Monaco’s public finances ended 2024 on a high, with a €193 million budget surplus and State revenues hitting a record €2.3 billion, according to new figures from IMSEE. It’s a result that puts the Principality in a strong financial position ahead of a busy 2025, with continued growth, strategic spending, and savvy tax income all playing a part.
The big story this year? A major leap in corporate income tax, which shot up by nearly 44%, adding more than €100 million to the state’s coffers. While VAT still makes up more than half of Monaco’s revenue, it was this surge in business profits that gave the public accounts their biggest lift.
Spending remained tight, rising just under 3% to €2.1 billion, and most of that came from running costs across public services and government departments. Investment spending, meanwhile, stayed stable — but would have jumped by 11% if not for an exceptional transaction that inflated last year’s figures.
On the real estate front, revenues dipped after an unusually strong 2023, but the drop was mostly due to that same one-off event. Adjusted for that, the property sector remains relatively steady, despite signs of softening.
Also worth noting is the continued rise of the Constitutional Reserve Fund — Monaco’s financial safety net. The fund grew by €280 million to reach €7.3 billion by year-end. That includes nearly €500 million in gold, €2.4 billion in investments and bank assets, and €4.4 billion in property and state holdings, including the government’s stakes in major institutions like SBM and Monaco Telecom.
In short, 2024 saw Monaco tighten its grip on financial stability, outpacing spending with smart revenue growth and setting the tone for future investment in public projects. For residents and businesses alike, it’s a reassuring signal that the Principality’s economy remains as resilient — and well-managed — as ever.
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Photo credit: Cassandra Tanti
Programme revealed for Monaco’s historic Blue Economy and Finance Forum
Monaco has unveiled the full programme for the Blue Economy and Finance Forum (BEFF), set to take place on the 7th and 8th June, just days before the United Nations Ocean Conference begins in Nice. The Principality, under the leadership of Prince Albert II, will host heads of state, financial heavyweights, environmental leaders, and global institutions for two days of high-level panels, concrete solutions, and a landmark screening of a new documentary narrated by Sir David Attenborough.
The event, held in the historic surrounds of Monaco, will serve as a platform for major announcements and actionable strategies to finance and accelerate the shift to a sustainable and regenerative blue economy. Organised by the Government of Monaco, the Prince Albert II of Monaco Foundation, and the Oceanographic Institute — with backing from France and Costa Rica — BEFF is emerging as one of the flagship moments of the 2025 UN Ocean Conference calendar.
Packed two-day programme revealed
The Forum will open on the morning of Saturday 7th June with an address by HSH Prince Albert II, followed by keynote remarks from Christine Lagarde, President of the European Central Bank. Sessions throughout the day will focus on financing ocean conservation and resilience, including panels on marine protected areas, biodiversity credits, and innovative public-private funding mechanisms.
In the afternoon, Costas Kadis, European Commissioner for Fisheries and Oceans, will speak ahead of sessions on venture capital, blended finance, and investment opportunities in the blue economy. Running in parallel to the panels are 14 themed “Solution Hubs”, focusing on everything from regulated fishing zones and algae to shipping, plastics, and sustainable aquaculture.
The highlight of the evening will be a private screening of “Ocean”, a new environmental documentary narrated by Sir David Attenborough, produced by Silverback Films and Open Planet Studios in partnership with National Geographic, Minderoo Pictures and the Prince Albert II of Monaco Foundation. The film promises to be a stirring cinematic tribute to marine ecosystems and the urgency of ocean action. Entry will be restricted to accredited BEFF delegates.
Day two: ports, policy and international leadership
Sunday 8th June will begin with additional solution hubs before shifting focus to maritime transport and port infrastructure. Arsenio Dominguez, Secretary-General of the International Maritime Organization (IMO), will open the day’s discussions. Panels will explore the decarbonisation of maritime trade and adapting ports to climate challenges.
The Forum will close with high-level statements on governance and finance, including final addresses from President Rodrigo Chaves Robles of Costa Rica, President Emmanuel Macron of France, and Prince Albert II of Monaco.
High-profile speakers confirmed
A number of high-profile international figures are confirmed to take part in the Blue Economy and Finance Forum. Among them is Razan Al Mubarak, President of the International Union for Conservation of Nature (IUCN), who brings a wealth of experience in biodiversity and climate action. Renowned investor and ocean philanthropist Ray Dalio will also be present, lending his voice to the importance of private sector engagement in ocean preservation. Thierry Deau, President of SUEZ, is set to contribute insights from the infrastructure and environmental services sector, while Sylvie Goulard, Co-Chair of the International Advisory Panel on Biodiversity (IAPB), will speak on governance and policy frameworks. Sanda Ojiambo, Under-Secretary-General and CEO of the UN Global Compact, will address the role of responsible business in ocean sustainability. Completing the list of notable speakers is Rodolphe Saadé, CEO of global shipping giant CMA CGM, who is expected to highlight the maritime industry’s transition toward cleaner and more efficient operations.
BEFF will also showcase an Innovation Hall, where cutting-edge ocean technologies and regenerative blue economy solutions will be on display — offering a tangible look at what’s possible when science, finance, and political will align.
As momentum builds for the UN Ocean Conference in Nice (9th–13th June), Monaco’s forum sets the tone with a strong call to action: to close the investment gap in ocean sustainability and bring global stakeholders together in shared purpose. As Prince Albert II remarked ahead of the event, “Together, we will mobilise the necessary investments — both public and private — for a sustainable blue economy, and lay the foundations for a future that unites human progress with the preservation of the planet.”
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Photo of Prince Albert at the Monaco Blue Initiative 2023. Photo credit: Vinaj
AS Monaco celebrates third Munegu Cup with nearly 400 schoolchildren
The iconic Stade Louis II transformed into a playground of dreams this Tuesday as AS Monaco hosted the 3rd edition of the Munegu Cup, bringing together nearly 400 schoolchildren from across the Principality for a day of football, community and joy.
The tournament, an initiative created by club President Dmitry Rybolovlev to strengthen ties between AS Monaco and loyal youth, saw children aged 8-9 from seven Monégasque schoolscompeting across eight mini-fields specially arranged on the pitch.
The championship culminated in a thrilling final that saw Saint-Charles 4 defeat Révoires 5by a score of 3-1, with the winners receiving the prestigious President’s Trophy directly from AS Monaco President Dmitry Rybolovlev, accompanied by club captain Denis Zakaria.
“It’s amazing for me because I also had this opportunity when I was young to see a professional player,” Zakaria told Monaco Life’s Kyriaki Topalidou. “It’s always a great feeling when you are young, and I’m happy to give that to these young children,”
The Swiss football player, who delivered the ceremonial kick-off for the final, encouraged the young participants to “keep dreaming, always believe in yourself and work hard to get what you want.”
Photo credit: Kyriaki Topalidou, Monaco Life
A day of football and friendship
The excitement began at 9:30am with mascot Bouba delivering the symbolic kick-off, as Stade Louis II announcer Laurent Nieloux provided enthusiastic commentary throughout the day. The group phase matches filled the morning with excitement, followed by the knockout rounds after a short lunch break.
The stands buzzed with laughter and cheerful smiles as children from École des Révoires, École de Fontvieille, École de la Condamine, FANB, Saint-Charles, Cours Saint Maure, and International School of Monaco took part in the special day.
The Munegu trophy. Photo credit: Kyriaki Topalidou, Monaco Life
Beyond the competition itself, participants received totebags containing complete AS Monaco kits (jersey, shorts, socks) and a special AS Monaco vacation workbooks to take home as souvenirs.
AS Monaco CEO Thiago Scuro highlighted, the event’s purpose extends beyond athletic competition: “This is about bringing kids the opportunity to be here inside our iconic place, having the experience to play here, being connected to us. This is about community. We want to make Monaco more and more connected.”
Scuro also mentioned the pure joy that football brings to children at this age: “This age especially is where football is really enjoyable and fun. When they become older, it starts to get serious, with a lot of pressure, everything is only about results. It’s very nice just to see kids only have fun with football, how happy they were.”
Strengthening community bonds
The Munegu Cup represents one of several programmes initiated by Rybolovlev to connect with the Principality’s youth. Along with the ÜNSEME Cup (for teenagers from neighbouring municipalities), the Kids Tour, and ‘Tous au Stade’ operations, these projects have allowed thousands of young people to experience Stade Louis II and develop a connection with AS Monaco.
The event was attended by several key figures, including Yvette Lambin-Berti, Secretary of State, and Rémy Garoscio, Deputy Director of National Education, Youth and Sports.
Photo credit: Kyriaki Topalidou, Monaco Life
With smiles, cheers, and dreams of future football stardom, the Munegu Cup continues to strengthen the bond between AS Monaco and the next generation of supporters in the Principality.
As Scuro reflected on the event’s success: “The president sees these events as a way to transmit our values as a club, as an organisation. That’s why it was also important to have him here today giving the trophy to the champion team. It shows how engaged he is with the club, not just on the professional team level, but also to make our organisation stronger.”
Monaco Life is produced by a team of real multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on Facebook, Instagram, LinkedIn and Tik Tok.
Main photo credit: Kyriaki Topalidou, Monaco Life
Zia at Odyssey: an Italian symphony of flavour and finesse under Monaco’s sun
There are restaurants that serve food, and then there are places like Zia at Odyssey, where eating feels more like stepping into a story — one filled with Italian roots, incredible skill, and effortless style.
Nestled beneath the Monaco sky at the Hôtel Métropole Monte-Carlo, just steps from Karl Lagerfeld’s iconic rooftop pool design, Zia is a masterpiece of Italian culinary artistry brought to life by chefs Manon Santini and Rocco Seminara. Now in their second season, the duo has refined and expanded their vision, transforming Zia into a full-day experience, from indulgent colazione to elegant sunset dinners.
The name Zia, Italian for “aunt”, conjures instant warmth and intimacy — a comforting embrace of nostalgia, tradition, and impeccable hospitality. But don’t be fooled by the softness of the name; what Santini and Seminara deliver here is nothing short of culinary virtuosity.
From left to right: Chef Manon Santini, Hôtel Metropole’s Chef Christophe Cussac**, and Chef Rocco Seminara
A breakfast that whispers of Capri mornings
There’s breakfast, and then there’s colazione da Zia. Imagine sitting beside a shimmering pool framed by aromatic gardens as the scent of just-baked almond croissants and citrus brioches wafts through the air. It’s not just a meal, it’s a Mediterranean morning ritual reimagined with panache.
From ricotta pancakes drizzled with wildflower honey to a panettone perdu layered with pistachio cream and vanilla chantilly, the dishes are as comforting as they are elevated. The eggs? Choose from soft-boiled, Benedict with a pesto waffle twist, or slow-cooked Florentine-style over sautéed spinach and Pecorino Mornay. Truffle and Kristal caviar? Naturally, they’re optional add-ons — but at Zia, they feel essential.
“We wanted to bring the authenticity of Italian mornings to Monaco,” explains chef Manon Santini, former World Dessert Pizza Champion. “Colazione is not just about food, it’s a state of mind — gentle, generous, elegant.”
The Avocado Focaccia Croccante at Zia celebrates traditional breakfast flavours in refined Italian style
Lunchtime like an Italian holiday
As the sun climbs and glints off the pool, Zia evolves. The terrace takes on the laid-back glamour of a Ligurian trattoria, and lunch becomes a sun-soaked celebration of Italy’s coastal bounty.
The Sicilian-style branzino is a standout, delicate and bright, paired with Taggiasche olives and pickled onions. Equally compelling are the Gamberoni rossi, dressed in lemon caviar and crowned with a spoon of Kristal caviar — luxury, lightly worn.
The Panzanella Toscane and Polpo grigliato at Zia
Vegetarians will delight in the Fregola Sarda Cacio e Pepe, a twist on the Roman classic, toasted for texture and finished with truffle. The Ravioli alla Parmigiana, filled with creamy Mozzarella di Bufala and slow-cooked eggplant, are simply sublime.
The Polpo grigliato, charred just so, and the Agnello in crosta di ‘Nduja, with its fiery glaze and citrus gremolata, speak to a kitchen unafraid of boldness. And then there are the pizzas — crafted and cooked live on the terrace — where Santini, a master pizzaiola, elevates the humble dish to art. Try the Cacio e Pepe pie for its simplicity, or the decadent Avocado & Caviar if you’re feeling indulgent.
Odyssey at Hôtel Metropole is a welcoming oasis above Monte-Carlo
Cocktails by intuition, desserts by emotion
Zia’s charm isn’t limited to its plates. The drinks menu is a playful, interactive affair. Guests are handed a deck of cards — each card hinting at a hidden aroma or ingredient — and the resulting negroni is crafted à la minute, guided by your chosen flavours.
End your meal with a dessert that’s more a composition than a course: the Crostata di Fragole with lemon-basil curd, or the Fragola & Pistacchio, where vanilla-infused strawberries meet Sicilian pistachio cream. Or better yet, opt for one of Santini’s famed sweet pizzette — playful, refined, and unlike anything else in Monaco.
The Odyssey pool
An atmosphere to match the menu
Dining at Zia is a multisensory affair. The surrounding setting — Lagerfeld’s serene rooftop, the gentle splash of the pool, curated playlists that never intrude — makes for a Riviera reverie. It’s chic, yes, but never stiff. Every smile from the team feels sincere. Every detail, from linen to lighting, has been considered. Even the breadbasket and jam at breakfast seem touched by intention.
As the season progresses, Zia Cena — Zia’s intimate dinner concept — is set to launch on 28th May, offering an even deeper dive into the chefs’ culinary storytelling. Under the stars, expect gourmet antipasti, signature truffle pizzas, and those whimsical pizzette dolci — each one a poetic end to a sun-drenched day.
See more of Cassandra Tanti’s experience below in her Instagram post…
Monaco Life is produced by a team of real multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on Facebook, Instagram, LinkedIn and Tik Tok.
Main photo: Zia granola, all images courtesy Hôtel Metropole
Rare blue diamond sets records in Geneva with €19.9 million sale
A rare Fancy Vivid Blue diamond known as The Mediterranean Blue has sold for CHF 17.9 million (approximately €19.9 million) during Sotheby’s High Jewelry auction in Geneva, drawing global attention and igniting a tense three-minute bidding battle.
The 10.03-carat cushion modified brilliant-cut stone, unearthed last year from South Africa’s historic Cullinan mine, was the undisputed highlight of Tuesday night’s sale. It ultimately went to an American private collector bidding via phone, represented by Frank Everett, Vice Chairman of Jewelry for the Americas. The final price nearly doubled its opening bid of CHF 9 million.
Its appearance on the market had been anticipated for months following a high-profile global tour that included stops in Abu Dhabi, Hong Kong, and New York. First unveiled during Sotheby’s inaugural exhibition in the UAE capital, The Mediterranean Blue was showcased alongside over $100 million worth of gems, helping generate immense interest ahead of its Geneva debut.
Quig Bruning, Sotheby’s Head of Jewelry for the Americas and EMEA, described the stone as “undoubtedly the defining diamond of the season,” noting the excitement it sparked among collectors worldwide. “It is a powerful reflection of the current flight to quality in the market,” he said.
The sale capped off a strong night for Sotheby’s, which recorded CHF 42 million in total auction results, with an impressive 99% of lots sold by value. The event was marked by particular interest from U.S. buyers, who were the leading group of bidders and buyers.
Blue diamonds dominated the session, with two other notable examples also exceeding expectations. A 5.83-carat Fancy Light Blue diamond ring fetched CHF 1.2 million, while a 4.05-carat Fancy Blue diamond pendant achieved CHF 952,500. The second most valuable lot of the evening was a pair of cushion-cut colorless diamonds weighing 23.88 and 23.76 carats, sold together for CHF 3.2 million.
The Mediterranean Blue belongs to the Type IIb category, a rare classification that includes less than 0.5% of all diamonds. Its intense saturation and soft cushion shape reflect over a year of study and six months of cutting and polishing following its discovery in a 31.94-carat rough stone. Experts describe it as a once-in-a-generation gem that now joins the ranks of other iconic Cullinan diamonds, including The Blue Moon of Josephine and The De Beers Blue.
Monaco Life is produced by a team of real multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on Facebook, Instagram, LinkedIn and Tik Tok.
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