IMSEE, Monaco’s statistical office, said in an official report this week that the Principality employed a record number of private sector workers in 2023: 58,326. This is an increase of 5.1 percent compared to 2022. It is also a very positive sign for Monaco’s economy. The increase in the number of hours worked was even higher: 5.7 percent.

Of all these employees, 62 percent are men and 38 percent are women, with an average age of 42.4 years. In addition, 61 percent of the employees have French nationality. The Italians form the second largest group with 15 percent and the Portuguese form the third group with seven percent. In total, employees in Monaco come from 140 different countries. The number of Monegasques working in the private sector in Monaco is surprisingly low: 1,012 – just two percent.

Eleven percent of employees live in Monaco and 22 percent come from the surrounding municipalities (Beausoleil, Cap d’Ail, la Turbie and Roquebrune-Cap Martin). Nine percent of employees live in Italy. 58 percent come from other parts of the Alpes-Maritimes department (mainly from Nice, Villefranche, Beaulieu and Menton).

The majority work in hotels and restaurants (14 percent), although including part-time jobs, 25 percent of employees are active in the administrative and scientific sectors. Eleven percent of employees are in construction, while banking and insurance accounts for eight percent.