Monaco is making slow yet steady progress in achieving better gender parity in top leadership roles in the business world, according to a new report from IMSEE, particularly among sole traders and public limited companies. Nevertheless, women account for less than 30% of executive decision-making roles, indicating that there is still some way to go before women gain equal representation.
Earlier this month, IMSEE, Monaco’s official statistical agency, released a special International Women’s Day report on women in corporate governance in 2024, and the figures are telling.
Since 2015, the number of women running companies in the Principality has risen by a meagre 1.5%.
In 2024, there were 14,238 people on boards of directors or in major decision-making positions in the Principality. Of those, 4,068 were women, accounting for 28.6% of the total population of business leadership in Monaco.
Sole proprietorship was the most common business structure among female entrepreneurs, with more than a third of business owners of this type being women, according to data collected over the past 10 years. Nearly as many—29.1%—headed up limited liability companies (LLCs), although this number has declined by 0.7% over the past decade. Public limited companies were the least popular, attracting only 23.8% of women in business.
Perhaps surprisingly, the economic sector with the highest proportion of female bosses is Scientific and Technical Activities, at 29.7%, despite it not being one of the top three sectors most populated by women employees. This equates to 1,248 female executives in this field alone.
Less than a third of newly created businesses in 2024 were founded by women. Of the 989 new business registrations, only 294 (29.7%) were female-led.
Young women make their mark
On a brighter note, young women are making their mark in Monaco. Among business leaders aged 18 to 24, an impressive 44.9% were women in 2024. The 25 to 34 age group followed at 35%, while 32.5% of business leaders aged 35 to 44 were female. Representation declined slightly among older groups, with 28% of women aged 45 to 54 in leadership roles, dipping to 27.5% for those aged 55 to 64 and 23% for those 65 and older.
The average age of female corporate leaders stands at 51.2 years, compared to 53.7 for their male counterparts. Notably, over 70% of these women reside in the Principality.
French entrepreneurs are the highest nationality represented at 30.9%, followed by Monegasque women at 19.1%, with Italians rounding out the podium at 18.7%. British and Belgian women make up the majority of the rest.
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