Planning to relocate to a new country? It is advisable to do thorough research before taking the plunge as the cost of living varies as we move across the globe. The cost of living reflects the amount of money needed to sustain a comfortable standard of living, that includes day to day expenses such as house rent, transportation, healthcare, education and groceries etc.
It is apparent that the cost of living is usually high in developed nations from Europe, Asia and North America. On the contrary the least expensive countries are from Africa, South America and some parts of Asia.
Monaco is the world’s most expensive country to live in and has a reputation of being a tax haven and playground for the rich and elite. This is closely followed by Cayman islands, the second most expensive and Switzerland being the third most expensive country in the world to live in.
Monaco is a small city state located in Western Europe with the cost of living of about $3.6K which is pretty high for a salaried person. This is primarily due to high cost of housing here. Despite its small size and high cost of living it is home to a large number of billionaires who love the luxurious lifestyle, high-end restaurants, boutique hotels and world-class entertainment that the country has to offer.
Monaco also boasts of hosting some really grand events such as Monte Carlo Rally and the high-profile Monaco Grand Prix that attract the rich and the famous from all across the globe. The rich culture and the exquisite cuisine, not to forget the vibrant night life – Monaco has it all, but again, all this comes at a cost that only the most affluent ones can afford.
With all the pros and cons Monaco remains as one of the safest locations to be a resident and own property. Often referred to as a, ‘billionaire’s playground’, Monaco easily scores the number 1 spot among 197 countries of the world.
Fascinating Facts About Monaco
- Small Size: Monaco is the second smallest country in the world, covering just 2.02 square kilometres.
- High GDP: It boasts the highest GDP per capita globally.
- No Income Tax: The absence of income tax attracts wealthy individuals from around the world.
- High Life Expectancy: The average life expectancy in Monaco is around 89 years.
- Millionaire Population: Nearly one-third of Monaco’s residents are millionaires.
- Monte Carlo Casino: Opened in 1863, this iconic casino does not allow residents to gamble.
- Monaco Grand Prix: The country hosts one of the world’s most prestigious car races.
- Luxurious Lifestyle: Monaco is renowned for its high-end restaurants, boutique hotels, and vibrant nightlife.
