Macau’s fiscal reserves saw a notable increase of 7.6 percent in the first 11 months of last year, climbing to MOP663.2 billion ($82.9 billion) by the end of November.
This reflects an increase of MOP47 billion ($5.8 billion) compared to the end of 2024, as reported by the Monetary Authority of Macau (AMCM).
The current total is just MOP400 million ($49.7 million) shy of the historic peak reached in February 2021. A recent balance sheet published in the Official Gazette reveals that this rise outpaces the growth experienced in 2024, which saw a yearly increase of MOP35.7 billion ($4.4 billion).
Macau authorities estimate 2026 will end with a total of MOP92.7 billion ($11.6 billion) in taxes collected from public concessions, the majority of which comes from gaming taxes.
Notably, 2019 remains the strongest year on record for Macau’s fiscal reserves, with assets surging by MOP70.6 billion ($8.8 billion) before the pandemic struck.
The figure for end-November stands as the second-highest ever, trailing only the February 2021 record of MOP663.6 billion ($83.0 billion), despite the challenges posed by the pandemic at that time.
However, growth momentum slowed in November, with the reserve gaining just MOP2.15 billion ($267.1 million), MOP198.3 million ($24.6 million) less than the jump observed in October.
As of the end of November, the extraordinary reserve was reported at MOP456.5 billion ($57.4 billion), while the basic reserve, which is 150 percent of Macau’s public budget, totaled MOP167.3 billion ($20.9 billion).
Looking ahead, the initial budget for 2025 anticipates a 7 percent increase in total expenditure, bringing the figure to MOP109.4 billion ($13.7 billion). In July, the SAR’s Legislative Assembly approved a proposal that added another MOP2.86 billion ($355.2 million) in spending.
Additionally, in November, the Assembly unanimously endorsed the 2026 budget, projecting public spending of MOP113.5 billion ($14.1 billion).
The majority of Macau’s fiscal reserve, amounting to MOP283.2 billion ($35.3 billion), stems from outsourced investments. The reserve portfolio also includes MOP272 billion ($34 billion) in deposits and current accounts, alongside MOP104.4 billion ($13 billion) in debt securities.
In 2024, investments contributed nearly MOP31 billion ($3.9 billion) to the fiscal reserve, yielding a return of 5.3 percent, as reported by the AMCM at the end of February 2025.
