New impetus for the Monaco Private Label?

The Attractiveness Unit, headed by Frédéric Genta, now includes the Monaco Private Label (MLP).  This club, created to seduce the international elite, turns 15 in 2024.

 The government sees it as “one of the preferred instruments for implementing the Attractiveness Policy.”  Created in 2009 by Michel Bouquier and now managed by Chloé Leclercq, the MPL aims to attract ultra-high-net-worth individuals.  Currently there are 2,250 members and the club is intending to attract more.  “Our objective is to gradually increase the proportion of residents to 20% of the membership,” indicated the new director.  The selection criteria, besides portfolio size? “Members must be respected and known for their philanthropy,” stresses Frédéric Genta, Interministerial Delegate in charge of Attractiveness and Digital Transition.  “They must also demonstrate an attachment to Monaco and be recommendable.  Their morality and ethics will have been verified by our consuls.  They must also have succeeded in their respective activity, whether financial, cultural or sporting, and they must want to use this success for the benefit of the Principality.”  Co-optation is also a plus: “Our members actually recommend potential profiles to us from amongst their acquaintances, because they themselves want to grow this circle of quality people wishing to invest in Monaco in the long term,” observes Frédéric Genta.

Monaco expects its members to be active.  “It’s not just about capital.  We ask them to get involved, to be a positive voice for Monaco, to explain what the Principality really is to leaders from around the world.  We also ask them to connect us to certain ecosystems that we may need, such as a cultural or even sporting ecosystem - in short: their networks, their capital, their loyalty and their influence.”

The MPL is due to organise some 20 events this year, in Monaco and internationally, notably around the Formula 1 Grand Prix, the Monaco Yacht Show and the Rolex Masters Tennis.  “We are also going to develop something around the Tour de France as our members are particularly fond of this type of event,” adds Chloé Leclercq, who relies on friends of the MPL, such as the MEB and the AMAF, as well as the SBM.