Monaco’s private sector grew by 5.1% in 2023, bringing the total number of employees across a diverse range of industries to 58,326. 

A full 25% work in the scientific and technical activities fields, which includes administrative and support services, although just under half of these are seasonal or temporary workers.  

This portion of the private sector is also the Principality’s fastest growing. Within the scientific and technical activities realms of expertise, information and communication roles noted the biggest leap in positions, which rose by 10% over the course of 2023.  

See more: How much is the maritime sector worth in Monaco? €1.8 billion to be exact

Monaco’s hotels and restaurants, the accommodation and hospitality sector, accounted for 14% of all private sector employees, while the construction industry and companies offering other service activities, such as domestic staff, employed 11% of workers each.  

DEMOGRAPHICS  

The 5.1% increase in employees noted last year equates to 2,854 additional workers. Far more men filled these posts, 2,089 in total, compared to just 765 women.  

The overall gender split is equally unbalanced when looking at the private sector as whole, which was 62% male and 38% female in 2023. The average age of workers was 42.4 years. 

Monaco’s private sector is made up of employees from an astounding 140 countries. French nationals represent a full 61%, with Italians in second place. They account for 15% of the workforce.

In a rather surprising twist, it was Portuguese workers who rounded out the podium, with a 7% share. Monegasques, 1,012 of whom work in the private sector in the Principality, equal roughly 2% of the total. 

 

80% of workers are recorded as living in the Alpes-Maritimes, with one in four residing in a French town that neighbours the Principality, such as Cap d’Ail, Beausoleil or Roquebrune-Cap-Martin.  

11% of the workforce live in Monaco, according to the IMSEE report, while 9% live in Italy.  

In 2023, the private sector clocked up 103 million hours of work, 5.6 million more and a nearly 6% increase over 2022. 

To read the report, click here.

Read related:

Monaco’s tourism sector in 2023: Hotel prices hit new record

 

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Photo source: Mihai Gr, Unsplash