Monaco is one of the smallest and richest countries in the world located on the French Riviera. This place attracts millionaires from all over the world through its luxurious lifestyle, casinos, and glamorous events, such as Monaco’s annual Rose Ball, Monte-Carlo Rolex Masters tennis tournament, Formula 1 Grand Prix de Monaco, Red Cross Ball, etc. Find out how many millionaires live in this tiny principality and why they choose this rich country as a place of residence.
How Many Millionaires There Are in Monaco: Statistics
According to Monaco voice, there are about 40,000 citizens in Monaco. A third of the principality’s population, or 32.1%, owns assets whose total cost is $1 million, plus the price of their houses. This is the highest density of millionaires in the world. Besides, 208 millionaires with assets exceeding $30 million lived in Monaco as of 2021.
According to experts, the number of millionaires in the principality will grow on and on. Knight Frank analysts assumed that 255 rich people with a fortune exceeding $30 million and about 40,000 rich people with a fortune over $1 million will live in Monaco in 2026.
Monaco’s Millionaires in 2023
The Monaco’s Richest People 2023 list, compiled by Monaco voice, includes 28 billionaires. There are 6 rich women among them, one of whom is at the top of the rating.
The oldest millionaires on the list are Sir David & Sir Frederick Barclay born on October 27, 1934. Frederick is 88 years old now, and David died on January 10, 2021, at the age of 86. The British businessmen with billions in bank accounts, who are also known as the Barclay Twins, take 9th place in the general rating. They started their way to success by renting out houses in the 1950s, and then took up hotel business by buying hotel Ritz in 1995. The Barclays diversified their fortune by engaging in shipping, retail trade, and mass media. The rich brothers made a substantial contribution to medical research, which brought them the knight’s title in 2000.
The youngest of Monaco’s richest billionaires is Clelia Haji-Ioannou, who is 53 years old. She became a billionaire thanks to a share in the EasyJet airline founded by her brother Stelios. Clelia owns real estate worth about $80 million all over Europe, including the property in Monaco and Greece.
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Top Three Monaco’s Richest People in 2023
The first place among Monaco’s richest people is taken by Hinduja Shanu. She is a Vice President of Hinduja Bank in Switzerland, Chairperson or Hinduja Foundation in the USA, and also director at Hinduja Global Solutions Inc. Her fortune is estimated at $19.5 billion.
The second place in the rating of rich people is taken by Sir James Ratcliffe, the founder, chairperson, and majority owner of Ineos Group. The London conglomerate manufactures everything: from synthetic oils and plastic materials to solvents used to manufacture insulin and antibiotics. The company has also become one of the largest players in Great Britain’s shale sector after it entered the market in 2014. James Ratcliffe’s fortune is estimated at $16.4 billion.
The third person among the richest millionaires of Monaco is Stefano Pessina who owns Walgreens Boots Alliance, the world’s largest pharmacy network. Pessina acquired more than 1,500 competing companies all over Europe, merged his UniChem Group with Alliance Boots, and made it private as part of the $22 billion deal. In the period from 2012 to 2014, Walgreens acquired 100% of his pharmacy network to create Walgreens Boots Alliance.
Why does Monaco Attract Millionaires?
There are several reasons why Monaco is a magnet for millionaires, and the favorable taxation is one of them. There is no personal income tax in the principality, except for the one set for French citizens. Also, there is no inheritance tax or gift tax for direct relatives.
One more reason is a high security level. According to statistics, there is one policeman per 100 residents in Monaco, which is the highest indicator in the world. In addition, rich people are attracted by modern infrastructure, high-quality healthcare and education, as well as stunning nature and favorable climate.
It should be noted that life in Monaco will not be dull for those who can afford it. Rich people can enjoy luxury, play in casinos, visit elite clubs and restaurants, participate in charity and cultural events, and also practice sports and have a rest. Many of them own yachts moored at the local port. Also, premium-class cars, such as Ferrari, Lamborghini, and Bugatti, are extremely popular here.
Are There Any Drawbacks to Living in Monaco?
One of the first disadvantages of living in Monaco is the high cost of real estate. The average price per square meter in the principality is $70,500, which is higher than in New York or Hong Kong. You will have to pay at least $2 million for a small one-room apartment in Monaco – a choice for the rich people!
One more drawback is limited space as the area of the principality is only 2.02 km2. In addition, there are certain rules and traditions in Monaco you will have to comply with. For example, people here are not supposed to wear open or provocative clothes, be rude or rowdy, and violate traffic rules. You should also respect the local monarchy and laws.
Monaco is a unique country that attracts rich people from all over the world by its advantages and opportunities. However, living here is not as simple as it may seem to you at first sight. You should be ready for considerable expenses, limited space, and certain etiquette. Nevertheless, if you like luxury, excitement, dynamics, and living among the rich, Monaco can become an ideal place to live.
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