Did You Know? Every Third Citizen Of This Small European Country Is a Millionaire!

Monaco Did You Know? Every Third Citizen Of This Small European Country Is a Millionaire! | Stock Image

Tax haven for billionaires

Monaco’s reputation as a tax haven for billionaires has been emphasised by the continuing furore over Tina Green, wife of the controversial former BHS boss Phillip Green, who has been resident in the principality since 1998. The Greens say the companies behind their retail empire are based in offshore locations because of their “strong regulation”, and not for tax reasons.

The real estate market in Monaco is super pricey, ranking among the most expensive globally. Real estate makes up about 7.8 percent of the country’s GDP, while construction is 9.1 percent, and wholesale trade is 10 percent. The average annual income of a citizen here is reportedly Rs 2 crore.

Monaco is often dubbed the “capital of the rich” and comprises 10 cities, one with a population of 5,000. Among its 40,000 residents, only 10,000 are native Monégasques, with the rest being affluent individuals from other countries. The official language of Monaco is French.

Monaco relies heavily on tourism for its economy. Because there’s no income tax and the corporate taxes are low compared to other places, it’s a top choice for rich people, as well as financial and insurance companies.

Monaco Did You Know? Every Third Citizen Of This Small European Country Is a Millionaire! | Freepik

Top 20 cities in Europe ranked by density of millionairesMonaco 31.1%Zurich 24.3%Geneva 17.7%London 3.4%Oslo 2.9%Frankfurt 2.7%Amsterdam 2.7%Florence 2.5%Rome 2.4%Dublin 2.3%

Source: The Guardian

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Publish date : 2024-05-02 07:00:00

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