Monaco: The billionaire’s Country

When you think of Monaco, what springs to mind? The world-renowned casinos? The iconic F1 race through the city’s streets? The plush harbour with yachts owned by the super-rich? In a country where 32% of the population are millionaires, whatever springs to mind when you think of Monaco, it’s likely to have something to do with money. The pristine streets and stunning harbour are a major part of the charm of Monaco and it’s undoubtedly one of the most desirable places on earth to live.

In this post, we take a look at some of the most exciting things about the tiny nation of Monaco, often known as the billionaire’s country, and see what all of the fuss is about.

The gambling capital of Europe 

Monaco is widely known as Europe’s gambling capital and is home to some of the continent’s most stunning brick and mortar casinos. There are currently five casinos in Monaco, the most famous being the Casino de Monte Carlo. While tourists flock to the country’s lavish casinos, locals cannot set foot in the door unless they work there. The legislation bans Monegasques from entering casinos but permits gambling amongst foreign residents, those citizens often choose to use the newer online casinos instead. Because 80% of Monaco’s residents are foreigners, this prohibition only applies to a small amount of the country’s current population. The casinos of Monaco are a playground for the millionaires and billionaires of the world.

The second-highest GDP in the world 

Monaco is a tiny country. It would fit inside Central Park in New York; it’s really that small. However, despite this, Monaco has the second-highest GDP per capita in the world at $165,420. It is one of only four countries worldwide to have a GDP of over $100,000 and is a magnet for the wealthiest people in the world. Remarkably, Monaco has a poverty rate of zero, with no residents living below the poverty line.

The Grand Prix 

The Monaco Grand Prix is arguably Formula One’s most recognisable race. Alongside the Indianapolis 500 and the Le Mans Circuit, the Monaco Grand Prix forms the Triple Crown of Motorsport. What makes the Monaco Grand Prix so exciting is that it plays out in Monaco’s narrow streets and has done so since 1929. For any fan of Formula One, the Monaco Grand Prix is an important date in the diary they don’t want to miss.

It’s a tax haven 

Monaco attracts so many of the world’s wealthiest people because of its favourable tax laws. Since 1869, Monaco has not levied a personal tax income on its residents. To be considered a resident of Monaco, you must live in the principality for six months and one day out of every year. In addition to low taxation, Monaco is also known for its financial secrecy, as the banks operating in the country maintain a high degree of data privacy.

It has some of the most expensive real estate in the world

The average home in Monaco costs $4,560 per square foot. When you compare that to some of the other most expensive cities in the world for real estate, Hong Kong and New York, for example, they are nowhere near the cost of Monaco at $2,859 and $1,773, respectively. In Monaco, a one-bedroom apartment usually costs more than $1.6million, and most regular apartments in the city cost anywhere between $2million and $25million. According to Bloomberg, these prices are rising year on year and have increased by 18% since 2017. To afford an apartment in Monaco, you need to have a fair amount of money behind you!

 

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