Monaco Private Label (MPL) is an international network of "Ultra High Networth Individuals" created in 2009 to attract a super global elite to the Principality. It is headed by Michel Bouquier, a professional in the fields of Luxury, Tourism, but above all Marketing, for him symbolising innovation. This is why the MPL concept is constantly evolving, for the benefit of Monaco.
Since its inception, how many MPL members are registered as per today?
We have grown to over 1900 families, which is more individuals, in 60 countries. The number of our members is constantly growing. We are very active, including an annual Summit which will take place this year in Washington from April 29th to May 1st, our usual presence at the historic Grand Prix, the Formula 1 Grand Prix, and the Monaco Yacht Show, which culminates in the Monte-Carlo Gala for the Oceans.
Our members come from many countries, Northern Europe is very reactive: Denmark, Finland, Russia, South America as well, with Mexico, Brazil, Uruguay, Guatemala...Not to mention Singapore, Australia, New Zealand...They appreciate our "Luxury Concierge" services without limits.
Do some MPL members relocate in the Principality?
67 families settled in Monaco have gone through the MPL program. We register today nearly 200 members in Monaco. Bankers, Family Offices, lawyers request the MPL card for some of their top clients who feel honored to belong to the exclusive concept of MPL.
Members are therefore linked by a bond of trust over the long term. How can you innovate within this very exclusive network?
We must plan for the future. This is why we have created the "Monaco Private Label Young Leaders" (MPL Young Leaders), aimed at young people under the age of 35, mainly from the families of MPL members. They will inherit their parents' businesses and wealth. Bringing them together around a new concept that meets their expectations can be very promising for the Principality. They are really concerned by the fight against global warming and the preservation of the ocean. The backdrop of MPL Young Leaders is therefore clearly sustainable. Since our inception, we have supported the Prince Albert II Foundation, to which we transfer all of MPL's profits and donations. We therefore rely on it for the MPL Young Leaders projects, as well as on three partner universities: the International University of Monaco, the University of Edinburgh, which launched the "Ocean Leaders" doctoral programme to save the oceans, and the North Eastern University of Boston, which provides more technical training related to wealth management.
With these three universities and the Foundation, we are creating an ecosystem in line with the expectations of these young people, who will come together around coherent projects that correspond to their aspirations. We are giving them the opportunity to get involved in the philanthropic actions that we have already defined. The network will be driven by a 24 years old Mexican-American student, who will be active on different dedicated communication supports. I should add that parents are very interested in this project: it is a bridge to the future.
When will this new network be launched?
The official inaugural conference will be held on May 1 in Washington. Young people will be invited to join the entire Summit, but the May 1st conference is totally dedicated to them, with specific speakers of the highest level collaborating with the Foundation and the three universities. A young Yale graduate, who is very involved in an NGO fighting for carbon neutrality and the limitation of greenhouse gases, " Students for Carbon Dividends”will speak and lead a round table discussion.
The program is a success: I hope to have about 100 new young members in Washington. About 20 Brazilians, 15 Mexicans and Americans have already signed up. It's promising.
Anything else new at this Summit?
A second innovation concept: the inauguration of Monaco Calling, "l'appel de Monaco", scheduled for the morning of 30 April, in a breakfast format. Clearly, the aim is to present the Principality of Monaco's range of expertise. Without focusing on the well-known strong points (education, health, safety, weather), it is a question of pointing out the more "technical" advantages of the Place. A small group of around twenty companies, the "Friends of MPL", a selection of experts from the market, will debate with the participants on key subjects, for example why set up a Single Family Office in Monaco? What is the future of trusts? This breakfast will give the opportunity to publish a collection of white papers: two pages per theme, but very sharp. The Monaco Economic Board will introduce the subject by presenting Monaco's attractiveness strategy towards wealthy families. Monaco Calling demonstrates the advantages of the Principality for very high net worth individuals, and MPL Young Leaders is preparing for the future. We are in a logical vision.
Is Monaco's expertise and the possibilities offered by the Principality well known?
Not always. This is why we are going to announce the "One day in Monaco" on 12th November next, an ongoing display of conferences, presentations, interviews and exchanges.
Serial entrepreneurs" based in the Principality and managing their companies all over the world have already agreed to take part. The IUM will also run conferences.
It is important to understand that setting up in Monaco often takes place in several stages. Between the moment I meet new members and the moment they take up residence, it can last many years. On the other hand, they are extremely gratified by the consideration shown to them by the Principality. It is interesting to prepare them for a potential move, starting with investments in Monaco. This is an opportunity that these entrepreneurs cannot imagine: relocating their Family Office or an office of their Family Office to the Principality, investing in Real Estate, starting a legal structure in Monaco that allows them to open a bank account and look at the future... Before considering settling down, there may be an intermediate step, and when we explain that it is simple, possible, with the support of all the legal and tax services, we encourage investment in Monaco to prepare for a relocation at a future stage.
