Monaco is globally renowned for its glamour, luxury, and its status as a tax haven, attracting ultra-high-net-worth individuals from across the globe. However, this exclusive lifestyle comes with exceptionally high costs, making Monaco one of the most expensive places to live on the planet. If you’re considering a move to this principality, understanding the financial implications is crucial.
Accommodation: The largest expense
Accommodation is by far the biggest budget item in Monaco. Real estate is extremely expensive, both for purchase and rental, due to limited space and high demand. Prices vary depending on location and property type.
Due to these astronomical prices, many people who work in Monaco live in nearby French towns like Nice or Menton, where accommodation costs are significantly lower, and commute to work.
Food and drink: Higher prices than surrounding areas
Grocery prices in Monaco are higher compared to neighboring France, though the difference isn’t drastic for basic products in supermarkets. However, eating out is considerably more expensive:
- Inexpensive restaurant meal: From €15 to €50.
- Meal for two in a mid-range restaurant (three courses): Around €135, but can go up to €220.
- Domestic beer (0.5L): Around €8.
- Cappuccino: Around €3.80.
- Bottle of water (1.5L): Around €5.30 in a store, but significantly more in restaurants.
- Basic groceries: Prices are higher than the average in France, but more affordable options can still be found. Many residents shop in French supermarkets to save money.
Transportation: Efficient, but with its own costs
Monaco is a small city-state, so walking to many places is feasible. It also has public transport and free escalators that make getting around easier.
- One-way bus ticket: Around €2.
- Monthly bus pass: Around €22.
- Taxi: Starting price is around €5.80, and per-kilometer rates are high.
- Fuel: More expensive than in most European countries (around €2.10/L for petrol).
Utilities and telecommunications
Monthly costs for utilities and internet are also higher than average:
- Basic utilities (electricity, heating, water, garbage) for an 85m² apartment: Around €300 per month.
- Mobile phone (plan with 10GB+ data): Around €52 per month.
- Internet (60 Mbps+): Around €68 per month.
Other costs and lifestyle
- Personal care and entertainment: Prices for hairdressers, gyms, cinemas, and sports activities are at a high level.
- Education: Private and international schools are extremely expensive, with annual tuition fees ranging from several thousand to tens of thousands of euros.
Average salary vs. cost of living
The average gross monthly salary in the private sector in Monaco is around €5,000. While this salary is significantly higher than in many other countries, it’s often necessary to cover basic living expenses in the principality, especially accommodation. Many high-level financial and yachting positions offer significantly higher salaries, which allow for living within Monaco.
Conclusion
Monaco principality offers a unique lifestyle with no income tax, high security, and access to top-tier services. However, this comes at an exceptionally high price. The minimum cost for a modest lifestyle in Monaco is around €5,000 – €7,000 per month, including rent, food, transport, and utilities. For a luxurious life, the costs are considerably higher. Therefore, before moving, it’s essential to carefully assess your financial capabilities and expectations.
