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