The Bizarre, Fascinating World Of Monaco, The Wealthiest State On Earth
Monaco has had no income tax since 1869
About one-third of Monaco’s residents are millionaires
All of Monaco could fit inside Central Park
As the global business and political elite prepare to meet in a pristine Alps resort in Switzerland next week, another place 330 miles to the south probably has more millionaires and billionaires per capita than even Davos will.
The tiny principality of Monaco, on the southern coast of France, has more super-wealthy residents per capita than anywhere else on the planet.
Occupying less than a square mile in diameter (smaller than Central Park in New York), Monaco has a population of approximately 38,000 – but about one-third of its residents are millionaires (versus one in 28 in London.) Moreover, about 2,800 of Monaco's residents are worth at least $10 million.
The Global Wealth Migration Review by AfrAsia Bank of Mauritius and New World Wealth, a global market research group, based in Johannesburg, South Africa, stated that the average wealth (defined as net assets) of a person living in Monaco was about $2.114 million in 2018 – the highest such figure in the world. Liechtenstein came a distant second at $786,000, followed by Switzerland ($315,000) and Luxembourg ($300,000). The corresponding figure for the U.S. was $186,000.
Monaco also has no poverty.
Damyana Bakardzhieva, a professor of economics at the International University of Monaco, said if one used France’s definition of poverty – that is, those people living on an income below $1,100 per month – than Monaco would have a poverty rate of zero.
A “country” this unique has many strange qualities. For example, Monaco is a constitutional monarchy run by the House of Grimaldi – the oldest dynasty in Europe – and has been recognized as a sovereign state since 1861.
The natives of Monaco, called Monegasque, are vastly outnumbered in their own country, accounting for less than 25% of the population. The remainder comprise foreign residents primarily from France, Italy, U.K., Switzerland, Germany, Russia, and the U.S.
Citizens are forbidden from gambling or even entering their luxurious casinos.
Monaco has four casinos – Casino de Monte Carlo, Casino Café de Paris, Sun Casino and Monte-Carlo Bay Casino – all of which are operated by the Société des Bains de Mer, or SBM, a publicly traded company. For the 2017-2018 period, SBM reported revenues of $223 million.
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Monaco also provides free health care and free education to its citizens and even housing subsidies to qualified applicants.
But even Monaco has certain problems familiar to other nations – as a very densely populated state (more than 49,000 people per square mile, versus 317 for France), it has a housing shortage.
To solve this, Monaco is constructing new luxury beachfront homes and boutiques through a land reclamation project set to cost $2.23 billion. Due for completion next year, the construction will comprise about 646,000 square feet of luxury accommodation, 33,000 square feet of retail space and a new private port.
Also, it’s very costly to live here.
https://www.ibtimes.com/bizarre-fascinating-world-monaco-wealthiest-state-earth-2905151