Monaco job market saw a significant increase in 2024, cementing its reputation as a dynamic economic hub. By the end of 2024, the total number of jobs in the Principality reached 78,364, an impressive 4.8% increase over the previous year and the strongest growth rate in the past decade. This translates to the creation of over 3,000 new jobs.
Key drivers of Monaco job market growth
This surge is a result of strong economic momentum, primarily driven by two key sectors:
- Construction: This remains one of Monaco’s largest employers. Numerous development projects, ranging from residential buildings to major infrastructure upgrades, ensured high demand for builders, planners, and engineers throughout the year.
- Scientific and Technical Activities: This broad category, which includes legal, consulting, and engineering services, experienced one of the strongest employment increases, growing by 6.3%. This reflects Monaco’s growing reputation as an attractive destination for highly skilled professionals in finance, technology, and innovation.
Private sector dominance and market resilience
Notably, over 92% of all jobs are in the private sector, emphasizing Monaco’s role as a center for agile, service-oriented businesses. Despite global economic challenges, Monaco job market has shown exceptional resilience. The employment growth reflects strategic planning and business-friendly reforms that enable the Principality to not only navigate global obstacles but also to thrive.
