Working in Monaco: Employment on the Rise According to New Study

Monaco’s first ever employment study was recently published by the Monegasque Institute for Statistics and Economic Studies (IMSEE), comparing workforce numbers over the last ten years. The snapshot of employment in Monaco analyzed employees in the private sector, public service, temporary workers, remote workers and self-employed workers. At the end of 2022, the Principality had 71,314 jobs, including more than 65,000 salaried jobs (mainly in the private sector) and nearly 6,200 self-employed workers.

The Big Picture

At the end of 2022, the total number of employees amounted to 60,519 people, or 2,432 more than in 2021 (+4.2%). This number is made up of:

55,472 private employees (+19% compared to 2013)

5,047 civil servants (+19.2% compared to 2013)

6,357 private sector employers

5,767 self-employed

14,000 more jobs since 2013

Between 2013 and 2022, total employment increased by 24.6%, or 14,000 more jobs in Monaco over the decade, all sectors combined. 92% of workers are employed by the private sector and 8% work in the public sector (in France, public workers represents 22% of salaried employment).

The study looked back on the health crisis and addressed the various aid systems put in place by the government. Today, employment in Monaco has recovered from the pandemic and most numbers have returned to their pre-covid levels, including number of jobs and hours worked.

Employees commuting from further away

The Principality depends on a large number of commuters, who represent 89% of the overall workforce. In the public sector, 45% of employees reside in the territory. However, 25.5% of workers in private sector reside in Nice (13,900 workers). The second most popular city for Monaco’s private employees is Menton. Over the past few years, private sector workers have gradually moved further and further away from their Monegasque workplace.

140 different nationalities work in the private sector. French, Italians and Portuguese represent 85% of the workforce since 2013. After this top three, Monegasques are in fourth position, while British workers were overtaken for the first time in 2022 by Romanians. In the public sector, 68.8% of the workforce are of French nationality, followed by Monegasques who were represent 25.7% in 2022 (30.4% ten years earlier).

The salaried population in the private sector has aged by about 1.5 years between 2013 and 2022. For the public sector, the average age of the workforce has remained stable, with the average age of employees being 43.4 years old, or one year older than in the private sector. 

Self-employed workers increasing

They were 5,767 self-employed workers at the end of last year, including 758 Monegasques. That number has increased by about 2,200 since 2013 or by 4% every year. The overall number of self-employed activities increased by 55.4% between 2013 and 2022. 4,133 men and 1,634 women made up the self-employed population at the end of 2022, which corresponds to a distribution of 71.7% men vs. 28.3% women. 

Increase in remote workers

There are over 4,324 remote workers in Monaco’s private sector. 2022 was a pivotal year in the development of this system in Monaco (however Italian employees cannot yet use the system because the agreement between Monaco and Italy has not been ratified). In January 2022, there were 2,000 remote workers. That number doubled to over 4,000 by November of the same year.