After the 2022 expedition to the Indian Ocean, the next exciting mission for the Monaco Explorations team is set to be announced by Prince Albert II of Monaco at the start of the United Nations’ Ocean Decade Conference.
The big reveal will be taking place at a satellite event of the Ocean Decade Conference on 9th April in Barcelona alongside a talk and screening of a documentary film about Monaco Explorations’ recently completed mission to the Indian Ocean.
Prince Albert himself will be presenting the new plans and he is also due to attend the opening of an exhibition on protected marine areas within the context of the international event.
Monaco Explorations was launched in 2017 and has come to represent a confluence of the environmental concerns shared by the Prince, his eponymous foundation, the Oceanographic Institute – Prince Albert I of Monaco Foundation, the Centre Scientifique de Monaco and the Yacht Club de Monaco.
In addition to the major Indian Ocean mission, Monaco Explorations has also supported various other projects around the world, including in New Calendonia, Madeira, Cabo Verde, the West Indies, Martinique, Norway, Hawaii, Badu and on the Pacific coast of Colombia, as well as local initiatives on the Riviera.
The geographical location of the next mission is being kept under wraps until the Ocean Decade Conference, but a spokesperson for Monaco Explorations has confirmed that it will be in some way tied to Prince Albert’s desire to ensure that 30% of the world’s seas and oceans are protected by 2030.
In the run-up to three major Grand Prix events and the final stage of the Tour de France, which will be departing from Monaco for the finish line in Nice come summer, the Principality’s Urban Planning Department has announced an extensive road resurfacing programme.
Starting with the Monaco e-Prix on 27th April then moving on to the Grand Prix Historique de Monaco from 10th to 12th May and the Formula 1 Grand Prix de Monaco from 23rd to 26th May, the next few months will be filled with important motorsporting events and the Monaco Government is keen to ensure that the circuits and streets are in pristine condition.
The refurbishment campaign, which will be carried out between the hours of 8pm and 6am in order to minimise disruption, has also been designed with the needs of the Tour de France in mind as, on 21st July, Monaco is set to welcome the peloton for the final stage of the event.
Beginning 11th March, the following roads will be subject to varying levels of closures and parking restrictions: Boulevard Albert Ier from 11th to 13th March, Avenue du Port from 11th to 12th March, Avenue des Spélugues from 12th to 14th March, Avenue J.F. Kennedy and the Louis II tunnel from 14th to 15th March, Avenue Princesse Grace from 18th to 20th March, the Louis II tunnel and Portier sector from 20th to 22nd March, and Avenue Camille Blanc and Boulevard de France from 25th to 27th March.
Alain Baraton, the renowned head gardener of the Trianon and the Versailles Grand Parc, has been invited to speak at the upcoming International Mediterranean Meetings, which will be held later this week at the Musée Océanographique de Monaco.
The 12th edition of the International Mediterranean Meetings event is set to explore the theme of Mediterranean gardens through both an academic and creative lens.
The two-day conference, from 7th to 8th March, is being held under the High Patronage of Prince Albert II and will be led by Elisabeth Bréaud, the president and director of the International Meetings Monaco and the Mediterranean (RIMM).
In addition to Alain Baraton, other notable speakers at the event include the likes of Robert Calcagno, Director-General of Monaco’s Oceanographic Institute, and Mounir Bouchenaki, the Honorary President of the RIMM. Prince Albert II of Monaco will make an appearance at the conference too, officially opening the varied discussions on three principal topics: the role of water in creating lush, delightful gardens; gardens as venues for scientific, philosophical, and ethical exploration; and the fusion of art and nature in crafting timeless, vibrant landscapes.
Also on the agenda are talks on Moroccan garden water techniques, Park Güell’s unique design, the philosophical essence of King René’s gardens and the eternal allure of the Villa of Livia’s frescoes, as well as a screening of Sous les Figues by Erige Sehiri.
This year’s event has been organised in partnership with Monaco’s Oceanographic Institute, the Albert I Foundation and the Principality’s Audiovisual Institute. It is open to the public and more information can be found here.
The number of UHNWIs globally surged to 626,619 last year and, according to the 2024 Knight Frank Wealth Report, the trend is expected to increase exponentially over the next four years.
The 18th edition of the respected Knight Frank Wealth Report was released on Wednesday 6th March, offering a global perspective on prime property and investment for the year 2023.
In its focus on wealth generation, the report’s authors note that, on the back of a year impacted heavily by rising interest rates, 2023 saw a resurgence in wealth creation supported by a shift in the interest rate landscape driven by healthy performance of the global economy and a recovery in equity markets.
Which countries saw the most wealth growth in 2023?
Major economies worldwide managed to avoid downturns in 2023, ushering in a period of robust growth. Noted by The Wealth Report, global GDP expanded by a commendable 3.1%, marking a promising trend for the economic landscape.
Emerging economies, particularly in Asia, spearheaded the recovery, with India emerging as a standout example. While Europe encountered challenges in gaining traction, the United States showcased a remarkable performance, buoyed by government stimulus measures.
As a result, the number of Ultra High Net Worth Individuals (UHNWIs) globally surged by 4.2% to 626,619, surpassing the figures from a year earlier and offsetting the decline observed in 2022. North America and the Middle East led the regional wealth creation, with a growth rate of 7.2% and 6.2% respectively. However, Latin America experienced a decline in the population of wealthy individuals.
Turkey emerged as the top performer in UHNWI numbers, boasting a remarkable 10% expansion, closely followed by the United States with an 8% increase.
What led to the increase in wealth in 2023?
The surge in wealth creation found support from global economic growth and improved prospects in key investment sectors. Despite ongoing rate tightening and rising bond yields, equities experienced a surge in the first half of 2023, driven by enthusiasm surrounding AI.
This momentum persisted through the second half of the year, fuelled by declining inflation and the anticipation of earlier and more substantial rate cuts, propelling equity markets forward. The S&P Global 100 registered a notable 25.4% annual increase in 2023, largely influenced by the exceptional performance of the “magnificent seven” US tech stocks.
As noted in the report, while certain sectors grappled with the lingering impact of elevated debt costs, such as commercial real estate and private equity, residential property values exceeded expectations. Residential capital values across the world’s leading prime markets grew by 3.1% throughout 2023, with prime global rents experiencing an average increase three times their long-run trend, providing robust support for investors.
Moreover, other sectors delivered positive returns during the year, with gold appreciating by 15% and Bitcoin surging by 155%, effectively reversing a significant portion of the losses incurred in 2022.
“Almost a fifth of UHNWIs plan to invest in commercial real estate this year, while more than a fifth are planning to buy residential”
Looking ahead
The experts at Frank Knight expect the number of wealthy individuals globally to rise by 28.1% during the five years to 2028. These affluent individuals are showing a strong interest in real estate investment, with nearly 20% of UHNWIs intending to venture into commercial real estate this year, and over 20% aiming to purchase residential properties.
The report notes that, as the market expands, investors, especially developers capable of providing properties aligned with the needs of these wealthy individuals, stand to benefit from various opportunities.
“The Covid-19 pandemic disrupted the construction of new homes, notably impacting the luxury segment, particularly in markets like London. However, this disruption creates a significant opportunity window for developers in the short to medium term,” say they authors of the report.
The FPA2, Prince Albert’s eponymous environmental foundation, has renewed its support for the Human-Wildlife Initiative, a cohabitation project it has been a founding partner of since 2020.
Working alongside the French National Council for the Protection of Nature, the Alpes-Maritimes Chamber of Agriculture, the Alpes-Maritimes Hunting Federation and the Provence Alpes Côte d’Azur League for the Protection of Birds, the FPA2 has backed dozens of projects across France that aim to improve the equilibrium between human activities and native species.
From wolves to foxes and from bats to flamingos, the mission of each of these projects has been to facilitate better cohabitation between humans and wildlife via avenues such as adapted farming practices, agrotourism and awareness events in schools and wider public settings.
On 3rd March, World Wildlife Day, the Human-Wildlife Initiative announced that it would, from 2024, be expanding into Spain thanks to a connection established via the FPA2’s Spanish branch. It was also revealed that discussions are underway to extend the group’s support to projects in Switzerland and Italy.
The FPA2, for its part, has confirmed that a €200,000 fund has been established to provide financial aid to eight new projects in France and nine over the border in Spain.
“This extension of the Initiative in Spain represents an important step towards promoting harmonious coexistence between wild fauna and human activities in Europe,” said the FPA2 via an official statement.
To learn more about the Human-Wildlife Initiative, click here.
For International Women’s Day on 8thMarch, this year themed on the Economic Inclusion of Women,Monaco Lifespeaks to Brigitte Boccone-Pagés, the first female President of the National Council in Monaco’s history.
Brigitte Boccone-Pagés is a staunch Monegasque. Born and educated in the Principality, the 64-year-old is a career politician who served as vice president of the National Council between 2018 and 2022, before being elevated to president on 6th October 2022, the most powerful elected position in Monaco.
With that, Brigitte Boccone-Pagés made history, becoming the first ever female leader of Monaco’s National Council, joining a closed club of just 56 countries with a woman as their parliament’s head and sending a solid message beyond the borders of the Principality.
Four months later, her Monegasque National Union won all 24 seats in the general election.
In this insightful interview with Monaco Life, Boccone-Pagés reveals her admirations and life-long goals, the challenges she faced in her political career and how her constant fight for women’s rights is not a crusade against men.
Monaco Life: Can you tell us about the most critical stages in your political career?
Brigitte Boccone-Pagés: My political career began before my involvement per se. It is the fruit of my concern for others and wanting to be helpful for the general interest of Monegasques. It results from me questioning my role as a woman.
I am the mother of a boy and a girl, who are now grown up. I wanted this woman in the making to think of herself with all the facets of her personality and potential without limiting what she could bring to others. Actions are better than words, and leading by example is more effective. That was the genesis of it all.
A significant point was meeting Stéphane Valeri, a politician whom I accompanied from the creation of the l’Union pour la Principauté (UP) party in 2003, and I followed during the establishment up of the Primo! party in 2017.
The work I carried out for Monegasques within the Education and Youth Commission enriched me even more as they aligned with my professional career as a teacher.
Notably, my election to the presidency of the National Council in October 2022, followed by a second election for the presidency in February 2023, is a symbol that goes beyond me as it shows the commitment of my colleagues and of Monaco in the promotion of equality between women and men.
What did you dream of doing when you were a young woman?
From a very young age, I wanted to care for others. I had the chance to do this while I was a teacher and continue to do so in my political career.
I have been elected for more than 21 years in a row with increasingly essential responsibilities throughout my political career: President of the Education and Youth Commission, President of the Committee on Social Interests and Miscellaneous Affairs, Vice-President of the National Council, and currently President of the National Council.
“Nothing and no one will ever deviate me from my course of action.”
What advice did you receive early in your career that influenced you the most?
As the German philosopher Georg Wilhelm Friedrich Hegel said: “Among the special duties towards others, the first is truthfulness of speech and conduct.”
All my life, I have remained faithful to my actions and my commitments. Nothing and no one will ever deviate me from my course of action.
Brigitte Boccone-Pages, President of the National Council of Monaco. Photo credit: Romain Fondcaro
What inspired you to enter the political scene?
My inspiration to enter politics came in the footsteps of strong people. Simone Weil (French magistrate, Holocaust survivor and politician) comes to mind, who did so much for democracy and women in general. Her greatness was her humanism. May she be our compass in the troubled times we are going through. Seven years after her death, we have, more than ever, the duty to continue each of the just fights she led.
I come from a family where commitment is fundamental, as is honesty in making decisions and sticking to them, no matter the cost. I have strong women among my ancestors who held on to their convictions at the risk of being ostracised. The future proved them right.
My father experienced the ravages of war. He shared his memories with me without omitting the challenging moments he had kept within himself. He inspired me to commit myself to the service of all within my abilities. I felt obliged to do so, given the sacrifices made by those who preceded me and who, by de facto, gave me the gift of the Principality we know today. My responsibility is to continue their work by building the best Monaco possible for our children through my political involvement.
Why do you think it is important to celebrate International Women’s Day?
International Women’s Day is essential, but it’s still insufficient. As some of my elected colleagues say, we must not limit ourselves to a special day to celebrate women, pay tribute to them, or fight for them. We must protect women’s interests and develop legislation that considers their legitimate expectations and particular needs.
Whereas elsewhere in the world, we witness a regression of women’s rights, or worse, the questioning of their fundamental birth rights. We ascertain this dangerous decline in the areas of education and physical and moral violence, including cyber harassment. Our responsibility is to ensure that societies and the law move forward accordingly. We must stay vigilant, as these advances may not be immutable achievements in a world undergoing major upheaval.
We must remain conscious, proactive, and observant, as our time is crucial; my male and female colleagues and I are keen to get actively involved and ready to act.
Who is a woman you admire?
The woman I admire is Her Serene Highness Princess Grace, who once said: “I would like to be remembered as a person who did useful deeds and was kind and loving. I want to be remembered as a human being with an honest attitude who did her best to help others.”
Do you consider yourself a woman of influence?
No, I do not see myself as a woman of influence as an individual; roles should not be reversed: I am at the service of my country and my position. I consider myself the recipient of a burden and responsibility that goes beyond me.
The influence is not mine; my position demonstrates the Principality’s desire to be part of a resolutely modern dynamic. This election brought Monaco into the very closed club of 56 countries out of 192 that have a woman at the head of their parliament.
We are demonstrating our commitment to Monaco and to the Monegasques. My colleagues have chosen to send a clear sign and expression of values; a strong message spreading beyond our borders.
“I have always believed women possess admirable strength. They are capable of sacrifice; they have a backbone.”
What do you believe are the qualities of female leaders?
I have always believed women possess admirable strength. They are capable of sacrifice; they have a backbone. Sincerity is essential, and any public person must always respect the commitments made, honouring their word. It is about the credibility of public speech, which is the guarantor of the trust placed in us by those who elected us.
Tell us about your rise to become the first female head of the National Council in the history of the Principality.
I was VP during the election, which made me president of the National Council. It was already a heavy load to carry. With this new position, I could appreciate the complexity of this task, a place that people do not expect a woman to occupy. I assumed this role in a delicate context; I had to get my bearings during a complex and turbulent period.
Being the first woman to reach this level of responsibility requires you to resist and do everything possible to give the Monegasques the best of us all. My goal is to place this novelty of having a woman as the head of the NC in the continuity of the commitments made to the citizens regarding efficiency, calmness, and quality of work. I refer to the elected officials who put in the hard work, all those who support us within the NC, and the Monegasques and residents who have the right to expect excellence.
We are at a historic crossroads for our Institution: to transform it into a momentum to confidently call on other women to take on the responsibilities that are mine today.
Experiencing difficulty creates strength. How did you manage the trials and tribulations you faced and maybe still endure in your career?
My husband, who has always advised, supported, and defended me, is inseparable from who I am today. He has been my rock for many years. I owe him more than I can ever repay him. It’s all thanks to him. I can never thank him enough.
Brigitte Boccone-Pages at an assembly of the National Council of Monaco. Photo credit: Romain Fondcaro
What actions during your tenure as president of the NC are you most proud of?
This first year in office has been prosperous, as we have achieved a record that we are proud of, despite the tensions and many disruptions, which is unique in the history of the parliament in Monaco.
We succeeded in processing around 10 bills and several legislative proposals of crucial importance in the health, social, economic, budgetary, and digital fields. We prepared the four texts of the Moneyval project in the fight against money laundering, the financing of terrorism, and the proliferation of WMDs quickly, allowing the Principality to access current international standards in this area.
We took charge of the question of the European Union, which is fundamental to the future of our country. Without forgetting the relevant texts today, such as the modification of paternity leave granted to employees or the bill establishing maternity leave for self-employed workers.
Do you believe that women and men can participate fully as equal partners?
As much as I have always fought, and will continue to fight, for women’s rights to be considered and respected, I am convinced that this is not a crusade to be led against men but to seek fairness and equality in our interactions.
We are human, above all, and complementary in our skills. We cannot work without each other and even less against each other. We must aim for reciprocity in work with shared objectives to serve the most significant number and the common interest.
The National Council comprises seven women and five men. Do you believe that men and women working together on a parity level produce more impactful results?
I am convinced! The assessment we are presenting, briefly mentioned earlier, blatantly demonstrates this fruitful cooperation. It results from joint work carried out by everyone despite many disruptions and through heated debates. Along this path, I will continue my commitment, doing everything possible to move towards appeasement and consensus, which is in our DNA, without sacrificing our vigilance.
What message would you give to young women interested in politics?
I would rather, more modestly, make a request: Do not limit yourself! Dare to stand as straight and tall as your dreams. Our families, our entourage, and our country deserve it. We need you all. We are waiting for you with open arms!
