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.