Monaco continues to affirm its reputation as one of the most dynamic and resilient economies in the world. In 2024, the Principality recorded a landmark economic achievement with its Gross Domestic Product rising above 10 billion euros for the first time, reaching 10.28 billion euros according to Monaco Statistics. This represents a real growth rate of 8.8 percent, significantly outpacing most advanced economies and highlighting Monaco’s ability to thrive even amid global uncertainty.
The expansion is part of a broader long-term trend. Since 2015, Monaco has increased its GDP by nearly 53 percent in real terms, almost double the global growth rate and far above that of the eurozone and France. This momentum strengthens Monaco’s position as an exceptional hub for wealth creation, innovation, and international business.
Monaco’s growth is fueled by a diversified economic structure anchored in high value added activities. Three sectors generate more than half of the total wealth created in 2024. Scientific and technical activities, administrative and support service activities account for 23.5 percent of GDP. Financial and insurance activities contribute 17.6 percent. Construction, boosted by major property development initiatives, reaches 9.6 percent and overtakes wholesale trade for the first time since 2020.
Construction alone expanded by nearly 24 percent during the year, underscoring both the ramp up in luxury real estate projects and the sustained appetite for exceptional living spaces within the Principality.
College Îlot Pasteur
Public administration, education, human health, and social work activities also show impressive gains, rising by 33.4 percent, while accommodation and food service activities continue to rebound strongly with growth of 13.5 percent.
GDP per capita in Monaco reached 107,213 euros in 2024, crossing the symbolic 100,000 euro threshold for the first time. This reflects a real increase of 6.2 percent year over year. Meanwhile, GDP per employee climbed to 156,500 euros, widening the gap with France to more than 45 percent. These indicators highlight a high concentration of economic value and exceptional productivity levels within Monaco’s employment base.
Such performance reinforces Monaco’s profile as a premier global destination for investors, entrepreneurs, and financial institutions seeking a stable and highly efficient economic environment.
The real estate sector is deeply intertwined with Monaco’s economic development, and 2024 marks another historic year for property activity. Total transaction value reached a record 5.9 billion euros, with nearly two thirds generated by new build sales, which alone exceeded 3.7 billion euros. This represents an increase of more than 80 percent in a single year and a doubling over the past decade.
Mareterra — Photo by Baldo Realty Group
The delivery of major developments such as the Mareterra project played a central role. In total, 159 new private sector dwellings were completed, the highest number since 1993. One in two new properties sold for more than 22 million euros, with the mean price reaching 36.4 million euros in 2024. Seven properties exceeded the 100 million euro mark, illustrating the market’s focus on exceptional and ultra prime assets.
On the resale market, values remain strong and stable despite a slight decline in the number of transactions. The average resale price climbed to a record 6 million euros, while the average price per square metre reached 51,967 euros, close to its historic peak. Five districts recorded increases in total resale value, with Monte Carlo once again leading with more than one third of all transactions and the majority of top tier activity concentrated there.
Given Monaco’s extremely limited land availability, meticulous urban planning, and constant demand from global UHNWIs, real estate is set to remain a major driver of national wealth and a core component of long term economic resilience.
Monaco’s record GDP performance in 2024 confirms the Principality’s role as a unique macroeconomic ecosystem. With a stable political environment, transparent institutions, robust fiscal fundamentals, and a deep commitment to long term sustainability, Monaco continues to attract leading investors, financial institutions, and families seeking security and performance.
Looking forward, ongoing development initiatives, strong employment growth, and the continuous upgrade of urban and environmental infrastructure create a foundation for sustained prosperity. For UHNWIs, Monaco offers not only an exceptional lifestyle but also unparalleled economic stability in a world of increasing volatility.
The Principality’s achievement of more than 10 billion euros in GDP is not just a milestone. It is a testament to Monaco’s enduring strength as one of the most sophisticated and resilient economic environments in the world.
