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Think of Monaco: a glittering harbour, vibrant city, global icon and financial hub. Sound familiar? I have always been fascinated by the similarities between Monaco and Hong Kong. Today, I see an exciting future amid the fast-growing opportunities developing for Hong Kong thanks to our increasing economic, financial and cultural ties with the principality. From capital flows and marine infrastructure to yacht tourism, trade and ocean research, a deeper alliance between Hong Kong and Monaco could unlock unprecedented value for both. We share striking similarities as compact, prosperous cities with high-density populations and strong global economic ties. We have high gross domestic products per capita when compared globally, enjoy extensive investment flows and serve as major hubs for finance and inbound capital. We are influential far beyond our geographical footprints. I have spent a good deal of time with senior representatives from the Prince Albert II of Monaco Foundation this year and am pleased to be part of the fast-growing dialogue between Hong Kong and Monaco. I see three primary opportunities for Hong Kong in the next few years. First, capturing our blue economy. This refers to the economic activities connected to oceans – fishing, aquaculture, shipping, marine tourism, marine energy and biotechnology – even as Hong Kong focuses on long-term environmental protection. The Hong Kong Academy for Wealth Legacy – a subsidiary of the Financial Services Development Council, a governmental advisory body – recently signed a memorandum of understanding with the Prince Albert II of Monaco Foundation to mobilise private family capital towards the estimated US$5.5 trillion global blue economy by 2050. As a global shipping and trading hub with 1,180km of coastline and 263 islands, Hong Kong is perfectly positioned to be a global driver in the blue economy. Second, developing our yacht economy. The Hong Kong government has identified four locations: Aberdeen, the former Lamma Quarry, Hung Hom waterfront and the ambitious Skytopia project near the airport. Collectively, these will provide 1,100 new berths, including for 80-metre superyachts. As an iconic, sustainable yachting and marine technology capital, Monaco can offer tremendous insight and experience as Hong Kong develops its new economic growth engine. Monaco’s yacht economy is of great value and central to its identity as a global lifestyle and luxury hub, with an annual turnover estimated in excess of US$1 billion; the principality hosts more than 300 companies dedicated to the yachting sector. The 2025 Monaco Yacht Show featured 120 superyachts worth €4.3 billion (US$4.94 billion). Yacht sales with a Monaco connection often exceed €2 billion annually. The industry also supports about 1,400 jobs and boosts tourism and related businesses. The Business and Professionals Alliance for Hong Kong, a political party, recently estimated that a successful yacht industry could add HK$4.5 billion (US$579 million) to the city’s economy annually, with HK$3 billion from services such as maintenance, berthing and chartering, and HK$1.5 billion from yacht sales. Third, powering our high-net-worth economy. Monaco has the world’s highest density of millionaires, with 40 per cent of its 39,000 residents qualifying. This is due to a combination of favourable tax policies, lifestyle amenities and security, making Monaco an unparalleled haven for the wealthy. Again, sound familiar? These are the same features at the heart of Hong Kong’s attractiveness. Additionally, our proximity to the mainland Chinese economic miracle, unique hub position at the heart of the Asia-Pacific and outstanding global financial and trading connectivity make Hong Kong a natural residential destination for ambitious, talented people and their families. It seemed appropriate that my most recent meeting with Monaco representatives took place at the Royal Hong Kong Yacht Club, where all these topics were discussed. Given that Hong Kong and Monaco share so much, closer geographic, economic and cultural ties make perfect sense. Let me present a vision and a call to action. Imagine that Hong Kong has just hosted the 2028 Global Blue Economy Summit, attended by world leaders and thousands of delegates. We are looking forward to the Hong Kong 2029 SuperYacht show, where US$10 billion worth of luxury vessels will be showcased, attracting thousands of visitors. In 2030, the government announces the arrival of 10,000 US-dollar millionaire residents in Hong Kong with a combined net worth of over US$200 billion. This is a vision perfectly achievable with so many building blocks already in place.
