Monaco boasts a diverse population, comprising roughly 38,000 citizens hailing from 125 different national origins. Out of the 38,000 citizens, the population’s gender is evenly split as there are roughly 17,952 male and 18,596 male and within this mix, there are approximately 8,000 individuals who can claim Monaco as their place of birth (WorldBank.org, 2022). With a population predominantly composed of international residents, Monaco’s unique character and global appeal are underscored. Despite its compact size, the principality embodies a remarkable diversity that transcends geographical boundaries, fostering an inclusive and global community (Kauppinen-Räisänen et al., 2020). Monaco is home to the highest density of billionaire residents per capita of any city in the world, one in 56 residents has an ultra-high net worth, making the principality a very rich country. It’s assumed that the social class in Monaco is mostly wealthy, proven by the statistics, given that one in 56 residents are billionaires, there’s a high probability that 20 or more out of 56 are millionaires. (Park & Ahn, 2020). This makes an average citizen in Monaco more wealthy compared to an average citizen in let’s say the United States.
The population of Monaco consists mostly of foreigners who come over and stay due to the lenient tax laws, great social services, and beautiful land. As of 2023, Monaco’s population is estimated to be about 32,000 people. Although the economy is great in Monaco, the population growth rate declined by about 4% (Central Intelligence Agency, 2023). Population numbers may fluctuate because of many factors including immigration and the temporary stays of many foreigners for business-related work. Tax in Monaco is also different as there is no personal income tax, wealth tax, or tax on corporate profits (Butler, 2023). The median income is $180,00 which supports the 99% literacy rate in Monaco (Campagna, 2022). The majority who stay there are wealthy because of these lenient tax laws and are able to keep much of their assets compared to living in a different country.
