Monaco: Tax Haven and World's Second Smallest Country
Monaco: Tax Haven and World's Second Smallest Country is one of the narrated stops on the self-guided Monaco audio walking tour in Gingerguide. Plan about ~20 min here. Press play at the spot for its two to three minute story, or ask the AI guide anything about it.
- Type landmark
- Suggested visit ~20 min
- Monaco Monaco guide
About Monaco: Tax Haven and World's Second Smallest Country
Monaco is the world's second smallest country (2.02 km²), has the world's highest per-capita GDP, levies no income tax on its residents, and has more millionaires and billionaires per capita than any other country, making it the most concentrated example of tax-advantaged luxury living in the world.
Monaco's status as a tax haven is inseparable from its history: the decision by Prince Charles III in 1869 to abolish all direct taxation on Monegasque citizens, funded by the casino revenues, set the template for Monaco's economic model for the next 150 years. The abolition of income tax transformed Monaco into a residence of choice for wealthy Europeans, first the 19th-century European aristocracy, then post-war industrialists and financiers, and now the global super-rich. Monaco has no income tax, no capital gains tax, and no wealth tax. This combination, in a principality of 2.02 square kilometres on the French Riviera with an excellent Mediterranean climate and direct access to the amenities of Nice and the Côte d'Azur, is essentially unmatched anywhere in the world in terms of the concentration of advantages it offers to wealthy residents. The result is a country with approximately 38,000 residents representing 125 nationalities, in which fewer than 8,000 people are Monegasque citizens. The average per-capita GDP is the highest in the world. The proportion of millionaires and billionaires in the resident population is the highest in the world. There are more Rolls-Royces per capita in Monaco than anywhere else on Earth.
Did you know? Monaco has the highest population density of any country in the world, approximately 18,000 people per square kilometre. This is achieved through vertical construction: Monaco's luxury apartment towers can rise to 40 or more stories, stacking residents vertically on a piece of land that would otherwise accommodate a small village.
How long should you spend at Monaco: Tax Haven and World's Second Smallest Country?
Plan about ~20 min at Monaco: Tax Haven and World's Second Smallest Country. That is enough to take it in and hear its narrated story; stay longer if it grabs you. The tour is self-guided, so there is no rush.
Is Monaco: Tax Haven and World's Second Smallest Country worth visiting?
Monaco: Tax Haven and World's Second Smallest Country is one of the 15 sights the Gingerguide team researched and narrated in Monaco, so it earns a place on a self-guided walk. Its story explains why it matters, and you can ask the AI guide anything the story leaves open.
Nearby stops in Monaco
Hear the story of Monaco: Tax Haven and World's Second Smallest Country
Preview the Monaco tour free in the Gingerguide app.