💫 Summary
Monaco is the world's richest country due to its high concentration of millionaires and billionaires, tax incentives, tiny size, safety and security, lack of income tax for residents, perfect location, and luxurious events like the F1 Grand Prix and yacht week.
✨ Highlights📊 Transcript
Monaco is considered the world's richest country due to its appeal to billionaires and wealthy individuals.
Monaco has a high concentration of millionaires, with one out of every three people being classified as such.
To live in Monaco, one must have at least $500,000 in the bank.
Monaco offers tax incentives, including no income tax, which attracts wealthy individuals.
Monaco is known for its association with luxury clientele and has the highest number of millionaires per capita in the world.
There are 12,261 millionaires in Monaco.
The country is only 0.8 square miles in size.
Monaco has a network effect that works for the ultra-wealthy, but can make others feel bad about themselves.
Monaco is not a tax haven, but it does not have income tax for residents.
To become a resident in Monaco, you need to meet certain conditions such as having a certain amount of money in the bank or being employed by a Monaco-based company.
Monaco is a small country with a population of around 10,000 people, known for its safety, security, and low crime rate.
Monaco is smaller than Central Park and is the second smallest country in the world.
The main industries in Monaco include the Golden Square and Monte Carlo.
Monaco is known for its safety and security, with a low crime rate and non-existent poverty.
The government provides assistance to citizens in need.
Monaco is considered one of the safest places in the world due to the ban on paparazzi and the presence of bodyguards.
Monaco does not have income tax for residents, making it an attractive place for wealthy individuals.
The government of Monaco generates income through property taxes, VAT, and ownership of assets like casinos and hotels.
Monaco's location on the Mediterranean coast adds to its appeal as a luxury destination.
Monaco is attractive to billionaires for several reasons.
Monaco has the highest average life expectancy at 85.8 years of age.
The average person in Monaco is 44 years old, and 14 percent of the population is over the age of 75.
Monaco hosts various high-profile events, such as Yacht Week and the F1 Grand Prix.
The location of Monaco on the French Riviera makes it a desirable destination for the ultra-wealthy.
00:04everybody what's going on just got off
00:07the airplane in Monaco we're here for F1
00:12Grand Prix weekend and we're here to
00:16answer the question of why does every
00:18billionaire want to live in Monaco why
00:23do one out of every three people in
00:26Monaco classify as millionaires how come
00:29you have to have five hundred thousand
00:31dollars in the bank just to live here
00:34what are the tax incentives of living in
00:37this country right now you're looking at
00:38the entire country this is Monica this
00:41is the country that's France that's
00:43France over there now we're gonna get
00:44down and dirty we're gonna get in it
00:46we're gonna see some crazy real estate
00:48here too because the pricing is nuts and
00:50to help us do all that we have Boris is
00:53a star real estate broker here runs his
00:55own company that's emblazoned on his
00:57Mercedes-Benz here
01:00well I really want to dive into like
01:03what Monaco is how it got to be what it
01:06is today why it is so wealthy why
01:09there's no income tax why so many people
01:11want to be here why it's so hard to get
01:13into here so maybe you could give us a
01:15ride around and show us because you are
01:18a local sure all right let's go okay but
01:21before we do that quick Montage because
01:23we flew in this weekend and we got to
01:25see the race Ready Set Go
01:31thank you
01:40why do billionaires love Monaco why do
01:43the ultra wealthy how why do the wealthy
01:45love Monaco number one reason wealthy
01:48people like being surrounded by other
01:50wealthy people it's like when I talk to
01:53sales people and they say oh I want to
01:54get into a luxury Market I want to do
01:56Million Dollar Deals like okay where do
01:58you spend all your time like oh a Burger
02:00King oh with my buddy Jeff oh with my
02:03high school friends Associated marketing
02:05means that you want to be associated
02:07with the types of business that you want
02:10to be known for doing if you want to do
02:12Luxury deals you want to be associated
02:14with luxury clientele Monaco is an
02:17amazing example of that there are 12
02:21261 millionaires in Monaco there are
02:24more millionaires in this country per
02:28capita than anywhere else and the
02:30country's tiny Monaco is
02:33.8 square miles so everywhere you go
02:36every restaurant every bar you're
02:37driving down you're you're Brabus
02:39someone else to come and buy you and of
02:41course next person's going by you in a
02:42McLaren you're all part of the same
02:44Community there's a network effect in
02:47this country that works for the ultra
02:50wealthy it also works to make you feel
02:52really really really bad about yourself
02:55when you look right and look left but
02:58it's okay it's a beautiful spot
03:01why in your mind
03:07tax Haven well it has always been like
03:09high-end clientele coming to Monaco for
03:12history it's just about in recent years
03:14yes Monaco was said to be a tax Haven
03:17it's actually not you know so Monaco is
03:19not a tax Haven it is not we do have a
03:22corporate taxes there's just no taxes on
03:25income so no income tax that's only if
03:28you're a resident here
03:29become a resident it's not given to 21.
03:32but free
03:34um three ways you can achieve that you
03:35either have to have half a million in
03:38the bank account yep
03:40um or you have to be employed by a money
03:42gas company okay or you have to own your
03:45own business okay so you need to fill up
03:47one of his free conditions to apply to
03:50become a residence okay foreign
03:52number two Monaco is Tiny there's just
03:55nine little districts one of which is
03:58Monte Carlo which everybody knows that
04:00make up this itty bitty country called
04:04Monica located on the Southeastern tip
04:08of France most people who work in Monaco
04:12actually come in from Italy where
04:15there's much better tax treatment for
04:16them or come in from France but Monaco
04:20is .81 square miles it is smaller than
04:24the size of Central Park it's about the
04:26same size as Hyde Park in London and it
04:29is only the second smallest country in
04:33the world next to the Vatican there are
04:36nine uh main industries let's say in
04:38Monaco the golden Square being like the
04:41most expensive one okay and Monte Carlo
04:44being the one all around the golden
04:45Square so there's a garden exotic that's
04:47where we are now that's where we are
04:49right now prices are cheaper square
04:51meter are on the on the lower range the
04:54second one is monogati and it's this one
04:57actually this this road were already in
04:59a different District yeah Monte Carlo
05:01starts from the train station right
05:03there here you have one of the most
05:05beautiful uh sparking Partners yeah look
05:07at that
05:10that was entirely built on the Seas so
05:14that's the city may see right right in
05:16front we are the only country in the
05:18world where if she put all the citizens
05:20in the other country investigation you
05:22can always like uh 14 000 people and we
05:25are about ten thousand
05:27number three Safety and Security
05:31lifestyle wise what's it like to
05:35also people like to come here for
05:37security you know security is really one
05:39of the main reason people enjoy Monaco
05:41we do have a very I think almost
05:45non-existent crime rate yeah and yeah
05:48there's a non-existent crime rate and
05:49then there's an there's non-existent
05:51Poverty of course it depends what you
05:53what qualifies for for priority I don't
05:55think anyone want to call is below the
05:57poverty line the government actually
05:59you know most of them of um people the
06:03citizens that need that right so very
06:05low uh criminal rates and their
06:07governments helping a lot the citizens
06:11but in terms of security what's very
06:13important is that you know no one
06:14actually need to to be in the street
06:17with bodyguards here now a lot of that
06:19is because back in the day when Grace
06:21Kelly came here and they made it the
06:23celebrity Haven they outlawed Paparazzi
06:26they made it all about being one of the
06:28safest places in the world to come and
06:31display your wealth to network with
06:33other wealthy people and so to do that
06:35it had to be incredibly safe had to be
06:37incredibly secure number four
06:39there is no income tax in Monaco you
06:42have property taxes and there's other
06:44taxes there's other means in which the
06:46government here makes money to be able
06:48to afford to sustain this beautiful but
06:51itty bitty country but if you're a
06:54you don't pay income tax which is
06:56massive so if you're a real estate
06:58broker here and you're selling a 10
07:00million dollar property and the
07:01commissions here are also really high
07:02and six seven eight percent you don't
07:05pay income tax on that
07:07so without residents paying income tax
07:08I'm assuming if there's property tax
07:10another means of the country making an
07:14income right to pay for everything right
07:16yeah that's correct I mean so valver
07:18what kind of taxes for example uh
07:20property tax I mean every time you buy a
07:23property you'll pay six percent six
07:26percent we also have a vat 20 of vat
07:30here so when you're buying a new
07:32development yeah
07:34um price usually includes 20 to 80 but
07:38go through governments and lastly you
07:40have a government owns you know the
07:43casino over hotels
07:45and and you know a lot of real estate
07:47actually and that's quite a significant
07:49amount of income number five is the
07:53location it is a Mediterranean Mega
07:57luxury Port A long long long time ago
08:00everybody could have access there's one
08:03beach a little rocky tons of seaweed
08:06it's not like Greece I'm a little biased
08:08and it's just a place to be so if you
08:11are European or really from anywhere and
08:14you have a home in Monaco or you
08:16vacation in Monaco you are a Who's Who
08:19and that's a big reason why people like
08:21being here and the number six reason why
08:24billionaires love Monaco is and you know
08:27this from watching shows like succession
08:29or anything else wealthy people love the
08:32idea of living forever they want to
08:35figure out how to expand this amazing
08:37life that they've created for themselves
08:38Monaco has the highest average life
08:42expectancy at
08:4485.8 years of age the average person in
08:48Monaco is 44 years old and 14 percent of
08:51population here is over the age of 75.
08:54you die later here it's probably because
08:57you're also super wealthy and that's why
08:59you got here and maybe you can afford
09:00great great medicine compared to the
09:03rest of the world but it's still a fact
09:05and last but not least the number seven
09:07reason why billionaires millionaires the
09:11ultra wealthy love Monaco and want to
09:14live here is location location
09:17for events you've got yacht week in
09:21Monaco it is massive the whole entirety
09:24of this country turns into one big yacht
09:26Extravaganza you have the F1 Grand Prix
09:29which just happened yesterday like
09:32literally right here they're taking down
09:34all the signage and all the barriers
09:36right now there's an amazing tennis
09:37match here in April there's a lot of
09:39other things to do here because of the
09:42sun because of the fun because of the
09:43weather Monaco is an amazingly gorgeous
09:46and very little place on the French
09:49Riviera that the ultra wealthy flock to
09:52and so can you I feel wealthier just
09:55being here so this is the first video
09:57that we ever did about a billionaire
09:58location so make sure to like this video
10:01subscribe let me know if there's another
10:03place around the world that you want to
10:05dig into and hopefully our tour with
10:07Boris was able to give you a little bit
10:10of an Insider's take and not just my
10:13take or the internet's take on how crazy
10:16Monaco is and we'll see you later
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FAQs about This YouTube Video

1. Why is Monaco considered the world's richest country?

Monaco is considered the world's richest country due to its high concentration of millionaires and billionaires, tax incentives, tiny size, safety and security, lack of income tax for residents, perfect location, and luxurious events like the F1 Grand Prix and yacht week.

2. What are the key factors contributing to Monaco's wealth?

Monaco's wealth is attributed to its high concentration of millionaires and billionaires, tax incentives, tiny size, safety and security, lack of income tax for residents, perfect location, and luxurious events like the F1 Grand Prix and yacht week.

3. How does Monaco attract wealthy individuals?

Monaco attracts wealthy individuals through its combination of tax incentives, safety and security, attractive location, and luxurious events such as the F1 Grand Prix and yacht week.

4. What makes Monaco an attractive destination for the wealthy?

Monaco is an attractive destination for the wealthy due to its high concentration of millionaires and billionaires, tax incentives, safety and security, lack of income tax for residents, perfect location, and luxurious events like the F1 Grand Prix and yacht week.

5. How does Monaco maintain its status as the world's richest country?

Monaco maintains its status as the world's richest country through factors such as its high concentration of millionaires and billionaires, tax incentives, tiny size, safety and security, lack of income tax for residents, perfect location, and luxurious events like the F1 Grand Prix and yacht week.

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