Fendi is planning to build the first gold refinery in Monaco

An investor from Dubai, Selim Fendi, is planning to open the first gold refinery in Monaco in early 2017. This will be a guarantee for both local and international jewelers that they are not using raw materials from armed conflict and war zones. “Monaco Gold SAM will be producing up to 1 metric ton of…

H.E. Mr. Serge Telle Receives Mr. Guillaume Pepy

Mr. Guillaume Pepy, Chairman of the Management Board of the SNCF, visited the Principality on Friday 13 January 2017 for a working meeting with the Minister of State. Serge Telle was accompanied by Marie-Pierre Gramaglia, Minister of Public Works, the Environment and Urban Development; Jean Castellini, Minister of Finance and Economy; Robert Colle, Secretary-General of…

Who is buying the euro?

With the US Federal Reserve raising interest rates, and President Draghi of the European Central Bank seemingly unable to escape his addiction to quantitative policy easing, many investors are questioning who wants to buy the euro. The answer is simple. The whole world is eager to buy the euro. The problem in 2017 is more…

Soaring Demand Keeps Monaco House Prices among the Highest in the World

House prices in Monaco jumped by more than a quarter over the past five years as the tiny principality continues to attract wealthy buyers from around the world with its low taxes and glamorous lifestyle. Average prices have increased by 27.8% between 2010 and 2015 due to high demand and limited supply, according to a…

There are now more than 13 million millionaires across the globe

The global population of ultra-high-networth individuals (UHNWIs) has grown by 60% in the 10 years since The Wealth Report was first published. According to data prepared for the 2016 report by wealth intelligence company New World Wealth, there are now 187,500 UHNWIs with $30 million or more in net assets, excluding their principal residence, around…

Press Briefing on Automatic Exchange in the Principality

Today, the Minister of State, with Mr. Jean Castellini, Minister of Finance and Economy and Mr. Thierry Orsini, Director General of the Ministry of Finance and Economy, held a press briefing on the automatic exchange of tax information. The press briefing followed the deposit with the OECD of the instrument of ratification of the Convention…