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More Millionaires in Monaco than Ever Before!

More Millionaires in Monaco than Ever Before!

One-third of Monaco’s population are millionaires, which puts it at the top of the world’s richest countries. The top 5 include Zurich and London, with Dublin just squeezing into the top 10, likely attributed to Irish city’s tech boom.

Monaco - The Coast by Night
Monaco – The Coast by Night

Partnering with Spear’s Magazine, consultancy firm WealthInsight conducted the research and defined a ‘millionaire’ as one who possesses assets in excess of $1M USD when not including the value of one’s primary residence.

Controversy is still alive regarding Monaco’s relationship with the rich, including its reputation as a tax haven. Researcher Oliver Williams stated that Monaco’s increase in millionaire population density has increased 6% since 2014.

“Such is the escalating exclusivity of the principality that only the ultra-wealthy are able to lay hands on Monégasque [from Monaco] passports,” he said.

In 2015, Oxfam (an international association of charitable organizations on a mission to alleviate global poverty) warned that 1% of the population would own 99% of the world’s wealth by the close of 2015. Often turned into a slogan, Credit Suisse did confirm, in 2015, that approximately 50% of the world’s wealth does now belong to 1% of the population.

The Top 10 Cities in Europe (as ranked by density of millionaires):
1. Monaco 31.1%
2. Zurich 24.3%
3. Geneva 17.7%
4. London 3.4%
5. Oslo 2.9%
6. Frankfurt 2.7%
7. Amsterdam 2.7%
8. Florence 2.5%
9. Rome 2.4%
10. Dublin 2.3%

Source:  CPP-Luxury