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Day: 18 March 2026

Monaco posts third best year on record despite €1.6 billion revenue drop

by: Cassandra Tanti
18/03/2026

Monaco’s total revenue fell by €1.6 billion in 2025, a drop of 7.6% compared to the previous year, according to the latest quarterly report published by IMSEE on Wednesday 18th March. Despite the decline, the Principality’s total revenue — excluding financial and insurance activities — reached €19.9 billion, the third highest figure ever recorded.

IMSEE attributed the fall primarily to two economic sectors whose results were significantly affected by the completion of major projects.

Construction and professional services weigh on results

Construction saw the sharpest contraction, with revenue falling by nearly €1 billion, a decline of 36.1%, following three exceptional years of activity. Residential and non-residential building construction accounted for the bulk of that fall, contracting by €771.7 million.

Professional, scientific and technical activities also posted a significant decline, falling by more than €600 million, or 17.3%. Specialised consulting activities were the main drag, down €469.8 million, with quantity surveyors particularly affected. Activities of head offices declined by more than €100 million through one entity.

Wholesale trade recorded a decrease of €168.7 million, or 3.1%, driven by petroleum product traders, which fell €205.3 million, and non-specialised wholesale of food, beverages and tobacco, which dropped €111.4 million. Both industry and real estate lost nearly €60 million each compared to the previous year.

Retail, hospitality and leisure provide upside

Not all sectors moved in the same direction. Retail trade posted the strongest growth of any sector, rising by more than €140 million, or 6.1%. Cultural and leisure goods led the way, up €45.2 million, followed by motor vehicles, which grew by €37 million, and clothing, which added €24.8 million.

Arts, sports and recreation recorded growth of €86.6 million, an increase of 8.5%, while accommodation and food service activities rose by €67.6 million, or 6.3% — a result consistent with Monaco’s continued strength as a high-end hospitality destination.

IMSEE noted that despite the overall decline, the Principality’s revenue base remains at a historically elevated level, with the 2025 figure representing its third highest total on record.

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Photo credit: Cassandra Tanti 

Prince Albert opens Italy-Monaco entrepreneurial forum as bilateral ties strengthen

by: Cassandra Tanti
18/03/2026

Prince Albert II joined Italian and Monégasque business leaders at the Hôtel Le Méridien Beach Plaza on Friday 13th March for the inaugural Italy-Principality of Monaco Entrepreneurial Forum, an event that drew representatives from more than 200 companies and underscored the deepening commercial ties between the two countries.

The forum was opened by Prince Albert II and Italian Deputy Prime Minister and Foreign Minister Antonio Tajani, who participated via video link from Rome after being unable to travel to Monaco following an attack on an Italian military base in Erbil, Kurdistan, on Thursday. In his address, Tajani highlighted the strength of economic integration between the two countries, pointing to Italian exports reaching €643 billion in 2025, a rise of 3.3%.

Monaco’s Minister of Finance and the Economy, Pierre-André Chiappori, outlined the state of the Monégasque economy, noting that GDP has reached €10.28 billion, an increase of 8.8%, and highlighted the significant flow of trade and the presence of Italian businesses and workers in the Principality. Italian Vice-Minister of Foreign Affairs Maria Tripodi described Monaco as an extraordinary international showcase, noting that around 2,500 companies linked to Italian citizens operate on Monégasque territory.

Institutional speakers

The institutional portion of the programme also featured Barbara Cimmino, Vice-President of Confindustria; Matteo Zoppas, President of the ICE Italian Trade Agency; and Manuela Ruosi, Italian Ambassador to Monaco.

The plenary session, themed around innovation and sustainability in the Italy-Monaco economic partnership, brought together Ludmilla Raconnat Le Goff, Monaco’s Delegate for Attractiveness, alongside representatives from Cassa Depositi e Prestiti, Simest and SACE.

Sector panels

The afternoon session moved into four sector panels covering areas of strategic interest to both countries. The first examined Italian luxury excellence in Monaco, with a focus on interior architecture, jewellery and fashion. A second panel addressed tourism, hotels and restaurants. The third explored the yachting economy, in which Italy and Monaco are closely intertwined, with contributions from Palumbo Superyacht and Monaco Yacht Temptation. The final panel covered the financial sector, including private equity and family office, with speakers from EFG Bank Monaco and CMB.

Working lunches and B2B meetings between attending companies followed the morning programme.

The forum was organised by the Italian Embassy in Monaco and promoted by Italy’s Ministry of Foreign Affairs in collaboration with the ITA Italian Trade Agency, the Prince’s Government and Confindustria Imperia.

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Photo credit: Andrea Cabiale

Espresso Riviera night train cancelled for summer 2026

by: Kyriaki Topalidou
18/03/2026

Travellers hoping to wake up to views of the Mediterranean coastline this summer have been served with disappointment.

FS Treni Turistici Italiani, the tourism arm of Italy’s state railway group, has confirmed that its popular Espresso Riviera night train will not run in 2026 — despite strong demand and a sell-out debut season just last year.

The service, which connected Rome with Marseille via Nice and Monaco, has been suspended due to that the company describes as “operational limitations at the Ventimiglia border”.

Behind the scenes, running an international train involves significant complexity. To operate in France, a train requires a locomotive compatible with the French network and drivers authorised to drive on it, conditions that have proven impossible to meet this year.

A promising start, now on hold

The Espresso Riviera first ran in 2024 as Nice-Milan service, though the debut was not without its own difficulties. Back then, the planned stop at Monaco had to be cancelled at the last minute due to concerns over diesel emissions in the station’s underground ventilation system.

However, the issue was resolved, and by 2025 the train added Monaco as part of its expanded Rome-Marseille route.

That 2025 service, which offered passengers retro-style shared couchettes and private cabins, sold out across all nine weekends it ran between July and August, carrying more than 3,500 passengers.

Until a few days ago, it has been expected to return bigger than ever, with more departures and a longer season running from June to September.

What happens now

FS Treni Turistici Italiani says it is working with partners to bring the service back, though no timeline has been given. The company has directly contacted customers who had already reached out to its service team. For now, the platforms of Nice, Monaco and Marseille will have to wait — and so will the passengers who were counting on arriving there in style

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Main photo credit: FS Treni Turistici Italiani

Road closures and parking restrictions in place for Monaco’s 51st Cycling Criterium

by: Cassandra Tanti
18/03/2026

Port Hercule will host the 51st Critérium Cycliste de Monaco on Sunday 22nd March, with the race route running through route de la Piscine, avenue J.F. Kennedy and boulevard Albert Ier. A village for the event will be set up on quai Albert Ier.

The Prince’s Government has announced the following road and parking restrictions in connection with the event.

Road closures

From Saturday 21st March at 23:00 until Sunday 22nd March at 18:30, traffic on boulevard Albert Ier will be restricted to the service road only, and the uphill lanes of quai Antoine Ier between route de la Piscine and boulevard Albert Ier will be closed entirely.

On Sunday 22nd March from 06:30 to 18:30, the following roads will be closed to traffic: the darse Sud, route de la Piscine, avenue J.F. Kennedy, and quai des États-Unis between the restricted access zone and its junction with route de la Piscine. A one-way system will also be in operation from the start of quai Antoine Ier, after the Rocher Noghès tunnel, through to the esplanade des pêcheurs.

Parking restrictions

From Saturday 21st March at 23:00 until Sunday 22nd March at 18:30, parking will be prohibited on quai Antoine Ier between the Rocher-Noghès tunnel and the quai Antoine Ier car park, the entirety of boulevard Albert Ier, route de la Piscine, appontement Jules Soccal, the darse Sud, virage Louis Chiron, and quai des États-Unis between the restricted access zone and its junction with route de la Piscine.

Bus services

On Sunday 22nd March from 06:30 to 18:30, CAM urban bus services will be affected. The Stade Nautique and Princesse Antoinette stops will operate in-lane rather than at their usual positions. Line 1 will be diverted via rue Grimaldi and the Dorsale, rejoining its normal route at the Portier stop. The Kennedy and Auditorium Rainier III stops will not be served during this period.

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Photo credit: Cassandra Tanti 

Two Monaco residents make Forbes’ 2026 billionaires ranking

by: Kyriaki Topalidou
18/03/2026

Forbes has published its annual billionaires ranking for 2026, with a record 3,428 people worldwide now holding billionaire status – 400 more than the previous year. 

Their collective fortune reaches $20.1 trillion and at the very top of Forbes’ list, once again, sits Elon Musk, whose $839 billion fortune, built through Tesla and SpaceX, puts him in a league of his own.

Among those listed are two residents of Monaco, ranked 664th and 1,074th respectively.

Stephano Pessina – $6.3 billion

Stephano Pessina, aged 84, has been one of Monaco’s most prominent residents since becoming a naturalised citizen in 1992. His wealth traces back to 1977, when he stepped into his family’s pharmaceutical distribution business in Naples and began an acquisition spree that would span decades.

The endpoint of that journey was Walgreens Boots Alliance, the American-British pharmacy giant he now chairs. The company has faced headwinds recently, with falling share prices and store closures, but Pessina has not stepped away.

David Nahmad – $4 billion

David Nahmad, aged 78, arrived in Monaco via a rather different route. Born in Beirut to a Syrian-Jewish family, he and his brothers gravitated towards art as young men in Milan during the 1960s, eventually amassing a collection that few institutions could rival.

The family is said to hold between 4,500 and 5,000 works, among them more than 300 Picassos, kept in a Geneva storage facility. France has recognised his cultural contributions with the title of Chevalier de l’Ordre des Arts et des Lettres.

Away from the art world, he also holds an unlikely distinction: 1996 Backgammon World Champion.

Together the two men account for just over $10 billion, a figure that reinforces Monaco’s status as a place where exceptional wealth tends to settle

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Main photo of Stephano Pessina credit: Wallgreens Boots Alliance

Monaco issues commemorative stamp to mark first papal visit

by: Kyriaki Topalidou
18/03/2026

Monaco will release a commemorative stamp on 28th March to mark the historic first apostolic visit of Pope Leo XIV to the Principality. 

Although Pope Paul III passed through Monaco in 1538, no pope has made a formal apostolic journey here since.

Priced at €2.25 and limited to 42,000 copies, the stamp will be printed by offset in a vertical format of 30 x 40.85 mm and sold in sheets of 10. Photography is credited to Vatican Media.

According to the Office des Timbres de Monaco, collectors will be able to purchase the individual stamp, the full sheet, a special first-day cover envelope and an exclusive insert on the day itself at three locations: the Stamp and Coin Museum, the Place de la Mairie in Monaco-Ville, and in the Fontvieille district near the Stade Louis-II at the corner of Avenue des Castelans and Rue de l’Industrie.

It will be subsequently available at the Stamp and Coin Museum, post offices, philatelic counters and dealers across the Principality, at the Carré d’Encre in Paris, and online at www.oetp-monaco.com

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Main photo credit: Office des Timbres de Monaco