Business & Finance
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The Monaco Economic Board has met with Serge Pierryves, Director of the Economic Development Department, and his colleagues to strengthen collaborations and learn more about the role of each group.
In its mission to find investors for Monaco, the MEB has a responsibility to “perfectly master the formalities and processes of business creation in Monaco,” according to a press statement released by the group on Friday. “While the Welcome Office, which reports to the DEE, is the MEB’s main point of contact, it is also important to strengthen links with other services which are in contact with new arrivals.”
As a result, the MEB is strengthening its relationships with various departments in the Principality who are responsible for all aspects of business development, in particular financial aid such as grants and funds like EUREKA, and the acquisition of holdings by the State on innovative projects created in the Principality.
The meeting between the MEB and the Direction de l’Expansion Économique (DEE) was also an opportunity for the two to discuss the experiences of businesses during the health crisis and subsequent consequences. According to the MEB, it was “a rich dialogue which made it possible to appreciate the solidity of the Monegasque economy and to design tools to promote the revival of the Principality and its capacity for resilience.”
For Guillaume Rose, Executive Director General of MEB, “it is essential that the MEB teams know the different administrative entities which are in contact with the economic actors of Monaco, their role but also the people behind them, in order to help and orient our members if necessary. It is also a knowledge base for promoting an administration which is modernising for the benefit of businesses in the Principality.”
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Major economies continue to dominate the global ranking of the richest countries, with one nation’s private fortunes jumping by $200 billion (€177 billion) in six months alone, according to a new report released on Tuesday.
New World Wealth ranked the different countries according to the total amount of wealth, including property, cash, equities and business interests, held by all individuals as of June 2016. At least three countries from Asia appeared on the list, while four from Europe made it to the rankings.
Accumulating $48.9 trillion (€43 trillion) in wealth, the United States topped the overall list, followed by China, Japan, the United Kingdom and Germany in the top five. Rounding up the top ten are France, India, Canada, Australia and Italy.
Analysts are impressed by Australia’s showing in the top ten, considering that the country only has a population of 22 million. Australia, as well as Canada, has also overtaken Italy over the past 12 months, while China posted the fastest wealth growth over the past 15 years.
In terms of wealth held per person, European countries dominated the global rankings, with Monaco taking the number one spot. As of June 2016, the average person in Monaco owns $1.6 million (€1.42 million) in wealth, the highest in the world, reports New World Wealth, which also said the high average of wealth of Monaco’s residents can be attributed to the country's tax-free regime. (Source: Gulf News)