Monaco is called the “capital of the rich.
Monaco is the world’s second smallest country by area and has a population of just around 40,000.
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Almost every country in the world boasts of at least one millionaire. However, a small country in Europe has one of the highest GDPs in the world where almost everyone is a millionaire. We are talking about Monaco, the second smallest country in the world by area.
As per reports, the population of Monaco stands at a mere 40,000 while it stretches to 510 acres or 2.09 square kilometres. It is located between the countries of France and Italy, on the Mediterranean Sea. It is popularly known as the “Billionaire’s Playground,” famous for its luxurious lifestyle, casinos and high-profile events like the Monaco Yacht Show and the Monaco Grand Prix.
As per reports, every third person in this country is a millionaire, with a net worth of at least 1 million dollars or Rs 8.3 crore. It is home to influential personalities like Lewis Hamilton, the Formula One racer, tennis superstar Novak Djokovic and the British tycoon Sir Philip Green.
Monaco’s GDP (Gross domestic product) is listed among some of the world’s highest. The country’s economy is heavily dependent on tourism, amounting to a reported 15 per cent. The place is considered a favourite of the wealthy as well as financial and insurance companies around the world since the citizens do not have to pay income tax while companies have to pay a fairly low tax compared to other countries.
Furthermore, Monaco’s real estate market is listed as one of the most expensive in the world. Reportedly, the real estate businesses here account for 7.8 per cent of the GDP while 9.1 per cent is for construction and 10 per cent is credited to its wholesale trade. A citizen’s average annual income is reportedly Rs 2 crore here.
Monaco is also known as the “capital of the rich”. It consists of 10 cities; one has a population of 5,000. In its population of 40,000, only 10,000 can be called natives of the place. The remaining are rich citizens from other countries. Monaco’s official language is French.
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first published:May 01, 2024, 18:31 IST
last updated:May 01, 2024, 18:31 IST
