The only country without `poor households`: Top 1 most expensive real estate in the world, a `magnet` to attract the super rich 5The only country without `poor households`: Top 1 most expensive real estate in the world, a `magnet` to attract the super rich 5

Monaco is the second smallest country in the world, located on the French coast.

In the CIA World Factbook documenting poverty rates in countries around the world, the portion of Monaco’s population living below the poverty line is listed as `unknown`.

It is estimated that one third of Monaco residents are millionaires, the GDP per capita is 165,420 USD, the second highest in the world, only after Luxembourg.

Damyana Bakardzhieva, an economics professor at the International University of Monaco, told Business Insider that Monaco does not have poverty standards like other countries.

Bassem Kamar, another economics professor at the International University of Monaco and who worked for the International Monetary Fund, also asserted that `no Monaco citizen lives below the poverty line`.

Of Monaco’s 38,300 residents, only 9,326 are native Monégasques, with the rest being foreign residents from places like France, Italy, England, Switzerland, Germany, Russia and the US.

With an area of less than 2 square kilometers, real estate in Monaco is very scarce and expensive.

Besides, more than 300 sunny days per year and mild climate are also attractive conditions that contribute to many people’s decision to come to Monaco to live.

Economic experts say these benefits make tiny Monaco a `magnet` for the super rich.

Additionally, according to Hans Mühlbacher, a researcher at the University of Monaco, many people with lower salaries working in Monaco are not actually residents of the country but live in neighboring countries such as France or Italy.

Monte Carlo, Monaco’s flashiest area, is filled with five-star hotels, luxury cars, high-end fashion boutiques and the famous Monte-Carlo Casino.

Hotels here also have very high prices, even up to tens of thousands of USD per night.

The only country without `poor households`: Top 1 most expensive real estate in the world, a `magnet` to attract the super rich

The streets in Monaco are also surprisingly clean.

In addition, security in this country is so strict that it is called `the safest square mile in Europe`.

According to the Monte Carlo tourism website, the rule set forth by Prince Rainier of Monaco is extremely clear: `Monaco must have absolute security.`

Most shopping areas in Monaco are aimed at serving rich men and women.

In the last days of September every year, Monaco also organizes the attractive Monaco Yacht Show, attracting tens of thousands of people in the yachting industry, including buyers, charter customers as well as tourists to attend.

While this 0% poverty rate is not all Monaco is beautiful about, it is still something special, setting Monaco apart from the rest of the globe.

The only country without `poor households`: Top 1 most expensive real estate in the world, a `magnet` to attract the super rich

Source: Business Insider

Avatar of Grayson

By Grayson

Leave a Reply

Your email address will not be published. Required fields are marked *