World's richest people in Monaco

The principality of Monaco may be small on the map but when it comes to the size of residents bank balances, it tops the list.

In a study that ranks the number of millionaires per national population, Monaco comes first, with almost one in three inhabitants being classed as a millionaire. Swiss banking centres Zurich and Geneva came second and third in the rankings.

The recently released New World Wealth report 2016 also puts Monaco at number one for the wealthiest people in the world. Ranking countries by average wealth per person Monaco comes in first with an average wealth per capita of $1.6 million (or €1.42 million).

The New World Wealth report attributes the high average wealth in Monaco to the country's tax-free status - people living in Monaco pay no income tax, which in turn attracts wealthy people to move there. Its location on the French Riviera is also a huge draw for wealthy people and it is a hotspot for super-yacht owners and one of the most popular yacht docking spots in the Med. High real estate prices are also said to contribute with Monaco apartments are the most expensive in the world per square meter. Lastly, there are also a high proportion of multi-millionaires – approximately 2,200 of Monaco’s 40,000 residents are worth over US$10 million. 

Liechtenstein, another tax haven, came second on the list, with the average wealth per capita standing at $610,000.