When it comes to counting wealth among the world’s richest countries, Monaco tops the list based on wealth per capita.
As of the most recent AfrAsia Bank Global Wealth Migration Review, Monaco leads the ranking of countries with the highest average wealth per capita — about US$2.1 million.
Monaco; wealthiest country in the world
Monaco secures the top spot, followed by Liechtenstein and its neighbor, Switzerland. Rounding out the top five are Luxembourg and Australia.
So, why is Monaco so rich?
Situated between France and the Mediterranean Sea along the renowned French Riviera, Monaco attracts high-net-worth individuals for many reasons. Chief among them, perhaps, is the fact that Monaco is one of the few countries with no income tax. The principality is also an international banking center.
According to Forbes, almost a third of the principality’s 39,000 residents are millionaires and there are more billionaires and millionaires in the principality per capita than anywhere else on the planet, one of the reasons why Monaco is so rich.
Monaco’s lifestyle appeals to the rich
The principality embodies the luxury lifestyle of the Côte d’Azur, with its exquisite setting on the Mediterranean, boasting marinas that can accommodate the world’s largest superyachts.
Michelin-star restaurants, five-star spas, and haute couture shops are among the drawing cards for the tiny city-state. Glamorous galas and major events, including the famous Monaco Grand Prix and the Monaco Yacht Show, and numerous cultural events featuring top artists from around the world are all part of the principality’s social scene.
The safety and security ensured by the principality’s efforts are another key reason why high-net-worth individuals seek to reside in Monaco. With one police officer for every 100 residents, and video surveillance throughout the principality, Monaco is known as the “safest square mile” in Europe.
The principality is also well known for having the highest life expectancy in the world, complemented by the quality of its public and private health care.
Further, Monaco has been governed as a constitutional monarchy since 1911 and is politically stable, with a strong economy.
Monaco luxury real estate
As one of the richest countries in the world, Monaco remains the most expensive location for residential property worldwide, with an average price per square meter of just over 47,619 Euros in 2020, according to The Real Estate Observatory report, published by the Monegasque Institute of Statistics and Economic studies. Although that figure is slightly down compared to the record high recorded in 2018 – 48,799 Euros per square meter – Monaco’s real estate has provided record-returns. The report notes that property prices have more than doubled in a decade, ensuring Monaco’s status as one of the richest countries in the world.
Monaco luxury real estate for sale is very much in demand, despite the pandemic. High-value property sales are driven by Monaco’s continued status as a premier location to live and invest. So, now you know why Monaco is so rich.
There’s no better time than now to invest in prime real estate in Monaco and enjoy all the benefits one of the richest countries in the world offers.
Article by Judy Isacoff
