Welcome Addresses | PCD Monaco Conference 2026

The Fairmont Monte Carlo provided a fittingly spectacular backdrop for PCD Group's inaugural Monaco conference on 19 March 2026, as delegates from across the international private wealth community gathered for a day of strategic insight and high-level networking. From the opening remarks, a clear theme emerged: in a world of growing political and fiscal uncertainty, optionality has become the defining principle of sound wealth planning.

Opening the proceedings, Cécile Vuillier of META OCTAV welcomed delegates to what she described as a genuine collaboration — a platform built on shared purpose between advisors, families, and institutions seeking to navigate the complexity of international wealth in 2026 and beyond. Sincere thanks were extended to David Bell and the PCD team for the quality of the event and the previous evening's dinner, which had already set the tone for a day of substantive conversation.

The Optionality Imperative

Mark Henny, Chairman of Fairwinds International Bank — celebrating the institution's tenth anniversary — offered the first substantive remarks of the morning. He opened with a candid observation about the broader environment: across the world, governments had been introducing measures targeting wealth creators that, only a few years ago, would have been characterised as confiscatory. The pendulum, he argued, had swung sharply, and the professional community that serves wealth creators — lawyers, bankers, trust companies, asset managers — was not well-regarded as a result.

Yet the work they do, he insisted, is genuinely valuable. "The steam engine was not invented by government committee," he remarked, "and prosperity is not created by filling out forms in triplicate." Protecting the ability of wealth creators to take personal initiative was not merely in their interest, he argued — it was in the interest of society at large.

Henny's core message was one of optionality. Whether in terms of asset classes, banking relationships, or jurisdictions for individuals and their structures, the capacity to maintain flexibility and choice has become essential to preserving wealth in an unstable world. This, he suggested, was precisely where a jurisdictional diversifier such as Fairwinds played its role: ensuring that whatever structures advisors build, there will always be access to a banking partner willing to engage thoughtfully with complex situations.

Monaco House

Majed Sherbiny, Managing Principal of Santocedrus Capital and Chairman and CEO of Monaco House, followed with a welcome that reflected both his Saudi family business background and his newer role as a bridge-builder between Monaco and the Gulf region. Monaco House, he explained, is a newly formed non-profit platform established in Saudi Arabia with a clear purpose: to facilitate two-way connections between Monaco and the rest of the world, with a particular focus on high-growth markets in the Middle East. For Sherbiny, the conference was not merely a professional gathering but a demonstration of the kind of cross-border relationship-building that he believes Monaco is uniquely positioned to facilitate.

The Principality's Proposition

The morning's welcome segment concluded with an extended presentation from Thierry Boutsen, founder of Boutsen Aviation and Boutsen Classic Cars — and a former Formula One racing driver who has called Monaco home since 1984. Speaking on behalf of the Monaco Economic Board, Boutsen offered a richly detailed picture of the Principality's proposition, framed by a video message from His Serene Highness Prince Albert II.

The Prince's message was characteristically measured in its ambition: he spoke of Monaco's constitutional monarchy as providing the political stability and long-term thinking that allows ideas to come to fruition, of a liberal economic vision balanced by an effective social model, and of his own commitment to environmental sustainability as both head of state and president of the Albert II Foundation. Nearly 140 nationalities call Monaco home, the Prince noted — a reflection of the human dimension that defines this city-state's character.

Boutsen brought the statistics to life. Monaco covers just 2.08 square kilometres — roughly half the size of Central Park — yet houses 39,150 residents and 6,800 registered businesses employing over 63,000 people. GDP per capita stands at around €107,000, with average annual growth of 4.8% over the past decade.

The tax framework is well known — zero income, wealth, and capital gains tax for individuals, no declaration requirements, and inheritance tax in direct line of zero percent — but Boutsen emphasised that it sits within a genuinely functional, secure, and well-governed state. One police officer for every 70 residents. Diplomatic relations with 157 countries. A reserve fund equivalent to three financial years. No public debt.

For Boutsen personally, the decision to move to Monaco in 1984 was driven by a blunt encounter with Belgian tax authorities who proposed taxing him at 82% of his Formula One income — meaning 14 of his 16 annual races would have been worked purely to pay tax. He left, and has never looked back. His children attended school in Monaco. His businesses are rooted there.

And when he received his Monegasque passport earlier this year, it was, he reflected, recognition of decades of contribution to Monaco's international reputation. The citizenship process, he noted, is entirely discretionary. What counts is not wealth, but what you genuinely do for the Principality.

It was a fitting note on which to open a conference dedicated to the serious business of international wealth planning — a reminder that beyond the structures and strategies, the most enduring decisions are those made by people who actually want to be somewhere.