Monaco, the tiny principality renowned for its lavish lifestyle and stunning Riviera views, has once again proven its economic might. For the second consecutive year, its hotel and restaurant industry has shattered the billion-euro barrier, raking in an astounding €1.1 billion in revenue for 2024. This remarkable achievement underscores Monaco’s unparalleled allure as a global luxury destination.
Beyond the postcard: Punching above its weight
Smaller than New York’s Central Park, Monaco consistently demonstrates that its diminutive size is no impediment to grand achievements. The principality excels at providing unparalleled luxury stays, pampering guests with Michelin-starred dining experiences, and ensuring champagne corks pop freely. The latest figures, courtesy of IMSEE (Monaco’s statistical agency), are nothing short of spectacular. Revenue soared by over 6% compared to 2023, and over the past decade, the sector has experienced an incredible 60% growth, blossoming from €650 million to its current billion-plus powerhouse status.
The titans of taste: Leading the luxury charge
At the forefront of this economic triumph is the iconic Société des Bains de Mer (SBM). This powerhouse company effectively steers Monaco’s luxury landscape, owning illustrious establishments like the fabled Hôtel de Paris and Hermitage, alongside an array of restaurants celebrated for their exquisite wine lists and expert sommeliers. SBM alone accounted for a staggering €400 million between April 2024 and March 2025, a testament to its dominant position within the principality’s hospitality sector.
A growing family: The people behind the prestige
Beyond the impressive revenue figures, Monaco’s hospitality sector is also a significant driver of employment. In 2024, the industry provided livelihoods for between 8,000 and nearly 9,000 individuals, representing a substantial 7.5% increase over 2023. This makes it the second-largest employer in the principality, with SBM once again leading the charge. From diligent bellhops and attentive waiters to world-class sommeliers, Michelin-starred pastry chefs, and dedicated concierges, a vast network of skilled professionals ensures Monaco’s guests experience nothing short of perfection.
Full house: Monaco’s magnetic appeal
Monaco’s hotels are experiencing unprecedented demand, attracting not just honeymooners and Formula 1 enthusiasts but a diverse range of visitors. In 2024, nearly 350,000 guests were welcomed, marking a 2% increase from the previous year. Even more impressively, overnight stays surged by over 5%. This isn’t just about bookings; it signals that Monaco’s hotels were consistently buzzing with activity. The average hotel occupancy rate climbed to over 65%, a commendable 3 percentage point increase from 2023. Certain months, particularly March, September, and December, saw even more dramatic jumps, with occupancy rates sometimes leaping by over 7 to 8 percentage points. In essence, visitors arrived, they lingered, and they undoubtedly indulged, providing a significant boost to the local economy.
The billion-euro blueprint: What lies ahead?
These impressive figures unequivocally demonstrate that Monaco offers far more than just luxurious accommodations and exquisite dining; it successfully markets a lifestyle that borders on the cinematic. The challenge for 2025 will be to maintain this captivating allure. With the hospitality sector flourishing and luxury retail riding a similar wave of success, the odds are firmly in Monaco’s favor for continued prosperity.
