The City Where 1 in 3 People Are Millionaires With No Income Taxes
In the U.S., roughly one in every 20 Americans is a millionaire, though this tends to be concentrated in certain areas, so don’t be surprised if that doesn’t include anyone you know. However, no rich enclave in this country could compare to Monaco, a French principality. According to Celebrity Net Worth, one out of every three people here can call themselves millionaires.
Monaco is located in the south of France near the Italian border. It has long been a popular banking destination as well as a tax haven due to the fact that the principality has no income tax. Monaco is also well known for its casinos and luxurious homes.
To put things in perspective, there are approximately 39,000 residents in Monaco and 686 command a massive net-worth. Many of them have a second home in the principality. Among full-time residents, 100 people in Monaco have a net worth of $30 million or more. On top of this, Monaco is also one of the safest places in the world to live. It has the largest police force relative to its population and also has a 24-hour video surveillance system that monitors the entire principality.
In second place is another tax haven and banking destination, Switzerland’s Geneva. The Swiss city has one ultra-high net worth person for every 221 people. However, in terms of countries, the U.S. wins out, with three California cities and one New York city in the top 10 of cities with people with an ultra-high net worth. Here’s the full top 10 from WealthX.
#10. Los Angeles – 1 in 1,622
#9. New York City – 1 in 1,392
#8. London – 1 in 1,388
#7. Hong Kong – 1 in 918
#6. Zurich – 1 in 783
#5. San Francisco – 1 in 737
#4. San Jose – 1 in 716
#3. Singapore – 1 in 707
#2. Geneva – 1 in 221
#1. Monaco – 1 in 56
It’s important to note that net worth in this case is combining your assets with your debts. This means that you’re not likely to see many Black people on this list of people with high net worth. While they may have high income, there are many barriers to attaining traditional assets, as well as vulnerability to debt among this group.