Monaco
Monaco recently hit the magic milestone of one millionaire for every three residents. This relatively tiny city doesn’t mint its millionaires so much as drawing them in from over 100 nations worldwide.
But why? Well, in a word, tax. Or a lack of it, to be more precise. Income tax simply doesn’t exist in Monaco. Add to this the balmy weather, seafront setting, high-profile events such as the Grand Prix and easy access to Nice, and you’ve got a recipe fit for royalty.
In Monaco, property is double the price of similar spaces in New York, averaging $9,000 per square foot. It’s also hard to come by, thanks to the minute size of the city. This is partly why you might spot quite a few local millionaires living on their moored-up luxury yacht.