Monaco Reigns Over Global Luxury: It’s the Most Expensive City in the World

Monaco is officially the most expensive city on the planet. With an average of $38,800 per square meter – or $3.88 million for a 100 m² apartment – the Principality takes first place in the 2025 Global Wealth Report, published by Henley & Partners in collaboration with financial analytics firm New World Wealth. No other metropolis comes close: New York ranks second at $27,500/m², followed by Hong Kong, London, and Saint-Jean-Cap-Ferrat, the only other European location in the top five.

A golden elite: over 40% of residents are millionaires
Monaco’s success is not just about price: it’s the most desirable destination for the wealthy. According to the report, more than 40% of Monaco’s residents are millionaires—the highest percentage globally. The reasons? No income tax, unmatched security, cutting-edge eco-neighborhoods, exclusive yacht clubs, luxury shopping, glamorous events, and an unparalleled quality of life. Everything in Monaco is designed to attract those who can afford only the best.

A market like no other: unreachable and unrivaled
The report draws on over a decade of data on global wealth flows and premium property values (between 100 and 200 m²). The verdict is clear: Monaco is more than just a city—it’s a self-contained ecosystem for the ultra-rich. A market entirely disconnected from global trends, where demand never slows.

The Riviera shines—Saint-Jean-Cap-Ferrat leads the way
The French Riviera continues to prove its allure. Right after Monaco, Saint-Jean-Cap-Ferrat ranks fifth globally, confirming the enduring appeal of this coastal jewel. Also in the global top 20 are Paris, Cannes, Antibes, Nice, and Èze, highlighting the growing attraction of French destinations among international millionaires, especially those seeking privacy, beauty, and elite distinction.

America holds strong—but can’t keep up
In the U.S., Palm Beach, Miami, and Los Angeles follow New York among the top high-end markets, showcasing the continued strength of the American luxury real estate sector. Yet none can truly rival Monaco, where prices have soared into a league of their own.

Monaco is not just a symbol of luxury—it is a global benchmark of ultimate exclusivity. A city-state that doesn’t follow the market. It defines it.