Of the 38,300 people who live in Monaco, about 12,261 are millionaires, according to the 2019 Knight Frank Wealth Report.
That means about 32% of Monaco residents nearly a third of the population are millionaires . And these ultra-wealthy residents are all clustered within less than one square mile.
Just as noteworthy as such a staggering concentration of wealth if not more is the fact that Monaco has virtually no poverty.
” The government reinvests tourism earnings and other capital gains back into the community to improve the quality of life and to entice the wealthy to continue traveling and buying properties,” Karyn Adams of the Borgen Project, a non-profit organization with a mission of fighting global poverty, wrote of Monaco.
“Even though these improvements are meant to attract foreigners with money, the natives benefit from it as well, effectively creating a virtually nonexistent poverty line within their tiny, proud and sovereign nation,” she added.
Monaco has long been a destination for the super-rich, partially because of its reputation as a tax haven it has no income tax . And it probably doesn’t hurt that Monaco has a balmy Mediterranean climate and hosts glamorous events throughout the year such as the Monaco Grand Prix and the Monaco Yacht Show.
The affluent city-state comes with property prices to match.
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.