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Monaco has been ranked top country with the wealthiest people in the world in a new report that measures the average wealth per person (wealth per capita) amassed by each country’s individuals.
The country’s population of just 37, 882 based on the latest UN estimates hold US$1,556, 000 wealth per capita, surpassing United States and United Kingdom, and this despite its relatively small population compared with the two nations which ranked eighth and ninth respectively.
Its tax haven status, according to New World Wealth report has seen people living in Monaco pay no income tax and can be attributed to the high proportion of multi-millionaires in that nation. Approximately 2,200 of Monaco’s 40,000 residents are worth over US$10 million.
The status associated with Monaco has seen it attract wealthy people to move there and promote business formation in the country, while it also operates as an offshore center for the European wealth sector, which brings a large number of wealthy financiers to the country.
It is a hotspot for super-yacht owners and one of the most popular yacht docking spots in the Med. High real estate prices. Monaco apartments are the most expensive in the world per square meter and the country is also synonymous with wealth, luxury and fame.
The United States (US) topped the rankings for the world’s richest country followed by China with US$48, 900 billion and US$17,400 billion in wealth respectively, according to the report by wealth specialists New World Wealth (NWW).
The report measures figures, which include property, cash, equities and business interests owned by individuals.
New World Wealth is a global wealth intelligence and market research company that provide customized services to wealth managers, family offices, real estate professionals, migration platforms and fund managers.