Stunningly situated on the French Riviera, in between Nice and the southwestern coast of Italy, the Mediterranean gem of Monaco is known for its glamourous and sophisticated lifestyle — and its great wealth.
Ranked No. 1 among the top 10 richest countries in the world by GDP per capita according to World Population Review, Monaco is known as the “billionaires’ playground.”
So, is everyone in Monaco rich?
The answer is likely “yes,” as Monaco also leads the ranking of countries with the highest average wealth per capita — about $2.1 million, according to the most recent AfrAsia Bank Global Wealth Migration Review.
Thirty-two per cent of the principality’s population of 39,000 are millionaires, nearly 3,000 are multimillionaires, and at least half a dozen billionaires call Monaco home.
Looking at the lavish lifestyle and amenities, in addition to the excellent climate and location, it is not surprising why so many super-rich individuals find Monaco the perfect place to park themselves — and their luxury yachts.
But there are even more reasons why rich people live in Monaco. The principality has one of the world’s most favourable tax systems, with no personal income tax or capital gains tax.
Monaco is also an international banking centre and a sovereign nation-state whose hallmarks are political stability and commitment to a sustainable environment. The principality ranks in the top 40 countries for political stability, according to metrics from the World Bank, as compiled by theglobableconomy.com.
Also, for resident owners of ultra-expensive property, cars and jewellery, the safety aspect is most attractive. Safety and security are assured for residents, as “the safest square mile in Europe” has one police officer for every 100 residents and 24/7 video surveillance throughout the principality.
Further, Monaco’s luxury real estate sector is widely regarded as one of the most attractive investments in the world. Inventory is relatively small, though a few new chic and sustainable luxury developments designed by award-winning architects are underway. Monaco’s luxury real estate continues to be very much in demand.
According to the 2022 Real Estate Observatory Report, released annually by the Monegasque Institute of Statistics and Economic Studies, Monaco real estate prices reached a record high of 52,000 Euros per square metre in 2021 making it the most expensive prime residential market in the world. Monte-Carlo real estate for sale topped the list as the most expensive in Monaco.
Other reasons why rich people live in Monaco: The principality has world-class health care, Michelin-star restaurants, elegant top-rated spas, and haute couture shops. Plus, the principality hosts major events, including the famous Monaco Grand Prix and the Monaco Yacht Show, which features more than 100 megayachts. Glamorous galas, a historic opera house, cultural and arts events, pristine beaches, and a protected marine environment are among the many drawing cards.
With its marinas that can accommodate superyachts, its proximity to France — and to Nice airport — and the UK and northern Europe, Monaco is ideally situated for residents to enjoy the best of the Côte d’Azur. Also, Italy is just a short sail away — with the recent opening of the state-of-the-art Cala del Forte port in Ventimiglia.
So, now you know why rich people live in Monaco. Why not enjoy all that the principality offers and discover the luxury lifestyle for yourself in Monaco.