One in every 20 Americans is a millionaire. For residents of Monaco, that’s peanuts.
The European city-state now boasts one ultra-high net worth individual, or someone with assets totaling at least $30 million, for every 56 people—a higher density than any other city in the world, according to a new report from wealth tracking firm Wealth-X.
Monaco, which sits nestled inside the south of France near the Italian border, is a popular banking destination and a known tax haven—it has no income tax. A previous study estimated that nearly one in three individuals who reside in Monaco are millionaires. It’s also home to the famed Monte Carlo gambling district and lavish residences like this $8.1 million, 1,152-square-foot apartment recently featured in the New York Times.
Within Monaco’s population of approximately 39,000 individuals, Wealth-X counts 686 ultra-wealthy people—many of whom are foreigners with second homes in the principality. There are 100 ultra-wealthy Monegasques with primary residences there, according to the study. Monegasques are in fact minorities in their own country: The nation’s population is primarily French, followed by Italian and British.
The city-state is also known for being one of the safest areas in the world, with what is said to be the largest police force per capita and a 24-hour video surveillance system that covers the entire town.
“The Principality of Monaco offers an exceptional life-style at the heart of Europe. 44% of Monaco’s population is a millionaire and they choose Monaco not just for investment or taxation reason by also for its extraordinary security.” – explains to us Gianluca De Lucia, director of Monte-Carlo Estates
The next densest city on Wealth-X’s list is Geneva, Switzerland, which has one ultra-wealthy net worth individual for every 221 people. American cities are well represented, too: Four of the top 10 cities are in the U.S.
Here are the top 10 cities, ranked by the density of ultra-high net worth individuals:
10. Los Angeles (1 in 1,622)
9. New York (1 in 1,392)
8. London (1 in 1,388)
7. Hong Kong (1 in 918)
6. Zurich (1 in 783)
5. San Francisco (1 in 737)
4. San Jose (1 in 716)
3. Singapore (1 in 707)
2. Geneva (1 in 221)
1. Monaco (1 in 56)
This is the first year Wealth-X has done this study.
Originally published at Time.com
You might be also interested:
Living in Monaco
It is available for purchase in English at: http://amzn.com/1496107004
The author Zsolt Szemerszky intended to hunt down the myth around Monaco and to go beyond gossips. Zsolt is also know by releasing Monaco’s first gourmand book. The Signature Dishes of the Principality of Monaco was launch last December 2016 as the number one release in wine pairing at Amazon.com allows gastronomy lovers to discover the excellence of the Principality of Monaco thanks to recipes and interviews with Executive Chefs who hold together over 50 Michelin stars.
However Living in Monaco is significantly different from his other books. It is not a travel book, it is an ultimate guideline to those who are aiming to get a glimpse about the real Monaco and who have the desire to relocate their personal or business life to the Principality.
The book explains the benefits of the relocation (both for private and business reasons), the life quality in the Principality, and reveals how can one capitalise the unseen treasures and business potentials of Monaco. The “Relocation and what it takes” chapter also explains all the tiny details, traps, tips and best practices while it offers a detailed overview of the administrative mechanism of the Principality.
One of the interesting part of the book is the second part which focuses on the people, the opportunities, and the traps in Monaco. It offers a first hand guidance to avoid to fell for the catchy workings and the illusions of luxury. Understanding the real-life examples one can truly enjoy the Principality with all its safety and protective legal systems for families and businesses.
The book is available for purchase in English at: http://amzn.com/1496107004