Monaco Millionaire

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Why is everyone in Monaco so darn rich?

When people think of Monaco, wealth, fast cars and casinos come to mind. But few think about how this tiny city-state became a mecca for the rich.

The mini country on France’s sun-kissed Mediterranean coast is home to about 38,000 people, and one in three are millionaires, according to WealthInsight. It has the highest per capita GDP in the world.

So how did this happen?

The big draw is tax. The principality scrapped income taxes back in 1869, and other tax rates for companies and individuals are exceptionally low. The prospect of keeping hold of most of their wealth has attracted people from over 100 nations.

Famous residents include Formula One driver Lewis Hamilton, tennis star Novak Djokovic and Lady Tina Green, wife of British retail billionaire Sir Philip Green.

In addition to tax benefits, the rich also like Monaco for its lifestyle.

The combination of balmy weather all year round, political stability, and a calendar packed with high profile events such as the Grand Prix, has proven particularly attractive.

Monaco is also easily accessible via Nice airport, a short hop across the border in France.

Yolande Barnes, a director at real estate consultancy Savills World Research, said many super-rich prefer Monaco over offshore tax havens like the Cayman Islands.

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“People don’t want to feel exiled,” she said. “It’s the right location for a significant number of the world’s wealthy.”

Monaco attracts super-rich individuals, who have pushed up real estate prices.

These attractions mean Monaco — which is roughly the size of New York’s Central Park — has a red-hot real estate market. Demand is high, supply is scarce and property prices are off the charts.

Ultra-prime property in Monaco sells for roughly $9,000 per square foot, about 50% more than comparable places in New York City.

Yachts are also big business in Monaco. Many local real estate agents list second-hand yachts alongside apartments and villas.

Monaco’s harbor can accomodate hundreds of yachts.

With all this money sloshing around, it’s no surprise that Monaco has built up a healthy financial sector, accounting for roughly 17% of the economy.

“It’s become a business location in its own right,” said Barnes, noting there’s particular demand for wealth management services and yacht financing.

It’s common to see ostentatious supercars all over Monaco.

And contrary to what you may expect, this isn’t a quiet place for rich loungers.

Monaco can get loud and raucous as residents rev up their supercar engines when they drive around town. The roars of the engines echo off the high-rise apartment buildings.

Many tourists often come just to take pictures of these ultra-expensive vehicles.

Tourists in Monaco tend to crowd around corners, waiting to snap pictures of sexy supercars.

15 astounding facts about Monaco, the tiny French Riviera city-state where 32% of the population is made up of millionaires

Monaco, a sovereign city-state on the French Riviera, is known as a “Billionaires’ Playground.” The tiny city-state is famous for its lavish wealth, casinos, and glamorous events such as the Monaco Yacht Show and the Monaco Grand Prix.

With an area of just 0.78 square miles and a population of 38,300, Monaco is one of the densest countries in the world.

Here are 15 mind-blowing facts about Monaco, from the number of millionaires who live there to the number of police officers per resident.

1. With an area of just 0.78 square miles and a population of 38,300, Monaco is one of the densest countries in the world.

2. Monaco is smaller than Central Park in New York City.

Central Park is about 840 acres or 1.31 square miles in size, making Monaco roughly 60% of the size of the world-famous park.

3. Monaco is home to 12,261 millionaires in less than one square mile.

The number of millionaires increased by 12% between 2020 and 2020, according to the 2020 Knight Frank Wealth Report.

4. Almost one in three people who live there is a millionaire.

Business Insider compared the number of millionaires to the number of residents and calculated that more than 32% of the population are millionaires.

5. The average home in Monaco costs $4,560 per square foot.

That’s higher than some of the most expensive housing markets in the world, such as New York City and Hong Kong. In Hong Kong, the average price pre square foot is $2,859, while in Manhattan, real estate costs an average of $1,773 per square foot , according to NeighborhoodX.

For a small one-bedroom apartment in Monaco, buyers can expect to pay at least $1.6 million, Alexander Kraft, chairman and CEO of Sotheby’s International Realty France–Monaco, told Mansion Global.

Most “normal” apartments in the city-state cost between $2.2 million and $22.3 million, Kraft said, with the higher end penthouses going for more than $55 million.

And prices are only going up — they’ve jumped more than 18% since 2020, according to Bloomberg.

6. In 2020, the average home price in Monaco for a resale — not even new construction — was €4.5 million, or more than $5 million.

In the seaside Larvotto district, one of Monaco’s most populous neighborhoods, the average resale price was more than $16 million.

Millionaire Density In Monaco Firms To ‘1 In 3’ Topping Global Rankings, Hangzhou In Top 20

A picture taken with a tilf-shit lens shows Ferrari’s Finnish driver Kimi Raikkonen competing during . [+] the Monaco Formula 1 Grand Prix at the Monaco street circuit on May 27, 2020 in Monaco. (Photo credit: Andrej Isakovic/AFP/Getty Images).

With millionaire density in Monaco hitting a third of the population for the first time, mere mortals watching the Formula One (F1) Monaco Grand Prix this weekend in the Mediterranean city-state were more likely to be hobnobbing and rubbing shoulders with the rich and fabulous than ever before.

According to data published by business news website Verdict and compiled by GlobalData WealthInsight on millionaire density around the globe, Europe continues to dominate the Top 20 rankings while the rise of the U.S. and Asia falters, with exceptions. Eleven capital cities in Europe were ranked in the Top 20 and seven within the Top 10.

Monaco, which has firmed up its hold at the top these annual rankings, sees 32.1% of the population classified as millionaires with the largest percentage point increase (excluding Geneva, which was boosted by a population data recalculation).

Millionaire density is measured as the percentage of the resident population with assets – not including the value of their first home – of over $1 million.

London, the British capital, manages just to hold on to its place in the top five and ahead of Singapore (which moves up one spot) but behind Zug in Switzerland on unchanged ranking in overall 4 th .

Among other key highlights from these latest rankings, it was revealed that:

    Hangzhou, the capital of China’s Zhejiang province, is a new addition to the Top 20 list – rising 14 places to 20 th from last year’s ranking with 1 in 65 (c.1.5%) people rated millionaires.

An emerging technology hub and home to the e-commerce giant Alibaba, Hangzhou, is classified as a sub-provincial city and forms the core of the Hangzhou metropolitan area, the fourth-largest in China.

  • Brussels, the capital of Belgium, is also new in the Top 20 having zoomed eleven places up the table to stand in 15 th spot (26 th in 2020) with 1/61 millionaires – or 1.6% – having seen a +0.2 per centage points gain since last year.
  • Of the significant fallers this year, Dublin in the Republic of Ireland is down four places to 19 th with 1/63 (c.1.6%) millionaires, while Paris, the French capital, is down two places to 12 th with 1/53 millionaires (c.1.9%).

Both Dublin and Paris are thought likely to be net beneficiaries as a result of Britain’s exit from the European Union (EU) in a little under a year’s time. That said, the “effect is yet to materialize” in terms of millionaire density, the authors of this survey posited.

Top 20 Cities for Millionaire Density (2020 vs 2020)

Ranking City 2020 Density 2020 Density Density Change Ratio
1 Monaco 30.6% 32.1% 1.5pp 1/3
2 Geneva 6.0% 18.6% 12.6pp 1/5
3 Zurich 5.2% 5.4% 0.3pp 5/92
4 Zug n/a 3.9% n/a 2/51
5 London 2.8% 3.6% 0.8pp 1/28
6 Singapore 2.2% 2.9% 0.7pp 1/34
7 Hong Kong 2.7% 2.9% 0.1pp 1/35
8 Oslo 1.7% 2.5% 0.8pp 2/81
9 Frankfurt 2.2% 2.3% 0.2pp 1/43
10 New York 2.0% 2.1% 0.1pp 1/47
11 Toronto 1.9% 2.0% 0.1pp 1/50
12 Paris 1.9% 1.9% 0.0pp 1/53
13 Houston 1.6% 1.7% 0.1pp 1/58
14 Sydney 1.7% 1.7% 0.0pp 1/59
15 Brussels 1.4% 1.6% 0.2pp 1/61
16 Auckland 1.5% 1.6% 0.1pp 1/62
17 San Francisco 1.5% 1.6% 0.1pp 1/62
18 Rome 1.6% 1.6% 0.0pp 1/63
19 Dublin 1.6% 1.6% 0.0pp 1/63
20 Hangzhou n/a 1.5% 0.4pp 1/65

Source: GlobalData WealthInsight, Verdict.

Having witnessed some marked declines in 2020, many of the cities in the survey’s Top 20 have returned to millionaire density growth. And, leading that growth is Monaco, scene of today’s Formula One grand prix, which recorded the biggest percentage point increase of 1.5.

Geneva’s 12.6 percentage point growth, which gives it a density of 18.6%, was being excluded as it was a result of a population data recalculation.

Elsewhere, Oslo in Norway, added a 0.8 percentage point increase, giving it a millionaire density of 2.5%, and taking it into the top ten for the first time to land in 8 th position (up from 12 th ) over last year’s results. Around one in 40 (2/81) people – or 2.5% – in the Norwegian capital are now millionaires. Cities to have fallen out of the Top 20 this year compared to 2020 include Doha (19 th last year) and Copenhagen (20 th ).

Oliver Williams, head of WealthInsight, commenting in the wake of this year’s rankings said: “Monaco’s millionaires have continued to grow at a faster rate than its overall population. During times of global instability, the rich are often the first to seek security in foreign jurisdictions. Both Monaco and Switzerland have continued to draw in the global elite.” Zurich, which holds on to its third ranking ahead of Zug, sees a density of 5/92 (5.4%) in the current study.

North American Cities

The latest findings for the U.S. reveals New York in 10 th place having lost one spot over 2020, with a 1/47 (2.1%) density of millionaires, although it did witness a +0.1 percentage points change over this period.

The ‘Big Apple’ came between Frankfurt on 9 th with 1/43 density (down one spot) and Toronto (unchanged on a 1/50 density). Elsewhere in the U.S., both Houston (1/58, 1.7% density) and San Francisco (1/62, 1.6% density) move up one place to 13 th and 17 th, this, respectively.

Brexit Impact?

The British capital London, also appears to have managed to shrug off Brexit fears for another year, holding onto its place in the top five, seeing a 0.8 percentage point increase in millionaire density to 3.6% – ahead of Singapore, which moved up one spot to sixth this time around. And, it was found that one in every 28 people in London are now millionaires.

Williams at WealthInsight added in relation to the UK: “London’s retention of fifth place against some of its European rivals shows the capital continues to increase its millionaire population in spite of Brexit uncertainties. A total of 312,000 millionaires live in London, the vast majority of them self-made.”

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