Monaco is so rich primarily because it is a tax haven with no personal income tax since 1869, attracting wealthy individuals and businesses from around the world who want to protect and grow their wealth. It generates significant income from luxury tourism, its famous casino, real estate, and a strong financial sector focused on private banking and wealth management. Monaco's lifestyle, political stability, mild climate, and high-profile events also attract ultra-rich residents and tourists, further boosting its economy and property values. Additionally, Monaco imposes low corporate taxes, and its economy benefits from monopolies in gambling, tobacco, and other sectors, complemented by a high GDP per capita and a real estate market among the most expensive globally.
