Monaco, a tiny country bordering France on the Mediterranean coast, is a popular resort, attracting tourists to its casino and pleasant climate. The principality also is a banking center and has successfully sought to diversify into services and small, high-value-added, nonpolluting industries.
The Internet penetration rate was slightly over 97% by the end of 2019. As of 2020, the country’s sole fixed-line operator is offering a full range of services to residential and business customers, and 4G LTE is widely available around the country.
The telecommunications market in Monaco is controlled by Monaco Telecom in a monopolistic position. Monaco Telecom offers customized support through a secure worldwide network and a underwater cable landing point linking Europe and Asia. In July, 2019, Monaco Telecom launched its 5G network in conjunction with the presentation of the initial commercial offer.
Monaco enjoys the highest GDP nominal per capita in the world (more than US$153,000) and GNI per capita (over $183,000). The unemployment rate is 2% and almost 50,000 people commute from France and Italy every working day to work in Monaco.
The economy of the Principality has diversified into services and small, high-value-added, nonpolluting industries. The state has no income tax and low business taxes and is considered by many a tax haven for individuals and for foreign companies. The state still retains monopolies in some relevant sectors, including the telephone network and the postal service. Low taxes have drawn many foreign companies to Monaco and account for around 75% of its GDP income.
Monaco Telecom has a monopoly on internet connectivity in the Principality of Monaco.
Monaco Telecom is the single (fixed-line) or main (mobile services) provider for telecommunications services in Monaco. The telephone network used to be fully owned by the state; it now owns only 45%. Through its investments in networks, Monaco Telecom is a pioneer in the deployment of advanced technologies at the scale of a country: mobile coverage in LTE+ technology (1Gbps), fixed Internet 1Gb/s, high security data center especially. Since July 2019 Monaco is the first country fully covered in 5G technology. Abroad, Monaco Telecom develops carrier and operator services (Afghanistan, Kosovo) and mobile solutions provider for aircraft (with Sita OnAir) and for boats (MTMS).