Australian Association Monaco launches to unite community and connections

Monaco has welcomed a new addition to its cultural and professional landscape: the Australian Association Monaco, launched by Judith Hillen and Carolyn Sandoval to create a dedicated space for Australians and those connected to the country. Backed by Australian Ambassador Marie-Pascale Boisson, this new initiative aims to foster a sense of community, celebrate cultural ties, and support newcomers to the Principality.

Though neither Judith Hillen nor Carolyn Parkes are Australian by nationality, their bonds with the country are long-standing. Hillen, whose partner and son are Australian, is a frequent visitor to the country and maintains deep personal and professional ties to Australia. Sandoval, through her daughter in law, also has a deep connection to down under. 

As practising UK-registered solicitors running two advisory firms in Monaco, Judith and Carolyn offer more than hospitality. Their expertise in helping international clients settle or invest in the Principality positions them as natural guides. “As part of the Commonwealth, we understand Australian legislation and can offer guidance to those considering relocating or investing here,” says Judith.

The Association is the first of its kind in Monaco in decades, and its emergence arrives at a moment when more Australians are eyeing Monaco and the Riviera as a lifestyle destination. “I’m surprised at how many Australians are looking to move here,” Judith notes. “This Association is a chance to connect them.”

The idea for the association was born during discussions with the Australian Ambassador Marie-Pascale Boisson, who strongly encouraged the project and has pledged her ongoing support.

The association was officially announced in the Journal de Monaco on 14th March.

A vision of connection and culture

The Australian Association Monaco is intended as a welcoming hub for anyone with ties to Australia—be it through heritage, business, travel or family. “It’s a great way for people new to Monaco to find a sense of community,” said Carolyn. 

The association is not limited to Australians alone, but open to anyone who shares an interest in Australian culture and values. Plans are already underway for regular events, including national celebrations like Australia Day and Anzac Day, and potential collaborations with other international associations based in Monaco.

From soft launch to growing movement

To generate early interest and build momentum, a soft launch will be held on the private Seaview Terrace of The Niwaki at Palais de la Plage on Wednesday 25th June, offering panoramic sunset views over Larvotto Beach. From 6.30pm to 8.30pm, guests will enjoy a premium Australian wine tasting, courtesy of Club Vivanova, paired with gourmet Japanese canapés. The ticketed evening (€85 per person) sets the tone for what is expected to become a refreshing new social chapter in Monaco.

Official membership to the Australias Association Monaco will be taken soon. 

To join the new Australian Association Monaco’s first event, click here: https://www.clubvivanova.com/events/25jun2025

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Monaco posts record-breaking €5 billion revenue in first quarter of 2025

Monaco has crossed a major economic threshold, with first quarter revenues (excluding finance and insurance) exceeding €5 billion for the first time. The increase of more than €560 million—up 12.3% year-on-year—was driven by standout performances in consulting, construction and wholesale trade, according to the latest report from IMSEE.

The largest contributor to the record figure was the scientific and technical services sector, which added €400 million to Monaco’s economy—a 42.9% increase over Q1 2024. This was largely fuelled by two key players: a consulting firm that boosted turnover by €293 million, and a quantity surveyor contributing an additional €250 million. Together, they accounted for nearly three-quarters of the Principality’s overall revenue growth.

building momentum across sectors

The construction sector also saw notable progress, particularly in the development of building projects, which nearly tripled its earnings with a €105 million boost.

Wholesale trade rebounded with €84.3 million in growth, primarily through agents dealing in fuels, metals and industrial chemicals. Real estate, after two stagnant years, rose by 17.1%—driven in part by a €17 million gain from real estate agencies.

luxury sales and lifestyle resilience

Retail trade rose modestly by €12.6 million, overcoming a €17 million dip in car sales thanks to increased turnover in specialist retail, including art. Creative and performance arts also added €9.4 million to the service sector, while hotels and restaurants continued their upward trend, contributing another €7.6 million.

pockets of decline

Despite the strong overall performance, two sectors reported losses: industry dropped by €15.6 million, mainly due to reduced output in rubber and plastics manufacturing, while transportation and storage fell by €6.5 million, impacted by a downturn in maritime freight.

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Main photo credit: Cassandra Tanti, Monaco Life 

Bénédicte Chrétien named CEO of CFM Indosuez Wealth Management in Monaco

CFM Indosuez Wealth Management, the Monegasque arm of Crédit Agricole Group’s private banking division, has announced the appointment of Bénédicte Chrétien as its new Chief Executive Officer. Subject to regulatory approval, her role will take effect on 1st October 2025.

Bénédicte Chrétien will take the helm from outgoing CEO Mathieu Ferragut, who led the firm for over six years and now steps into a senior strategic role at Indosuez, overseeing Advisory, Financing and Coverage. Chrétien brings more than two decades of experience in wealth and asset management to her new role, having most recently served as Group Head of Human Resources at Crédit Agricole S.A. and sat on its Executive Committee.

a career shaped by international expertise

Her career spans senior roles at AXA Investment Managers, where she helped build the private management division before becoming Global Head of HR, and later at Edmond de Rothschild in Geneva. She joined Crédit Agricole in 2014 and was appointed to lead its global HR strategy two years later. Chrétien has also served as a director at Indosuez Wealth Management since 2021.

building on a legacy in monaco

With a presence in Monaco since 1922, CFM Indosuez is a cornerstone of the Principality’s banking landscape. Chrétien will now be responsible for guiding its next phase of development, with a particular focus on serving international high net worth clients. Her appointment is seen as a continuation of the group’s strategic vision for Monaco as a leading centre for global private banking.

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Princess Charlene leads Monaco’s Water Safety Day to teach lifesaving skills to children

Nearly 100 schoolchildren took to Larvotto Beach on 17th June for Monaco’s annual Water Safety Day, an event hosted by Princess Charlene and her  Foundation to promote aquatic safety, lifesaving techniques, and sports values among youth.

Since 2014, Water Safety Day has aimed to educate Monaco’s schoolchildren on vital rescue and first aid skills through hands-on activities. This year’s edition brought together sixth and seventh grade students for a series of workshops led by freediving champion Pierre Frolla—Foundation Ambassador and four-time world record holder—and his team from the Académie Monégasque de la Mer, with support from Red Cross instructors.

from rescue boards to CPR

Participants rotated through various stations on the beach and in the water, including coastal rope rescues, rescue tube drills, and paddle boards, alongside CPR training and interactive exercises. The goal was to blend theory with active learning in a fun, engaging environment.

Princess Charlene led the Water Safety Day with her Foundation at Larvotto Beach

sporting spirit and celebrity support

A highlight of the day was the presence of high-profile athletes and Foundation Ambassadors who inspired the students through their personal stories. Among them were Jérôme Fernandez (handball), Kevin Crovetto (gymnastics), Antoine Zeghdar (rugby), and freediver Marine Simonis. Their participation underscored the importance of perseverance, teamwork, and vigilance in and around water.

an ocean race to end the day

The morning closed with a friendly Ocean Race – Challenge des Célébrités Engagées, a team relay combining swimming, beach sprints, and rescue paddle boarding. Cheered on by the children and spectators, the athletes brought an energetic end to a day filled with learning and camaraderie.

The important annual event is enjoyed by some of the youngest members of the Monaco community

international reach, local impact

Monaco’s Water Safety Day is part of the Princess Charlène of Monaco Foundation’s global commitment to drowning prevention and aquatic education. Through its “Learn to Swim” and “Water Safety” programmes, the Foundation continues to champion life-saving knowledge both in the Principality and worldwide.

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All photos sourced from the Princess Charlene of Monaco Foundation