Saturday, January 4, 2020

The Country of Millionaires and Billionaires- Monaco

Yes, you read it right , there is a country in Europe which is known as country of millionaires and billionaires. It is also the second smallest country of the world after Vatican City. The country which I am talking about is Monaco. Read this blog to find more interesting fact like this related to this country.
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Some Details of Monaco

Monaco is a sovereign city state in Europe. It is surrounded by France from 3 sides and Mediterranean sea from one side. Monaco- ville is the capital of the country. French is the official language of the country and it has a population of 37,308 and a growth rate of 2.25%. Roman Catholic is the official religion of Monaco with population share of 90%.

It got status of sovereign state in 1861 after Franco-Monegasque treaty and it became voting member of UN in 1993.

Monaco is the second smallest country of the world with an area of 2.025 square km. It is also the most densely populated sovereign state of the world with density of 18,469 per square km.

It is not formally part of European Union but it takes part in the policy formation. The defence responsibility of the country is given to France.

Why It is Called The Country of Millionaires and Billionaires

According to official data more than 30% of Monaco's population is millionaire. It has excellent gambling facilities, first casino of the country being Monte Carlo.

It does not have income tax along with this, it has low business tax and hence also known as Tax Haven ( Country with very low tax for foreign investors).

Major source of income for the country is Tourism. Per capita income of the country is US $166,726 (GDP Nominal), which makes it first in terms per capita as per GDP Nominal.

Unemployment rate of the country is just 2% in spite of over 47,000 workers from France and Italy commuting to Monaco each day. This country has lowest poverty in the world.

It hosts Monaco Grand Prix Formula 1 race per year. It is one of the original circuits of the Grand Prix.

If you are thinking to move in here, just hold on there's more to go

Most Expensive Country of The World - Monaco

Yes, Monaco is the most expensive country of the world too. For the 4th consecutive year , it has the world's most expensive real estate market at $58,3000 per square meter.

This country has high Social-Insurance tax which is payable by both employers and employees. Employers pay 28% to 40% while employees pay 10%.

It is considered as the recreation center for the rich.

That's all for now, I hope you got some information regarding this country of millionaires and billionaires and for any query regarding this topic kindly comment down below.

Thank you.


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