Monaco is the wealthiest country in the world. The country is also smallest country in the world
Monaco appeals with wealth, luxury and fame for millionaires and billionaires, according to New world wealth report.
Monaco also has a most exclusive, rare and valuable passport. As of 2019, Monaco has the 15th powerful passport in the world with visa free travel to 174 countries
The high average wealth of people living in Monaco reflects:
- Its tax haven status – people living in Monaco pay no income tax. This attracts wealthy people to move there and also promotes business formation in the country.
- Offshore center – Monaco operates as an offshore center for the European wealth sector, which brings a large number of wealthy financiers to the country.
- Its location on prime part of the French Riviera.
- High proportion of multi-millionaires – approximately 2,800 of Monaco’s 40,000 residents are worth over US$10 million.
- It is a hotspot for super-yacht owners and one of the most popular yacht docking spots in the Med.
- Very High real estate prices, most expensive in the world – Only the wealthy can afford to buy homes there with each square metre costing $1 million. Monaco apartments are the most expensive in the world per square meter.
Monaco also offers a golden visa option for HNW to immigrate by investing EUR 1 million ( 50% in property)
To be eligible for Monégasque citizenship, foreigners must live legally in Monaco for 10 years.
The Monégasque passport is issued to citizens of Monaco for international travel. In 2009 there were an estimated 6,000 passports in circulation.
The Monegasque passport is one the rare and exclusive passports in the world, ranking 14th best in terms of world powerful passport rankings with visa free travel to 174 countries (US, UK, Canada, Europe etc)