Dear MEL Topic Readers,
The country running out of space for its millionaires
Monaco is a sovereign city-state on the French Riviera in Western Europe. It is one of three surviving principalities along with Liechtenstein and Andorra. You might have heard or seen the world-famous car racing Monaco Grand Prix, a Formula One motor race held on the Circuit de Monaco, which is regarded as one of the most prestigious car races in the world.
The principality is the second smallest state after Vatican city, with just over two square kilometers. It is populated with 37,000 residents, which makes it the most densely populated state in the world. (Macao has higher population density, but it is an autonomous region, not a state.
What is remarkable about this popular Mediterranean city-state is the wealth of its residents. In fact, over 30% of the population are millionaires, the highest number per capita in the world. Accordingly, house prices in Monaco are staggeringly high, around $100,000 per just square meter.
Why do so many rich people want to live in such a tiny city-state? Are they all motor racing fanatic? Is that climate so better than the one of other Mediterranean resorts?
Enjoy reading and learning what attracts the super-rich to a crowded place like Monaco.