Fact Of The Day | 1/31/2022

Daniel Odukoya , Editors: Oluafe and Showayane Wallace

Monaco is known as the second smallest country in the world that borders France and the Mediterranean Sea. The total area of the country is about 85 square miles and it is known as the country of the rich and wealthy.

Amongst the nearly 40,000 residents of the sovereign city-state, it is home to the highest density of millionaires and billionaires in Europe. For every 12,600 residents, there is at least one billionaire. With the amount of wealth coming into the country there is an unemployment rate of 0%, meaning quite literally no one is unemployed.

The high standard of living has attracted the immensely rich to the country from all corners of the globe, along with Monaco being a ‘tax haven’. There is no income tax or corporation taxes for businesses in Monaco.

If you are thinking of relocating in the near future this is something you should be aware of.