Why is Monaco so rich? Wealth, flashy automobiles, and casinos are the first things that spring to mind when people think of Monaco. However, very few people consider how such a little city-state managed to become a haven for wealthy people. Monaco, a jewel of the Mediterranean noted for its opulent lifestyle and high level of sophistication, in addition to its enormous riches, has an enviable location on the French Riviera, midway between Nice and Italy's coast to the south-west. According to WealthInsight, of the approximately 38,000 individuals who call the little nation located on the sun-kissed Mediterranean coast of France home, one third of them are billionaires. It has the greatest GDP (Gross Domestic Product) per person of any country on earth. The World Population Review lists Monaco as the country with the highest GDP per capita among the top 10 wealthiest nations in the world. Due to this ranking, Monaco is sometimes referred to as the "billionaires' playground." Why is everyone in Monaco so wealthy? Here are a few explanations for it: Zero poverty As of the year 2022, Monaco is completely free of people living below the country's official poverty level. A report published by Insider in 2019 revealed that there was no poverty rate in the country at that time, showing that the country had been maintaining a low or zero poverty rate for a number of years. The lack of a federal income tax in Monaco, in contrast to the vast majority of other nations, is one contributor to the country's absence of a poverty rate. This is particularly beneficial for multimillionaires and billionaires, who, in the majority of nations, are subject to paying significant annual income taxes. A number of notable billionaires, such as Sir Philip Green and the Barclay Brothers, have chosen to relocate to Monaco in order to avoid having their wealth eroded by taxes. According to the findings of the 2019 Knight Frank Wealth Report, out of a total population of around 38,000 individuals, more than 12,000 people are millionaires, which is equivalent to more than 30% of the population. Monaco does not officially track poverty rates because the nation has no income tax procedures, making it complicated for officials to measure income, according to the Monaco Statistics agency. Impoverished people would not be able to afford the high property prices in Monaco, which is why Monaco’s residents consist of only the wealthy. A tax system that is very lucrative The favorable tax climate of Monaco is one of the primary draws for a large number of rich individuals, who choose to relocate there for a variety of reasons. Residents of Monaco are exempt from paying taxes on whatever income they earn elsewhere in the world (no income tax, no capital gains tax, no wealth tax, and no inheritance tax for direct heirs). Monaco is heavily reliant on foreign labor workers since it offers 50,792 jobs to its population of 36,136 people. Seventy-five percent of Monaco's workforce calls France home and makes the daily trip over the border. The Y/Zen European Global Financial Centres Index places Monaco in seventh place overall, and the finance sector is the city-most state's important economic sector. Additionally, Monaco has attempted to broaden its economic foundation by including businesses and services. Include things like Bio-Thermic and cosmetics. The casinos in the Principality are an important contributor to the country's overall revenue, the most well known of which being the Casino de Monte Carlo, which opened in 1858. Monaco is not a member state of the European Union (EU), although it does take part in EU customs and border controls, is included in the customs zone of France, and utilises the euro as its only legal tender. Because it does not impose any taxable income, wealth tax, or capital gains tax, the Principality has become especially appealing as a low-tax destination to affluent persons. This is especially true in recent years. The most advanced security in the world The Principality has one of the lowest rates of violent and property crime in the world and an extremely high proportion of police officers to citizens, making it one of the safest places on earth to live. Subscribe to my Channel: shorturl.at/lnC79 Website: https://learningcanteen.com/ ✅ For business inquiries, contact me at olumayowaonline@yahoo.com ---------Support my channel------ Bitcoin: 3AUhicWAZ2WhsuajJaY2MhBQustFx18hQn Paypal: olumayowaonline@yahoo.com Try Tubebuddy for free: https://www.tubebuddy.com/learningcanteen IMPORTANT INFORMATION This video contains images that were used under a Creative Commons License. If you have any issue with the photos used in my channel or you find something that belongs to you before you claim it to youtube, please SEND ME A MESSAGE and I will DELETE it immediately. Thanks for understanding. Click here to see the full list of images and attributions: