When it comes to rich countries, many countries like Qatar and America are often mentioned. But, a country many times smaller than Goa is becoming the first choice of the rich. This country is Monaco. Monaco is spread over just 2.02 square kilometers. After Vatican City, it is the smallest country in the world. But in terms of money its place is very big. According to the World Bank, Monaco’s GDP per capita is approximately €21.3 million ($256,580). At the same time, the total GDP is about $10 billion.

Where the country’s economy is so strong. At the same time, according to the World Bank, its population will be only 38,631 in 2024. These figures are much higher than those countries whose population is very large. Talking about America, the per capita GDP of the country is approximately $82,769. Whereas, for Monaco it is Rs 2.13 crore ($256,580). America is the largest economy in the world but it is behind Monaco in this matter. This clearly shows how rich the citizens of Monaco are.

every third person a millionaire

In fact, it is said that every third person living in Monaco owns at least one millionaire’s property. The richest people in the world are getting attracted towards Monaco day by day. Monaco is located on the French Riviera, which is a very beautiful and seaside area. The luxury lifestyle here is very attractive. Also, the tax rules in Monaco are very easy and flexible. For these reasons, Monaco has become the first choice for millionaires and billionaires around the world.

why people are attracted

One of the main reasons why rich people are so attracted to Monaco is the easy tax system. CA (Dr.) Suresh Surana said that Monaco offers very attractive arrangements for high net-worth people. He said Monaco does not charge personal income tax, there are separate rules under a special agreement for French citizens only. There is no wealth tax and capital gains tax here.

Additionally, the rules for transferring assets are simple: spouses and children do not have to pay inheritance or gift tax, and others pay a maximum tax of 16%. He also said that these advantages, combined with political stability and high standards of living, make Monaco a favorite for the wealthy.

The country is making records

Monaco (Principality of Monaco) got fourth place in Barnes City Index 2025. This list ranks the 50 most attractive cities in the world where people with a net worth of more than $30 million choose to live.

Who can live in Monaco?

Not everyone can settle in Monaco. To become a resident there and avail tax benefits, certain conditions have to be fulfilled.

1. Minimum Age: Must be at least 16 years of age.
2. Clean Record: You will have to produce a police certificate showing no criminal record.
3. Accommodation: It is essential to buy or rent a home in Monaco. In some cases you may be able to stay with a close family member or show the home through a company. Also, houses there are becoming very expensive.
4. Financial proof: This must show that you have enough money to support yourself financially. This can be proven through bank letters or other financial documents.
5. Spending time in Monaco: Must reside in Monaco for more than 183 days a year or have your main business there.
6. Those who live in Monaco for less than 6 months must present additional documentation to be eligible.

houses are quite expensive

Settling in Monaco is not so easy. Houses here are very expensive. According to the 2022 report (Savills), the average house price in Monaco has become 50,000 euros (about 45 lakhs) per square meter, which is 9% more than 2020. The average rental price is 91.08 euros ($8,288) per square meter per month.

Regarding this, Knight Frank says, this has been the most expensive real estate in the world for a long time. 38,000 people live in only 2.2 square kilometers. It is a place of very dense population and rich people and prices are continuously increasing.

How is it raining money?

Money is raining on Monaco because it has become a millionaire hub because it has been known as a tax haven for a long time. Personal income tax, wealth tax and capital gains tax are not imposed on residents here (separate rules apply only to French citizens). This tax-free environment attracts wealthy people who want a high standard of living, political stability and financial privacy.