Monaco's economic development

Monaco's economy has evolved from supporting maritime trade and tourism in the 19th century to becoming a global hub for luxury and finance. Its strategic location, favorable tax policies, and stability attracted wealth and financial services, fostering growth in sectors like banking, real estate, and hospitality. Today, Monaco relies heavily on tourism, especially high-end clients, and its status as a tax haven and luxury destination has made it one of the wealthiest places per capita, with a small but flourishing economy centered on finance, real estate, and luxury services.