Monaco is the undisputed epicenter of global yachting, a place where the turquoise waters of the Mediterranean merge with unparalleled luxury and a rich maritime tradition. At the very core of this exclusivity lies Cluster Yachting Monaco, an association that is not just synonymous with premium service, but also a driving force behind responsible innovation in an industry that has become a cornerstone of the Principality’s identity.
Cluster Yachting Monaco brings together nearly 100 member businesses, whose expertise is meticulously centralized in Monaco. It is a center of excellence where services are at the highest level, offering expert advice and access to resources essential for ensuring exceptional experiences for yacht users and crew alike. Here, expertise isn’t just offered; it’s lived, cementing Monaco’s position as the unrivaled capital of yachting.
More than numbers: Yachting as Monaco’s philosophy
The yachting sector in Monaco represents far more than just an economic contributor. It embodies the very essence of the Principality: elegance, exclusivity, and a rich maritime heritage. Through its significant economic impact, numerous employment opportunities, world-class infrastructure, and prestigious events (like the legendary Monaco Yacht Show), the yachting industry has become an integral part of Monaco’s identity. As the Principality continues to evolve and adapt to changing trends, the yachting sector will undoubtedly remain a pillar of its economy, attracting discerning individuals from around the world who seek the ultimate luxury experience on the azure waters of the French Riviera.
Cluster Yachting Monaco enjoys the crucial support of the Monaco government and other vital economic bodies of the Principality. This backing is no coincidence; authorities clearly recognize the vital importance of the yachting industry to Monaco and actively collaborate with the association to ensure its members receive all necessary support to thrive. This synergy guarantees a stable environment for growth and innovation.
Impressive figures: A look behind the scenes of Monaco’s yachting economy
Yachting is a thriving sector, with revenues in 2022 topping an impressive €567.1 million, accounting for 3% of the Principality’s total revenue (excluding financial and insurance activities).
A closer look reveals a fascinating breakdown:
Wholesale trade generated nearly €310 million. The report highlights that this influence was “largely thanks to the agents involved in the sale of ships, who generate more than half of the yachting turnover: €288.6 million or 50.9%.” This underscores the vital role of intermediaries in sales.
Scientific and technical activities contributed €84.7 million, with €21.2 million derived from specialist design services, emphasizing the sector’s creativity and engineering prowess.
The transportation and storage sector is the second largest, with a 17.8% share of total revenue. This sub-sector includes services such as chartering and transportation organization (€43.6 million), sea and coastal passenger water transportation (€47.1 million), and service activities incidental to water transportation (€47.1 million).
These figures speak volumes: the yachting sector comprises 411 establishments, representing 3.7% of all businesses in the Principality, and provides 1,429 jobs, accounting for 2.4% of Monaco’s workforce. It’s noteworthy that the yachting sector in the ‘Région Sud’ (the wider region) was estimated to have brought in €1.1 billion during 2022, meaning that the Principality of Monaco contributed close to half of this total, confirming its dominant position.
The path to success: How Cluster Yachting Monaco was created
The Cluster Yachting Monaco Association was founded in 2014 by Bernard d’Alessandri, the General Secretary of the Monaco Yacht Club. His objective was clear: to promote, develop, and unite the yachting industry in Monaco, creating a dynamic network of industry professionals and stakeholders.
The association’s membership is diverse, encompassing key industry players: from yacht builders and brokers, to maritime lawyers and financial services, crew training establishments, yacht management companies, and many other shore-based industry professionals and associations.
To be eligible for Cluster Yachting Monaco membership, companies must have a minimum of two years of operation as a Monaco-registered company within the Principality. Membership is renewed annually, running from January 1st to December 31st, ensuring a continuous commitment to excellence.
