On March 31, 2005, Monaco’s Crown Council transferred regency to Prince Albert II—a turning point that has since transformed every facet of the Principality. In the twenty years of his reign, Monaco’s skyline, society, and global reputation have been reimagined under a visionary leader who marries tradition with forward-thinking progress.
A Renaissance of Urban and Environmental Innovation
Under Prince Albert’s leadership, Monaco has experienced a renaissance including prioritizing additional housing for Monegasque citizens through the National Housing Plan, launched in 2019. This ambitious initiative aims to increase state-owned housing capacity by 43 % over 15 years.
As part of this, on February 27, 2025, the State Housing Allocation Commission, led by Finance and Economy Minister Pierre-André Chiappori, awarded 194 apartments to Monegasque residents.
What also makes Monaco shine for everyone are architectural innovations that have reimagined the Principality including:
• Mareterra: Inaugurated on December 4, 2024, this €2 billion eco-district reclaimed six hectares of land. Designed by Renzo Piano and Norman Foster, it now features 110 apartments, four townhouses, and ten villas—all sold before completion—and incorporates 9,000 m² of solar panels, extensive green spaces, and a 500-metre seafront promenade.
• Urban Renewal & Heritage: Historic icons like Casino Square and the Hotel de Paris have been revitalized alongside modern landmarks such as One Monte Carlo with seven buildings, integrating 37 luxury apartments, 4,500 m² of commercial space, and 2,500 m² of office space. Not to forget the Odeon tower (49 story skyscraper)—Europe’s second tallest building, which houses the continent’s most expensive penthouse.
Improvements in Quality of Life and Social Welfare
Monaco’s quality of life, social progress and wealth have soared. Recent years’ data show a steady increase in average income and living standards.
• Per Capita GDP: In 2022, Monaco’s per capita GDP was approximately €91,500, representing an 8.2 % increase from the previous year and a 26 % rise over the past decade.
• Employment: Total Employment: The Principality recorded a total of 73,707 jobs at the end of 2023.
• Property Prices: Also Monaco has solidified its status as a hub for the ultra-wealthy, with property prices reaching up to €120,000 per square metre in developments like Mareterra. The principality’s exclusivity, safety, and favourable tax policies continue to attract affluent individuals, contributing to economic growth and an enhanced quality of life for residents.
• Gross Domestic Product (GDP): In 2023, Monaco’s GDP reached €9.24 billion, marking a 5% increase from €8.36 billion in 2022. Over the past decade, the GDP has grown by 46.5%, averaging an annual growth rate of 4.3%.
• Covid: A country is not only judged by its wealth but how it springs into action during the direst of crises. During the Covid-19 pandemic in 2020–2021, under Prince Albert II’s leadership, Monaco implemented comprehensive measures to protect public health and provide economic support.
Economic Support Initiatives:
• Total Temporary Layoff (CTTR): This scheme supported up to 22,500 employees monthly at the pandemic’s peak, assisting over 2,650 employers. The state invested more than €141.4 million in CTTR over two years.
• Economic Recovery Support Commission (CARE): Established in July 2020, CARE allocated €15 million to assist 285 companies facing economic challenges.
• Partial Exemption from Employers’ Contributions: This measure benefited 1,640 employees,
And there were very many other support measures.
Health never takes a back seat. Just one major example:
• Reconstruction of the New Princess Grace Hospital:
The modernization initiative includes constructing a new 16-story building with a six-level underground car park, encompassing 65,000 square metres of floor space.
• Facilities and Capacity: The new hospital complex will accommodate 394 beds, an additional 28-bed “drawer unit,” and 15 operating rooms. A car park with 650 car spaces and 180 two-wheeler spaces is also planned.
• Timeline: The total project commenced in 2015, with completion expected by 2032. Notably, two wings are scheduled for delivery by 2025, with some important remaining sections, including emergency services and operating theatres, anticipated by 2026.
A Global Economic, Diplomatic and Tourism Hub
Internationally, Monaco’s reach has expanded dramatically while it strengthens its reputation as THE place to visit.
• Europe’s Best Destination for 2025: Under Prince Albert II’s 20-year reign, Monaco was awarded its recent accolade as Europe’s Best Destination for 2025. Not surprising that the Principality is a tourist hot spot and welcomes between 300.000 and 400.000 international tourists, and that hotel occupancy is improving with average room rates between 450€ to 500€.
• Diplomacy: Today, Monaco maintains diplomatic relations with over 100 countries, and new global contacts continue to emerge through high-level state visits (e.g., Chinese President Xi Jinping’s historic visit in 2017) and international exhibitions.
A Leader in Sports, Culture, and Education
Sport and culture thrive in Monaco:
• World Capital of Sport: With two Olympians as sovereigns, Prince Albert himself—a judo black belt and five-time Winter Olympian in bobsleigh—has nurtured a sporting culture. Monaco’s prestigious events include the Formula 1 Grand Prix™, the Monte-Carlo Rolex Masters where tennis records are made, and the recent designation of Monaco as the World Capital of Sport 2025. And the thriving Yacht Show is the envy of Europe and the world and underpins the Principality’s reputation as a Regatta and sailing sports haven.
It’s also not so long ago that AS Monaco Basketball won their inaugural French Basketball Cup and reached the EuroLeague Final Four, becoming the first French club in 26 years to do so.
In soccer, AS Monaco, delivers thrills in close contests in the Champions League and strives regularly to qualify as a Champions League force.
The Herculis meeting, held annually at Monaco’s Stade Louis II, has been a regular stage for shattering world records in athletics. And not to mention that on International Women’s Day the talented women of Monaco Basketball shot for Equality and won their match resoundingly racing toward promotion.
• Cultural Diplomacy & Exhibitions: Monaco’s international pavilions—such as the 2020 pavilion in Dubai which saw over a million visitors (including a proportion of the 250 million virtual visitors), and the upcoming Osaka 2025 program—underscore its cultural influence.
• Education: The International School of Monaco (ISM) consistently ranks among the world’s best private schools, complemented by new educational spaces in recently built residential complexes. In the 2024 Schools Index by Carfax Education, ISM was ranked among the top 15 schools in Europe and listed among the best 150 private schools globally.
Advancing a Green Agenda
Prince Albert’s green agenda is central to his reign:
• Environmental Stewardship: A founding moment was the creation of the Prince Albert II of Monaco Foundation in 2006. Its projects span climate change, water management, respect for nature and biodiversity even to the extent of such details as supporting reintegrating the bearded vulture into the Alps. And Monaco now aims to reduce greenhouse gas emissions by 50% by 2030 (from 1990 levels) and achieve carbon neutrality by 2050.
• Ocean & Polar Protection: Prince Albert is a member of and also supports several international ocean-protecting organizations. Examples include the Association Monégasque pour la Protection de la Nature (AMPN) and of course The Oceanographic Institute & Related Initiatives.
He is the only head of state to have visited both the North and South Poles—Prince Albert has led initiatives to safeguard marine ecosystems. Even during major projects like Mareterra, rigorous measures ensured underwater life was protected.
Advancing a Charitable & Humanitarian Agenda
Setting the pace with iconic Galas and Balls with global reach, traditional and futuristic, Prince Albert’s patronage spans diverse sectors. And, of course, Prince Albert II of Monaco has been a steadfast supporter of the Princess Grace Foundation. Through comprehensive programs, the Princess Grace Foundation under Princess Grace’s daughter, Princess Caroline of Hanover exemplifies a profound commitment to enhancing the lives of children and promoting cultural enrichment, reflecting the enduring legacy of Princess Grace whose initiatives include
Humanitarian Acts:
• Support for Hospitalized Children: As an example in 2021, €360,000 was allocated to aid 1,508 hospitalized children in 62 French hospitals.
• Parental Accommodation: The Foundation has invested €1.6 million over two decades to refurbish or construct 17 “parents’ houses” near pediatric hospitals.
• Medical Research for Children: Annually, €300,000 is dedicated to pediatric medical research, supporting laboratories at Necker Hospital and Debré Hospital in Paris.
Also Prince Albert II serves as the patron of the Princess Grace Foundation-USA. Since its inception, the Foundation has awarded over 900 artists, many of whom have gone on to receive prestigious honours such as Academy Awards, Tony Awards, and Pulitzer Prizes and trigger a cultural wave across the USA.
And then there is the Prince Albert II Foundation itself. The Prince Albert II of Monaco Foundation, established in 2006, is dedicated to environmental protection and sustainable development. Over the years, it has launched numerous initiatives addressing climate change, biodiversity loss, water resource management and Ocean pollution, not to mention disaster relief. Stars and celebrities around the world flock to support its initiatives. The Foundation has supported over 750 projects globally, allocating more than €100 million in grants.
Through these foundations, Prince Albert II not only preserves his mother Princess Grace’s philanthropic vision but also champions causes that resonate on a global scale, reflecting a profound commitment to humanitarian aid, cultural enrichment, and environmental stewardship.
A Lasting Legacy
In just twenty years, Prince Albert II has not only redefined Monaco’s physical landscape but also its social fabric, global partnerships, and environmental commitments. Whether it’s through groundbreaking urban developments, record-setting sports achievements, or a steadfast commitment to green initiatives, his reign has ushered in a legacy of sustainable progress and international influence.
As Monaco steps into the next chapter, the world watches—and many would agree that to be Monegasque today is to live a modern fairy tale of prosperity, culture, and responsibility.
Two Fairy Tales
It’s not easy to follow the fairy tale of Prince Rainier and Princess Grace, royalty combined with the pinnacle of beauty, style and Hollywood. You can only do it by creating a fairy tale just as compelling—Royalty with beauty and style remaining a constant with two Olympians joined in marriage as standard bearers of the Principality. Two gorgeous twin children, including a princely heir complete the picture.
There are many accomplishments and victories to record over Prince Albert’s years at the helm—but on a personal level, surely his family must give him an incomparable sense of accomplishment. Long live Prince Albert!
