Monaco boasts one of the wealthiest populations in the world. According to Wealth-X, one in 30 residents is considered to be an UHNWI, that is someone who has assets of $30 million-plus, and Forbes Monaco estimates more than 20o billionaires live in the city-state.
The world’s wealthiest are attracted to Monaco thanks to its political and economic stability, world-class health care and education system, high police presence, and favorable tax regime.
The common point of this elite audience is wealth. However, it is wrong to think that all Monaco billionaires behave the same because of this; even in this small group of people, differences are important. My agency has known that for a long time and this is why we have created UHNWIs personas to help us better market to billionaires. In fact, we have identified 11 unique profiles within this highly elite audience—Entrepreneurs, Financiers, Sports Stars, Celebrities, Royalty, Family Business, Family Decision, Legal Professionals, Celebrities, Independently Wealthy and Politicians.
Based on the latest Top 20 Monaco billionaires list published by Forbes Monaco, there are seven Business Owners personas, five Family Decision personas, four Family Business personas, three Financier personas and one Royal persona living in the city state. Here we explore the main characteristics of the top four Monaco billionaire personas.
Business Owner personas typically live in large cities and microstates, such as San Francisco, Shanghai and Monaco. They share similar traits to that of Entrepreneur personas. They are highly educated and read CNNMoney, the Financial Times, Wall Street Journal, Bloomberg Business and The Economist. They are likely to come from industries like finance, banking, investment, manufacturing, oil and energy, construction and media agencies. They have a penchant for investing in high-yielding collectables, including art, watches, jewelry and cars. They enjoy memberships at some of the world’s most exclusive clubs and service providers, including yacht clubs, private airports and country clubs.
There are seven Business Owner personas in Monaco, individuals that lead global organizations in the real estate, airline, petrochemicals and art industries.
These individuals are typically female, aged between 25 and 50 and are family orientated often with children in private education. They are interested in philanthropy, supporting several charitable organizations and are owners of luxury items, including yachts and private jets. They are active on social media, where they keep their followers up-to-date on their philanthropic efforts and luxury lifestyle.
There are five Family Decision personas in the top 20 billionaires in Monaco. All but one is female. They all have children and the majority support charitable causes or have their own family foundations.
This persona encompasses UHNWIs who have a key role in a family business, including board members, CEOs and company directors. They are typically 20-50-years-old. These individuals often attended private schools, are regular travelers and are interested in investing, particularly in real estate. In addition, they often undertake philanthropic endeavors and are family focused, with many attracted to Monaco due to its excellent education and health-care system and low crime rate.
There are four Family Business owners in Monaco, each who have a key role in a family business, mostly as chair of their companies.
Financier personas are typically around 30-60-years-old. They read publications such as CNN Money, the Financial Times, the Wall Street Journal and Bloomberg Business. They are frequent international travelers and tend to keep up with the latest tech trends. Their investment portfolios are focused on protecting family wealth, through family offices and laser-sharp tax planning. Michelin star restaurants, art, watches, jewelry and cars are all of interest to this persona, along with sports, including cycling, skiing, golf, tennis and polo.
There are three Financier personas in Monaco, owners and chairman of global organizations.
While the number of UHNWIs, especially Monaco billionaires, may be miniscule when compared to the global population, resonating with this exclusive segment requires a targeted approach. Just because they are wealthy does not mean a one-size fits all approach will work when it comes to marketing to billionaires.