Playing Catch-Up With The Economy

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Luiz F. Costa Macambira   CEO

Playing Catch-Up With The Economy

Article first published in Forbes Monaco July 2022/ August 22.

“There is a catch-up phenomenon,” said Jean-Luc Biamonti, CEO of Société des Bains de Mer (SBM). At the end of May he announced the “numbers are very good” for Monaco’s largest private employer. “After losses, we are announcing profits.”

SBM’s hotel revenue and growth in rental activities were both on the up over the last fiscal year. “There is a return of congresses. In addition, individual clients are very present and spending a lot.”

I would go further in saying that the “catch-up phenomenon” extends to major events. Take Top Marques as an example. The supercar show in June was not only a success in terms of numbers—a third more tickets sold than ever before with 22,000 visitors and a flying motorbike sold at the Forbes Monaco avant-première— but also who was there, from local billionaires (Manfredi Lefebvre d’Ovidio) to influencers (with 1.53 million subscribers, Monaco resident and YouTuber GMK is the Number One automotive influencer in France).The return of events and boosted revenues is not limited to the Principality. From the prince in Monaco to the princess in Holland where, after a delay due to Covid, Forbes Netherlands unveiled its inaugural bimonthly Dutch-language magazine at a Very-VIP cocktail party for 100 guests on July 6 at the Kasteel de Wittenburg in Wassenaar, an affluent suburb in The Hague.

We hope this Dutch edition will quickly find its place amongst leaders of the country’s world class companies such as Ahold Delhaize, ASML Holding, ING Group, Heineken and Philips, to name a few, that rank in the top 25% of Forbes 2022 Global 2000.

There are 11 billionaires in the Netherlands with a total net worth of $38 billion (down $5.8 billion from last year as Jitse Groen, CEO of Just Eat Takeaway.com, fell off the list after shares plunged by more than 50%).

Charlene de Carvalho-Heineken claims the top spot with an estimated $15.2 billion fortune ($1.5 billion lighter than last year), having built an empire that includes over 300 beer brands available in more than 190 countries. De Carvalho-Heineken is one of the women we look to feature on the cover of Forbes Netherlands soon.

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Luiz F. Costa Macambira   CEO

Luiz is the Publisher and CEO of the Forbes Monaco magazine and website. Launched in November 2018, Forbes Monaco is part of the Forbes family, with its 7 million readers and 71 million monthly website visitors worldwide.