When you think of Monaco: A microstate of millionaires, the first associations that probably come to mind are luxury, casinos, and yachts. And rightly so. But behind the glamorous façade lies a unique social experiment: what is daily life like in a country where every third resident is a millionaire? This microstate on the French Riviera, with just under 40,000 inhabitants, is home to over 12,000 millionaires, not counting the value of their homes. That number continues to grow, confirming Monaco as an epicenter of global wealth.
A magnet for the rich: Why Monaco?
Monaco’s secret is far from complicated: taxes. The Principality abolished personal income tax way back in 1869, and other tax rates for companies and individuals are extremely low. This tax policy, combined with political stability, a high level of security (one of the lowest crime rates in the world and a high concentration of police officers per capita), and a beautiful Mediterranean climate, creates an irresistible magnet for ultra-wealthy individuals from around the globe. It’s no wonder that names like Formula 1 drivers or famous businesspeople are regularly mentioned in the context of their residency in Monaco.
Extreme real estate prices: The gold standard per square meter
The most visible and direct impact of the immense concentration of wealth is on the real estate market. Prices are astronomically high, and Monaco prides itself on having the most expensive real estate in the world. For a million dollars here, you might buy an apartment of just 17-19 square meters. Prices can reach over 100,000 euros per square meter for luxury properties, and villas sell for hundreds of millions of euros.
This demand is so great that Monaco is actively expanding into the sea, creating artificial islands like Mareterra to provide additional space for new apartments and villas. Despite these sky-high prices, properties sell at an incredible pace, testament to the insatiable demand. For ordinary people, living in Monaco is practically unimaginable, except for the few privileged Monegasques (Monaco citizens) who have access to social housing. Renting an apartment also requires substantial wealth, often with a full year’s rent paid in advance.
Health, security, and quality of life
However, the life of a millionaire in Monaco isn’t just about expensive real estate. Wealth also brings benefits that directly impact daily life. Monaco boasts the longest life expectancy in the world, averaging 89 years. This is attributed to a combination of factors:
- Access to top-tier healthcare: Monaco citizens have free access to high-quality medical care, without long waiting lists.
- Healthy lifestyle: A Mediterranean diet, rich in fresh fruits, vegetables, fish, and seafood, combined with abundant sunshine and outdoor activities, contributes to overall health.
- Freedom from financial stress: While money can’t buy happiness, financial stability certainly reduces stress levels and provides access to everything needed for a high quality of life.
- High level of security: The almost non-existent crime rate means people feel safe, often not even locking their cars. This contributes to a general sense of peace and tranquility.
Events and social life
Daily life is imbued with exclusivity. The streets are filled with luxury cars rarely seen elsewhere. The yachts of the wealthiest are moored in the harbor, creating a stunning panorama. Monaco hosts world-renowned events like the Formula 1 Grand Prix, prestigious ballet performances, operas, and philharmonic concerts, attracting the global crème de la crème and offering exceptional networking opportunities.
Yet, there’s another side to the coin. While Monaco is a paradise for the wealthy, it’s also under scrutiny due to concerns related to money laundering, a challenge the Principality is actively combating.
In Monaco, wealth not only shapes the economy but deeply influences urban development, social structures, and even the very culture of living, creating a unique environment where luxury is the norm, not the
