Monaco is undeniably a billionaire’s playground. Although the sovereign city-state and country in the French Riviera only has a population of 40,000 and is the second smallest country after the Vatican, it does not fall short when it comes to its residents. In fact, 32.1% of Monaco’s population has at least $1 million and that value does not include the value of their homes, according to Forbes’ 2018 report. And if there are millionaires in Monaco, it also has more billionaires per capita than any other country in the world.
Why Monaco Is a Billionaire’s Playground
The wealthiest in the world love Monaco, and it’s easy to know why. Monaco is the perfect definition of the good life. Aside from being the home of the Formula One Grand Prix, Monaco also offers some of the most stunning views in the French Riviera. Apartments, luxury hotels and super yachts dominate Monte Carlo, most of which are owned by its millionaire and billionaire residents. Le Rocher, on the other hand, offers the perfect contrast with its old town charm where you can find the royal palace. But what attracted high rollers for many years is Monaco’s no income tax policy. It also has very low corporate taxes and crime rates are relatively low, which makes it the perfect destination for the super rich to really enjoy the good life.
The Billionaire Residents of Monaco
Let’s take a closer look at some of the wealthiest residents in the country:
- David and Ezra Nahmad
With a joint estimated net worth of more than $3 billion, the Nahmad brothers can very well afford to live in billionaire’s row. David and Ezra Nahmad made their wealth from being two of the most successful art dealers in the world where they have an impressive inventory from artists like Matisse, Monet and Rothko. Of course, their collection includes more than 300 genuine Picasso art pieces. With Monaco being a haven for people who can afford their artworks, it only makes perfect sense that the Nahmad brothers chose Monaco as their residence.
- Dmitry Rybolovlev
Considered as one of Monaco’s most controversial residents, Russian billionaire Dmitry Rybolovlev has been involved in a legal battle against Yves Bouvier that had its many twists and turns over the last few years including the latest accusations against him using his influence in Monaco to get favor for the case. But with all that fiasco, Rybolovlev is still one of Monaco’s richest residents with a net worth of over $6.8 billion and the President of its football club AS Monaco. He also owns one of the country’s most expensive homes named La Belle Epoque, which he acquired for $300 million.
- Tatiana Casiraghi
She may be known as the wife of Prince Andrea Casiraghi, the fourth in line to the Monegasque throne, but Tatiana Casiraghi also has a fortune for herself being the heiress to a beer empire. With a net worth of $2.2 billion, Casiraghi inherited one-sixth of her grandfather Mario Santo Domingo’s wealth following his death. She was born in New York to Colombian and Brazilian parents and was raised in Switzerland. She studied in a boarding school later on where she met her prince Andrea.
- Steve Wynn
With high-rise resorts and casinos in Macau, Las Vegas and other parts of the world, Steve Wynn could have easily chosen to live in one of these cities. But the billionaire chose to live in Monaco where HSH Prince Albert II granted him the honorary Monegasque citizenship in 2010. Wynn is most famous for transforming the Vegas strip with his luxury hotels and casinos including Wynn, the Mirage and Bellagio.
- Lily Safra
The infamous socialite Lily Safra has been in Monaco since the 1970s when he married Edmond Safra, a banking mogul who later died in a fire at the couple’s penthouse in Monaco in 1999. The Brazilian philanthropist is worth $1.3 billion and is mostly known for her devotion to charity where she supports medicine, education, humanitarian relief and scientific research in a lot of countries around the world. But she is also controversial for her four marriages to wealthy businessmen with two ending up in divorce and the other two ending with a death by fire and suicide.
Monaco continues to attract high rollers, billionaires and even celebrities not only because of its zero income tax policy but also because of its unparalleled beauty that could rival any other city or country in the world. And with wealth being equated with Monaco, it’s no surprise that a lot of those who want to be with the elite choose to make the country as its residence.