Did You Know? Every Third Citizen Of This Small European Country Is a Millionaire!
Reports suggest that every third person in Monaco is a millionaire, with a net worth of at least 1 million dollars or Rs 8.3 crore. It's home to famous personalities like Formula One racer Lewis Hamilton, tennis superstar Novak Djokovic, and British tycoon Sir Philip Green.
Monaco is one of the smallest countries in the world, but it's a big draw for tourists and rich people. Tourists love its nice weather and beautiful views, while rich folks like it because of its tax rules. It's a monarchy, and it's basically surrounded by France. Lots of money comes into Monaco from tourism. It's also a big banking hub and really values its clients' privacy. Plus, if you live there, you don't have to pay income tax.
Monaco¡¯s economy is dependent on tourism
Monaco relies heavily on tourism for its economy. Because there's no income tax and the corporate taxes are low compared to other places, it's a top choice for rich people, as well as financial and insurance companies.
Monaco has a population of just 40,000 people and covers only 510 acres or 2.09 square kilometres. It sits between France and Italy, by the Mediterranean Sea. Known as the "Billionaire¡¯s Playground," Monaco is famous for its luxury lifestyle, casinos, and prestigious events like the Monaco Yacht Show and the Monaco Grand Prix.
Every third person is a millionaire
Reports suggest that every third person in Monaco is a millionaire, with a net worth of at least 1 million dollars or Rs 8.3 crore. It's home to famous personalities like Formula One racer Lewis Hamilton, tennis superstar Novak Djokovic, and British tycoon Sir Philip Green.
Monaco boasts one of the world¡¯s highest GDPs, heavily reliant on tourism, which contributes around 15 per cent to its economy. The country is a magnet for the wealthy, as citizens don't pay income tax and companies face low taxes compared to other places.
Monaco Did You Know? Every Third Citizen Of This Small European Country Is a Millionaire! | Stock Image
Tax haven for billionaires
Monaco¡¯s reputation as a tax haven for billionaires has been emphasised by the continuing furore over Tina Green, wife of the controversial former BHS boss Phillip Green, who has been resident in the principality since 1998. The Greens say the companies behind their retail empire are based in offshore locations because of their ¡°strong regulation¡±, and not for tax reasons.
The real estate market in Monaco is super pricey, ranking among the most expensive globally. Real estate makes up about 7.8 percent of the country's GDP, while construction is 9.1 percent, and wholesale trade is 10 percent. The average annual income of a citizen here is reportedly Rs 2 crore.
Monaco is often dubbed the "capital of the rich" and comprises 10 cities, one with a population of 5,000. Among its 40,000 residents, only 10,000 are native Mon¨¦gasques, with the rest being affluent individuals from other countries. The official language of Monaco is French.
Monaco relies heavily on tourism for its economy. Because there's no income tax and the corporate taxes are low compared to other places, it's a top choice for rich people, as well as financial and insurance companies.
Monaco Did You Know? Every Third Citizen Of This Small European Country Is a Millionaire! | Freepik
Top 20 cities in Europe ranked by density of millionaires
- Monaco 31.1%
- Zurich 24.3%
- Geneva 17.7%
- London 3.4%
- Oslo 2.9%
- Frankfurt 2.7%
- Amsterdam 2.7%
- Florence 2.5%
- Rome 2.4%
- Dublin 2.3%
Source: The Guardian
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Anuj Tiwari writes stories for SEO and is a Youtube wizard. An engineer turned social media champ, he keeps a track of all that goes around the world. His interest areas include historic events, political and social-sciences.
