Why Millionaires Choose Monaco: The Numbers Behind the Principality’s Appeal

Monaco occupies just over two square kilometres on the French Riviera, yet it continues to exert an attraction that is virtually unmatched when it comes to international high-net-worth individuals.

Behind the image of Monte-Carlo, yachts, luxury residences and five-star hotels lies a genuine ecosystem that has been built over the years around stability, security, high-level services, geographical location and the ability to attract capital and entrepreneurs.

More than 40% of residents are millionaires

According to the World’s Wealthiest Cities Report 2025, produced by Henley & Partners in collaboration with wealth intelligence firm New World Wealth, more than 40% of residents in the Principality are millionaires.

According to the report, this is the highest percentage in the world.

Even more significant is the figure for average wealth: according to the estimates contained in the report, in Monaco average wealth exceeds $20 million, placing the Principality first in the world for wealth per capita.

Henley & Partners and New World Wealth also estimate that Monaco is home to 192 centi-millionaires, meaning individuals with at least $100 million in liquid investable wealth. Here too, Monaco has an exceptional concentration on a per-capita basis.

It is important to stress that these figures are estimates produced by Henley & Partners and New World Wealth and are not official statistics from the Monegasque Government.

Source: World’s Wealthiest Cities Report 2025, Henley & Partners – New World Wealth.

A €5.9 billion real estate market

The concentration of significant wealth inevitably meets an extremely limited real estate supply. This is one of the factors that has helped transform Monaco into one of the most expensive and exclusive property markets internationally.

Official IMSEE data provide a precise picture of the scale of the phenomenon.

In 2025, 493 real estate transactions were recorded, 5.8% more than in 2024, with a total value reaching €5.9 billion.

The estimated average transaction price stood at €57,569 per square metre, down 1.4% compared with the previous year.

In 2024, the figure had reached €58,402 per square metre, representing an increase of 14.8%.

IMSEE has also updated the methodology used by the Real Estate Observatory, including both sales and resales in its calculations. This is an important factor to consider when comparing data over time.

Beyond annual fluctuations, one structural characteristic of the Monegasque market clearly emerges: extremely limited land availability combined with international demand focused on high-value properties.

This is further complemented by the ultra-high-end residential developments built in recent years, which are continuing to reshape the Principality’s real estate landscape.

Source: Monaco Statistics – IMSEE, Real Estate Observatory 2025.

It is not just about taxation

When discussing Monaco’s appeal, one of the first factors inevitably mentioned is its tax regime.

According to official information from the Gouvernement Princier, residents of the Principality are generally not subject to personal income tax. However, specific provisions and international agreements apply, particularly to French citizens.

Reducing Monaco’s success to taxation alone, however, would be overly simplistic.

Moving one’s residence to the Principality requires compliance with procedures established by the Monegasque authorities and, among other requirements, proof of suitable accommodation and sufficient financial resources.

Source: Gouvernement Princier de Monaco – MonServicePublic.

Security and stability as elements of value

For individuals with substantial wealth, personal security, family protection and the stability of their place of residence are decisive factors.

The Principality places particular emphasis on this area.

According to the 2025 activity report, the Direction de la Sûreté Publique consisted of 628 men and women, a particularly significant number considering Monaco’s territorial size.

The presence of security forces, combined with the territory’s compact dimensions and strong institutional focus on security and control, contributes to making safety one of the central elements of Monaco’s appeal.

Source: Gouvernement Princier de Monaco – Direction de la Sûreté Publique.

Invest Monaco: attractiveness becomes a strategy

The ability to attract new residents, entrepreneurs, talent and investors has now also become a genuine institutional policy.

In June 2026, the Gouvernement Princier launched Invest Monaco, the new identity of the Principality’s attractiveness strategy.

The initiative represents the evolution of the former Mission pour l’Attractivité and aims to further structure Monaco’s strategy towards investors, entrepreneurs and new residents.

This is a significant development because it demonstrates that Monaco no longer views its attractiveness solely as the result of its history, geographical position or tax system, but as a genuine economic policy objective to be developed and promoted internationally.

Source: Gouvernement Princier de Monaco – Invest Monaco.

An ecosystem built around the high-end economy

There is also a factor that is more difficult to capture through a single number: the ecosystem.

Within an extremely concentrated territory, Monaco brings together top-level hotels, international restaurants, yachting, private banking, wealth management, sporting and cultural events, luxury shopping and services aimed at an international clientele.

This is complemented by a strategic location in the heart of the French Riviera, between France and Italy, with quick access to Nice International Airport.

For an international entrepreneur or major investor, living in Monaco therefore means being able to combine residence, professional activities, wealth management and quality of life within an extremely compact territory.

Global competition for high-net-worth individuals

Monaco, however, is not alone in this competition.

Dubai, Singapore, Switzerland, the United States and other international destinations are developing strategies to attract entrepreneurs, investors and high-net-worth individuals.

The international mobility of wealth has become an increasingly significant phenomenon: taxation, political and economic stability, security, investment opportunities, services and quality of life all contribute to the decision about where to live and manage one’s interests.

In this context, Monaco starts from a unique position: it does not need to become an international hub for wealth. It already is one.

The challenge in the coming years will instead be to maintain this position while balancing the arrival of new capital with an extremely limited territory, exceptionally high property prices and the need to preserve the quality of life that remains one of the Principality’s defining characteristics.