Monaco Hosts the Forbes Luxury Travel Summit
For the first time, the Forbes Travel Guide Summit was held in Monaco at the Grimaldi Forum, having previously taken place exclusively in the U.S. The Forbes Travel Guide Summit, officially held from February 25-28, began early on February 24th with IUM hosting guest speakers as part of its collaboration with the summit. In this exchange, IUM welcomed industry leaders to speak at the university, while IUM professors also contributed by presenting at the main summit. The Forbes Travel Guide Summit, gathered industry leaders to discuss the latest trends in luxury hospitality, sustainability, and innovation. H.S.H. Prince Albert II opened the conference with an interview by award-winning journalist Peter Greenberg, emphasizing Monaco’s role as a pioneer in luxury services.
The Changing Landscape of Ultra-High-Net-Worth Individuals and Luxury Travel
On Wednesday, February 26th, Dr. Philip Klaus, Professor of Customer Experience Strategy and Management, and Dr. Annalisa Tarquini-Poli, Director of the MSc in Luxury Management, spoke at the Grimaldi Forum on the topic “The Customer Journey of Ultra-Rich and the New Generation of UHNWI Travelers.”
Dr. Annalisa Tarquini-Poli and Dr. Philip Klaus have conducted extensive research on the evolving preferences of ultra-high-net-worth individuals (UHNWI) and the new generation of luxury travellers. Their research, which includes in-depth interviews and data collection from various demographics, indicates that by 2030, millennials will be five times wealthier than they are today. This shift underscores the urgency for businesses to adapt to the ever-changing luxury market.. The most valuable commodity for UHNWI is time, and businesses catering to this clientele must prioritize efficiency and seamless service. Social impact also plays a crucial role, as the younger generation values brands that contribute positively to society and sustainability.
Monaco’s Luxury Service Ecosystem
The third day of the Forbes Summit held at the Grimaldi Forum was also marked by an engaging talk from Dr. Marika Taishoff, Director of the MBA program and Professor at the International University of Monaco (IUM). She shared her expertise in Luxury Service Experiences & Ecosystems and Luxury Brand Destination Management. During her talk, Taishoff explored the remarkable evolution of Monaco-Monte Carlo as the world’s leading luxury tourism destination. She traced the Principality’s history, from its strategic origins to the visionary approach that transformed it into a global icon of excellence and exclusivity. Emphasizing the role of institutions, investments, and high-end hospitality, Taishoff highlighted how Monaco continues to reinvent itself while maintaining its position as a benchmark in the international luxury landscape.
With its vibrant discussions and expert insights, the Forbes Travel Guide Summit solidified Monaco’s status as a global leader in luxury hospitality, providing invaluable takeaways for industry professionals and businesses aiming to navigate the evolving expectations of ultra-high-net-worth individuals.
To further explore these insights, industry professionals are encouraged to attend the Ultra High Net Worth Individuals’ Client Management Program at IUM, taking place from March 31st to April 2nd.
Updated 28 February 2025