobs have pushed the average private sector salary 49.4% higher than the overall median in the Principality, hitting almost €4,600 per month.

WHO ARE THE BIGGEST EARNERS IN MONACO?

The report shows that there are significant disparities in salaries depending on which major economic sector (MES) a person works in. Those in finance and insurance come out the best, with their median gross salary exceeding €6,080 each month. The highest paid in these sectors peaks at €19,169 gross a month, with the average being €10,158.

Coming in second and third, respectively, were information and communication workers, with a median salary of €4,161, or €7,236 at the highest level, and wholesalers, who receive €3,620 per month, or as much as €8,863 for top end wholesale traders.

WHO ARE THE LOWEST EARNERS IN THE PRINCIPALITY?

On the lower rungs were scientific and technical activities employees, who earn a median gross salary of €2,773, beating out the retail workers who sit at the bottom with €2,762 per month. Though the science and tech medians were quite low, the highest paid in the sector saw vastly more remuneration, with pay checks of €6,329 per month. In retail, the story was similar, with the big earners doubling the median at €5,490.

Meanwhile, between 2021 and 2022, the lowest paid individuals had higher pay rises, 4.4%, whilst the highest paid had a more modest 2.1% increase, or roughly €155 every month. Median salaries rose by 2.8%, or €84.

YOUNGER WORKERS ARE PAID LESS

Not unsurprisingly, younger people were paid less than their older counterparts, with the median FTE pay for 15 to 24-year-olds coming in at €2,310 gross. Those aged 25 to 34-years are not far off with €2,856 per month.

Interestingly, the 592 over-65ers in the private workforce make €75 less than the workforce as a whole. It’s the 55 to 64 category who are the biggest earners, with an FTE gross of €3,414.

Women earn over 19% less than their male counterparts, showing the disproportionate number of men amongst the highest earners.

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Photo by Monaco Life

Fête Nationale: Princely Family shines during Monaco’s celebration of heritage and unity

by: Niki Borisova

19/11/2023

Princess Charlene and Princess Gabriella stole the show in matching outfits for Monaco’s National Day on Sunday, while Prince Albert and Prince Jacques donned traditional military attire. Overall, National Day this year was a hit on so many levels.

Monaco’s National Day celebrations came alive this weekend with a dazzling fireworks display, a solemn cathedral service, a grand military parade, and a happy Princely family, exemplifying the Principality’s rich heritage and unity of its Sovereign and his people.

National Day celebrations begin with a bang

A spectacular fireworks display on the evening of Saturday 18^th November, organised by the Monaco Mairie, and a live music show by the band Blønd and Blönd and Blóndset on Port Hercule set the tone for the vibrant festivities this weekend; the pyromelodic wonders marking the beginning of one of the most awaited events in the Principality’s calendar.

A solemn reflection amidst celebration

Transitioning from the vibrant spectacle, the mood shifted to a more sombre and reflective atmosphere on the morning of Sunday 19^th November.

At the historic St. Nicholas Cathedral (Cathédrale de Monaco) a solemn ‘Messe d’Action de Grâce with Te Deum’ was held, attended by Prince Albert, Princess Charlene, Princess Caroline, and Princess Stephanie, alongside the younger generation including Charlotte Casiraghi, Princess Alexandra, Beatrice Borromeo, Pierrre Casiraghi, Tatiana Santo Domingo, Andrea Casiraghi, Louis Ducruet, and his wife Marie. Their attendance symbolised the unity and enduring legacy of Monaco’s Princely family.

*Photo: Direction de la Communication / Frederic Nebinger / Manuel Vitali / Stéphane Danna*

Culminating in the highlight of Fête National

As the day progressed, the celebrations reached their peak. The Place du Palais transformed into a sun-filled stage for a grand parade and military procession. The ceremonious Prise d’armes, accompanied by the distribution of grade insignias and medals, was a spectacle of military precision and national pride. The rhythmic march of the troops, the gleaming uniforms, and the stirring music summarised the spirit of Monaco’s rich heritage and its contemporary ethos.

The pinnacle of the day’s festivities was marked by the much-anticipated Princely family wave. As Prince Albert, Princess Charlene, Prince Jacques and Princess Gabriella appeared on the palace balcony overlooking the Place du Palais, cheers rose from the crowd below and flags were patriotically waved. In other windows, the Sovereign’s sisters and their children also waved and enjoyed the exchange with the citizens of Monaco.

This iconic moment, a blend of tradition and popular appeal, symbolised the close bond between the Monegasque people and their Princely family.

*National Council President Brigitte Boccone-Pagès was among the crowd of proud Monegasque citizens at Fête National Celebrations. Source: Conseil National de Monaco*

A day steeped in history

Monaco’s National Day, deeply rooted in its historical and traditional past, commemorates the Principality’s vibrant cultural legacy and national identity. This celebration dates back to the era of Prince Charles III, who initially set November 19th as a day of joyous festivities, in tribute to the patron Saint of Monaco.

See more in Monaco Life’s Instagram reel below…

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Main photo source: Conseil National de Monaco

F1: Charles Leclerc takes second place under the flashing lights of the Las Vegas strip

by: Elsa Carpenter

19/11/2023

A near perfect weekend on pole ended with a close won second place in Las Vegas for Ferrari driver Charles Leclerc, who lauded the controversial new track and its atmosphere in his post-race comments.

After dominating the practice sessions and qualifying in Las Vegas, Monegasque driver Charles Leclerc secured his fifth pole position of the year and the 23rd of his career.

It was quickly whipped out from beneath him – as early as Turn 1 of the 50-lap race on Sunday 19th November – following an incident with Red Bull’s Max Verstappen, who ran Scuderia Ferrari’s frontrunner off the track.

*Charles Leclerc is handed the Pirelli Pole Position Award by Ferrari film star Patrick Dempsey. Photo credit: Scuderia Ferrari Media Centre*

The 2023 Drivers’ Championship winner was handed a five-second penalty for the move, but while that initially appeared to impede him, Verstappen quickly made his way back up the grid.

Meanwhile, Leclerc and Red Bull’s Sergio Pérez jostled for the first place and were well-matched until Verstappen broke through the pack and solidified his position in third. From there, it was up and up again for the Dutch driver, who took Pérez on the 36th lap and then Leclerc on the 37th.

In Lap 43, Leclerc outbraked on Turn 12, a spot that commanded perhaps the most airtime of all sections of the track, and Pérez shot past him. The order looked set, with the 26-year-old Monegasque running significantly older tyres than the two Red Bulls.

But the avowed fan of street racing had more up his sleeve. On the final lap, having dogged Mexican Pérez persistently, Leclerc took a brave inside on Turn 14 and retook second position.

“What a race!” Leclerc said in post-race comments to former F1 driver David Coulthard. “I enjoyed it so much. We got a bit unlucky with the safety car… But second place, with a lot of fight, I really enjoyed it. I think we needed it. There was no better race for a first race in Vegas.”

*Ferrari driver and Monegasque national Charles Leclerc was rewarded for his efforts on track with a much deserved second spot on the podium. Photo credit: Scuderia Ferrari Media Centre*

Cityscape racing in Vegas

This most recent race marked the third US-based race of the 2023 F1 calendar, after Miami in the spring and Austin in October. The last F1 race to be held there was in 1982, before many of today’s grid were even born.

“Vegas is going to be crazy, one of the most exciting races of the season,” said Leclerc in the run-up. “Personally, my favourite tracks are city tracks… And Vegas is a city track.”

Speaking after the race, the Monegasque shared, “I didn’t leave anything on the table today and the team executed the race perfectly, so I am satisfied with our performance… It was an exciting race with really good battles and a lot of adrenaline. I’m glad that the weekend came together well and that the inaugural Grand Prix in Las Vegas was exciting for drivers and fans. I look forward to coming back next year!”

The eventual winner of the race, however, drew criticism from F1 bosses prior to the race after calling it “99% show, 1% sporting event” in the run-up.

“I think Monaco is like the Champions League, this is National League,” Verstappen replied to a question about how the Las Vegas circuit compared to the Principality’s own street-style race.

The final round of the year will take place in Abu Dhabi between 24th and 26th November.

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Main photo credit: Scuderia Ferrari Media Centre

Sustainability takes root in Monaco: ‘The Agri Food & Green Tech’ expo awaits

by: Niki Borisova

19/11/2023

Monaco transforms into a sustainable innovation hotspot this November with the Agri Food and Green Tech Innovation Expo, bringing trailblazers and investors together under one roof for a world of eco-innovation where the future of food, recycling, and green tech unfolds.

As the world turns its focus on sustainable development, Monaco steps up as the host for this year’s ‘Agri Food and Green Tech Innovation’ expo. The event, planned for the evening of 23^rd November at the Le Méridien Beach Plaza, is being organised by White Castle Partners and offers a limited number of seats to ensure an intimate and impactful experience for attendees.

Innovators, founders, and eco-conscious investors will convene to exchange ideas and explore the latest advancements in cellular agriculture, plant-based proteins, and eco-friendly packaging solutions. Highlights include cutting-edge showcases and a chance to rub shoulders with pioneers in recycling technology and sustainable cosmetics.

The expo isn’t all business, though. It also features a happy hour networking session, complete with snacks and cocktails, offering a relaxed backdrop for forging new partnerships and stirring up conversations that could spearhead the next big eco-friendly project.

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Photo credit: Steven Weeks, on Unsplash. This article was originally published on 8th November.

Ristretto ensemble to revive Handel’s ‘Messiah’ at Monaco’s Anglican church

by: Niki Borisova

19/11/2023

The Saint Paul’s Anglican Church in Monaco will host a special performance of Handel’s ‘Messiah’ by the Ristretto ensemble in early December.

At 7pm on 9th December, the Saint Paul’s Anglican Church in Monaco will welcome the acclaimed Ristretto vocal and instrumental ensemble for an evening of outstanding classical music under the skilled direction of Errol Girdlestone.

The concert will feature a talented group of soloists, including soprano Elenor Bowers-Jolley, countertenor Clint van der Linde, tenor Gavan Ring and bass Simon Bailey, alongside the rest of the locally based choir.

Known for their dynamic interpretations of classical masterpieces, Ristretto promises to bring a unique and compelling perspective to one of Handel’s most famous oratorios, ‘Messiah’.

Set against the backdrop of one of Monaco’s most revered religious venues, this event is expected to be a highlight of the winter season for classical music enthusiasts. For further information, ticket inquiries or additional event details, visit the Ristretto ensemble’s website here or email them directly at ristrettovoices06@gmail.com.

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Photo via RistrettoVoices.com

The worlds of science and economy collide at ‘Natural Capital’ event in Monaco

by: Niki Borisova

19/11/2023

The connections between environmental health and economic practices were explored at a thought-provoking event called ‘Natural Capital: Challenges and Solutions for a Sustainable Future’ that was held at the Yacht Club de Monaco on 9th November.

Co-organised by BNP Paribas Monaco, the Centre Scientifique de Monaco (CSM) and the Prince Albert II of Monaco Foundation (FPA2), the conference spotlighted the urgent need for the integration of sustainability into economic practices.

“Putting a cost to the natural stock is showcasing its inner eco-systemic value,” said Professor Denis Allemand, the director of the CSM, during his opening remarks.

Another key speaker, Françoise Puzenat from BNP Paribas, then emphasised the critical role of banks in this endeavour, stating, “The preservation of ‘Natural Capital’ is fundamental, both for present and future generations. Banks have an updated role in adapting financing criteria to better take into account these topics.”

KEY TAKEAWAYS

The first panel of the event, chaired by Fabio Vitale from BNP Paribas Wealth Management, convened a diverse group of experts, including Lorenzo Bramanti, a Senior Researcher at LECOB-CNRS, who captivated the audience with his insistence on “innovative, boundary-breaking approaches”, and Romain Renoux, Executive Director at The MedFund, who acknowledged the conference’s “potential for innovation in environmental conservation”.

*Panel No.1 was moderated by Fabio Vitale, Head of Wealth Planning & Sustainable Solutions at BNP Paribas Wealth Management. Photo by Monaco Life*

Economist Antonin Vergez, who specialises in natural resources, stressed the importance of “tools for biodiversity and ecosystem assessment”, while Pierre Bardoux, the Director of the Nature Assets Team and Global Fund for Coral Reefs at the United Nations Capital Development Fund, highlighted the pressing mission of the Nature Asset team in “addressing the current mass extinction crisis.”

In the second panel, led by Joana Foglia, a sustainable finance expert, discussions deepened. Representatives from The Blue Alliance presented their “innovative strategies for managing marine protected areas”, which are vital for marine biodiversity preservation. Rachid Benchaouir, the founder and CEO of Coralliotech, then spoke about sustainable marine biology practices.

*Panel No.2 was moderated by Joana Foglia Berrebi, a sustainable finance expert. Photo by Monaco Life*

Marc Garcia Duran Huet, the Executive Presidentof Underwater Gardens International, urged attendees to recognise that “the most marvellous technology is nature”, reflecting his personal background in environmental sciences.

The last panel, moderated by Doctor Nathalie Hilmi of the CSM, interlinked financial and planetary health. Rym Ayadi, a professor at City University London, a respected economist and the Director of the Euro-Mediterranean Network for Economic Studies, succinctly captured the essence of this part of the event programme, saying, “The health of the planet is connected to our health.”

According to the organisers, the outcomes of the various panels will be written up to “serve as a working paper in view of COP28”, the United Nations Climate Change Conference set to take place between 30th November and 12th December in Dubai.

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Main photo: Panel No.3, which was moderated by Doctor Nathalie Hilmi, Head of Environmental Economics Section at the Monaco Scientific Centre

All photos by Monaco Life

Day: 19 November 2023