Despite everyone associating everything from fast cars to casinos and wealth with the mini country on France’s coast, not many know why Monaco harbours some of the wealthiest individuals. Monaco is home to around 38,000 people, with one in three of these being millionaires. With the highest per capita GDP in the world, the secret to the wealth is tax. The principality scrapped income taxes back in 1869, with tax rates for companies and individuals being exceptionally low.
The idea of keeping most of their wealth has attracted people from various nations, including Formula One driver Lewis Hamilton. Apart from tax benefits however, the rich also enjoy Monaco for the lifestyle as it rocks sunny balmy weather all year round, political stability, and events all year round, most notably the Grand Prix.
Monaco has built up a healthy financial sector. Ultra-prime property in Monaco sells for around $9000 per square foot, with yachts also being a big business. Monaco is also quite well known for the loud noises made by residents revving up their supercars, with many tourists often travelling there just to take snapshots of the vehicles.
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Photo Source: Riviera Bar Crawl & Tours