The country where one-third of the population are millionaires
In Monaco, one in three people owns a million dollar fortune and there are almost no poor people.
In Monaco, one in three people owns a million dollar fortune and there are almost no poor people.
Monaco, a small country on the French Riviera, is known as a haven for the super-rich. According to the Knight Frank Wealth Report 2019, the country has 12,261 millionaires in a population of just 38,300.
That means about 32% of Monaco's residents, or nearly a third of the population, are millionaires. These super-rich live within a radius of just 2.5 km.2.
According toBusiness Insider, with its incredible concentration of wealth, Monaco has virtually no poor people.
"Income from tourism and other capital is reinvested by the government to improve the quality of life of its citizens, as well as continuing to attract the wealthy to visit and buy real estate," Karyn Adams, an expert at the Borgen Project on global poverty, wrote about Monaco.
Karyn Adams said that policies that attract money from rich foreigners also benefit the local people. That is also the reason why this country does not need a poverty line.
Monaco has long been a destination for the super-rich, partly because of its reputation as a tax haven due to its lack of income tax.
The country has a pleasant Mediterranean climate and hosts exciting events year-round such as the Monaco Grand Prix and the Monaco Yacht Show.
Alexander Kraft, chairman and CEO of Sotheby's International France-Monaco, says home prices are also high, with small one-bedroom apartments starting at $1.6 million.
Most regular apartments in Monaco cost between $2.2 million and $22.3 million. Luxury penthouses will cost more than $55 million.
Monaco is a sovereign city-state in Europe, bordered on three sides by France and on the other by the Mediterranean Sea. The city center is only about 16 km from Italy.
