CFM Indosuez Wealth Management Annual Report 2022 30 of 2001). In 2023, the challenges posed by the global context will remain. For the Principality, there are also several major challenges: complying with the Prince's Government's wish to respond favourably to Moneyval's requirements to step up the fight against money laundering and the financing of terrorism, enhancing its attractiveness on the model of Singapore in particular, and finalising the signing of an association agreement with the European Union. The Monegasque economy is in good health. Highly resilient, it will undoubtedly be able to adapt to its new environment while actively pursuing its proactive policy in favour of sustainable development. Céline Lapaian, Company Secretary Sophie Armando, Head of Finance & Strategy To find out more about the economic data of Monaco: visit the website of the Institut Monégasque de la Statistique et des Etudes Economiques (IMSEE - Monegasque Institute of Statistics and Economic Studies), imsee.mc. The global context of the war in Ukraine, inflationary pressures and climate change has not spared Monaco, which nevertheless remains an island of exceptional prosperity. The Principality's budget surplus reached €32 million in 2022, a level not reached since 2018. Its revenue will approach €19 billion by the end of 2022, an increase of €2.5 billion, driven in particular by wholesale, its biggest contributor. Monaco's economic vitality is also reflected in the 18% increase in the overall volume of foreign trade. The number of employers continues to grow, rising by 0.8% to 6,357 by the end of 2022. The number of employees rose by 5.4% to 60,082 active jobs. The property market reached a new record with an increase of 18.2% and 520 transactions, a number that remains below the 2014-2016 period, worth €3.54 billion. The new-build sector accounted for €1.19 billion, with 88 flats sold, while the existing sector saw 432 transactions worth €2.32 billion. On the banks' side, assets have grown very positively in 20 years, from €49 billion at the end of 2003 to €142 billion at the end of 2022, despite a slight decline since the end of 2021 when they reached €148 billion, mainly due to the fall in the financial markets. At the end of 2022, the Monegasque financial centre had 28 credit institutions, reflecting a concentration effect over the last 20 years (e.g. 44 banks at the end / The Monaco environment /
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