In total, the maritime sector represents 635 establishments generating a turnover of 1.8 billion euros and 3,268 jobs, i.e. nearly 10% of the Principality's turnover and 5.4% of total private sector employment respectively.
The report takes a closer look at the yachting market (activities related to pleasure boats and superyachts), which represents 411 establishments and 1,429 jobs. Turnover in this sub-sector exceeds half a billion euros, reaching 567.1 million euros, or 3% of the Principality's total turnover.
Other interesting reports were also commented on at the latest "La Belle Classe Superyachts" economic symposium, organised by the Yacht Club de Monaco as part of the "Monaco, Capital of Advanced Yachting" initiative. These included a study conducted in 2022 by the firm Earthcase on the initiative of the regional tourism committee, and the Superyacht Report 2023 by the Superyacht Times.
The first focuses on the yachting sector in the southern region of the French Riviera, which is estimated to be worth €1.1 billion (including €663 million for tourism) and to provide 10,200 jobs (including 6,600 for tourism). It highlights the initiatives put in place, such as the Regional Maritime Parliament's committee dedicated to yachting, which aims to provide financial support for technological and aesthetic developments, and the world leadership of "West Med Yachting", a transnational Euro-Mediterranean cooperation initiative.
The Superyacht Report 2023 analyses yachting trends for 2023:
- A slight fall in sales, but an increase in prices for flagship models of between +21% and +36%,
- More than 200 superyachts delivered, worth over €5.9 billion. 88% are yachts over 30 metres in length,
- The sector employs more than 250,000 people, of whom around 40,000 work as crew members.
- The brokerage market remains solid, with commission income of almost €330 million on more than €5 billion in transactions,
- The 'golden triangle' of the Western Mediterranean market, located between Italy, Spain and the Côte d'Azur, is home to 2,000 of the world's 5,500 yachts over 30 metres.
For more information on yachting and the maritime economy, please contact rys@rosemont-yacht.com
02/2024