How Rich is Monaco - Inside Economy of Monaco

If you ever visit Monaco it is quite likely, that you will run into some celebrity. The sweet abode for riches, Monaco, is, famous in the community of big-wigs. The country with an area of, mere 2.02 km2 and population of 38,400 is known as a. playground for rich and famous. The streets of Monaco remains decorated with luxury cars like Ferrari. or Rolls Royce. People easily wear their. most expensive fur or extra large diamond ring without. being judged as 'showy'. Monaco is a place where rich reside. The country is known for its casinos, scenic beauty and luxury cars. The posh hotels and penthouse offer, a comfortable stay to its visitors. A part of Europe, Monaco is the. second smallest country in the world. Monaco shares three borders with France and one border with the meridian sea. It is a small piece of land between. the meridian sea and mountain Alpes. Monaco is a very affluent nation. Monaco has the second highest per capita income in the world. It has a whopping $13,2571. per capita income. Every three out of one is a. millionaire in Monaco, thirty percent of the total population has become. a millionaire in last two years. The free taxation and. luxury in Monaco have attracted a lot of people, throughout the world. Every five out of six people in Monaco are foreigners. The economy of Monaco: Monaco is one of the richest, countries in the world. It has very less population. but the highest number of millionaire and. billionaire in the world. The country is fully urban and, has an ostentatious lifestyle. The country has an. unemployment rate of mere 2 percent and has lowest. poverty rate in the world. The reason for such an affluent society? Well, although Monaco is occupying a very small area on the world map but is hardly ignored, when it comes to tourism. Its pleasant weather, casinos. helps to pour in hundreds and thousands of posh tourists, in the country every year. It has emerged as the first. vacation choice for people wishing to spend an obscene

amount of money on a vacation. Although the country, registered its presence on world map due it, casinos but other factors that play a vital role in its economy are fishery and small yet high value-added industries. Casinos: Casinos in Monaco are centuries old. The idea of starting a casino surfaced during the reign of Louis Philippe. But casino did not get its value, till it was sold into the hands of French business tycoon. Francois and Louis Blanc. They started the casino in, sea depressed area of Monaco and asked the king to rename. the area as Monte Carlo. They reconstructed the whole, area, cleared everything that was served as a, contrast to the posh casino. It started to operate in 1858. The then newly constructed, railway connection to Paris lead to further blooming. of business in the casino. The country's income via tourism sector increases manifolds after the. establishment of the casino. The humongous success of casino leads to the establishment of many other businesses like hotels,. jewellery shops and restaurants. Currently, the Monte Carlo casino has been. joined by many other small casinos and has a sum total of 150 slot, machines and attracts the wealthy people of whole Europe to Monaco. Other industries: Monaco is known for its, fishes, betel nut and kava. They also make the main exports of the country. Apart from fishery Monaco does not have any, commercial agriculture-based industry. The other industries that have been opened in Monaco in recent years are high value-added, low pollution based, industries like cosmetic industries. Taxation: As casinos became million dollar business. in Monaco, the government decided to end income tax on common people. which helped them in gaining wealth. In Monaco, citizens are not, supposed to pay income tax and have to pay a, very low business tax. This has attracted the businessmen. from throughout the world. Monaco is internationally known as the, tax haven for its leniency on tax. Although the country has social

security tax and citizens have to pay a 19.6 value-added tax, on every goods and service. The country is also famous for its relaxed laws on money laundering and thus witnesses pouring in of a large number of business. class people and letterbox companies. Employment in Monaco: The public sector provides, employment to 3,759 people and private sector provides employment, to 37,949 people in Monaco. The percentage of people. involved in the service sector is 84.5 percent,, out of which 6.98 percent are involved in the, industry, 23.48 percent in banking sector and 32.02. percent in construction. The rest are engaged tourism sector. Lifestyle: The people living in this small and beautiful piece of land have an. exceptional lifestyle. The native Monegasque have a, small population in Monaco, they constitute mere twenty percent of total population. The rest of the population comprises of the people who came from other parts of the. world and settled here. The country offers an extravagant lifestyle. The architecture of the. country is a blend of French, Spanish and Italian style architecture. The country plays host to the, street circus motor race, Monaco grand pix, one of the. original grand pix, every year. The country has the expensive real estate business in the world. There is no restriction on buying of property, anybody from anywhere can. purchase a property here. The country gets its glory from residents, like Lewis Hamilton and Novak Djokovic. Other attractions are the motels and penthouse that has been erected on the Larvotto beach. Renting of a yacht is also very common if wish to experience sea life closely. Monaco is full of possibilities of entertainment if you are willing to spend a, handsome amount of money.