Why Monaco is the World’s RICHEST Country

foreign [Music] everybody what's going on just got off the airplane in Monaco we're here for F1 Grand Prix weekend and we're here to answer the question of why does every billionaire want to live in Monaco why do one out of every three people in Monaco classify as millionaires how come you have to have five hundred thousand dollars in the bank just to live here what are the tax incentives of living in this country right now you're looking at the entire country this is Monica this is the country that's France that's France over there now we're gonna get down and dirty we're gonna get in it we're gonna see some crazy real estate here too because the pricing is nuts and to help us do all that we have Boris is a star real estate broker here runs his own company that's emblazoned on his Mercedes-Benz here well I really want to dive into like what Monaco is how it got to be what it is today why it is so wealthy why there's no income tax why so many people want to be here why it's so hard to get into here so maybe you could give us a ride around and show us because you are a local sure all right let's go okay but before we do that quick Montage because we flew in this weekend and we got to see the race Ready Set Go thank you why do billionaires love Monaco why do the ultra wealthy how why do the wealthy love Monaco number one reason wealthy people like being surrounded by other wealthy people it's like when I talk to sales people and they say oh I want to get into a luxury Market I want to do Million Dollar Deals like okay where do you spend all your time like oh a Burger King oh with my buddy Jeff oh with my high school friends Associated marketing means that you want to be associated with the types of business that you want to be known for doing if you want to do Luxury deals you want to be associated with luxury clientele Monaco is an amazing example of that there are 12 261 millionaires in Monaco there are more millionaires in this country per capita than anywhere else and the country's tiny Monaco is .8 square miles so everywhere you go every restaurant every bar you're driving down you're you're Brabus someone else to come and buy you and of course next person's going by you in a McLaren you're all part of the same Community there's a network effect in this country that works for the ultra wealthy it also works to make you feel really really really bad about yourself when you look right and look left but it's okay it's a beautiful spot why in your mind [Music] tax Haven well it has always been like high-end clientele coming to Monaco for history it's just about in recent years yes Monaco was said to be a tax Haven it's actually not you know so Monaco is not a tax Haven it is not we do have a corporate taxes there's just no taxes on income so no income tax that's only if you're a resident here become a resident it's not given to 21. but free um three ways you can achieve that you either have to have half a million in the bank account yep um or you have to be employed by a money gas company okay or you have to own your own business okay so you need to fill up one of his free conditions to apply to become a residence okay foreign number two Monaco is Tiny there's just nine little districts one of which is Monte Carlo which everybody knows that make up this itty bitty country called Monica located on the Southeastern tip of France most people who work in Monaco actually come in from Italy where there's much better tax treatment for them or come in from France but Monaco is .81 square miles it is smaller than the size of Central Park it's about the same size as Hyde Park in London and it is only the second smallest country in the world next to the Vatican there are nine uh main industries let's say in Monaco the golden Square being like the most expensive one okay and Monte Carlo being the one all around the golden Square so there's a garden exotic that's where we are now that's where we are right now prices are cheaper square meter are on the on the lower range the second one is monogati and it's this one actually this this road were already in a different District yeah Monte Carlo starts from the train station right there here you have one of the most beautiful uh sparking Partners yeah look at that [Music] that was entirely built on the Seas so that's the city may see right right in front we are the only country in the world where if she put all the citizens in the other country investigation you can always like uh 14 000 people and we are about ten thousand number three Safety and Security lifestyle wise what's it like to also people like to come here for security you know security is really one of the main reason people enjoy Monaco we do have a very I think almost non-existent crime rate yeah and yeah there's a non-existent crime rate and then there's an there's non-existent Poverty of course it depends what you what qualifies for for priority I don't think anyone want to call is below the poverty line the government actually helps you know most of them of um people the citizens that need that right so very low uh criminal rates and their governments helping a lot the citizens but in terms of security what's very important is that you know no one actually need to to be in the street with bodyguards here now a lot of that is because back in the day when Grace Kelly came here and they made it the celebrity Haven they outlawed Paparazzi they made it all about being one of the safest places in the world to come and display your wealth to network with other wealthy people and so to do that it had to be incredibly safe had to be incredibly secure number four there is no income tax in Monaco you have property taxes and there's other taxes there's other means in which the government here makes money to be able to afford to sustain this beautiful but itty bitty country but if you're a resident you don't pay income tax which is massive so if you're a real estate broker here and you're selling a 10 million dollar property and the commissions here are also really high and six seven eight percent you don't pay income tax on that so without residents paying income tax I'm assuming if there's property tax another means of the country making an income right to pay for everything right yeah that's correct I mean so valver what kind of taxes for example uh property tax I mean every time you buy a property you'll pay six percent six percent we also have a vat 20 of vat here so when you're buying a new development yeah um price usually includes 20 to 80 but go through governments and lastly you have a government owns you know the casino over hotels and and you know a lot of real estate actually and that's quite a significant amount of income number five is the location it is a Mediterranean Mega luxury Port A long long long time ago everybody could have access there's one beach a little rocky tons of seaweed it's not like Greece I'm a little biased and it's just a place to be so if you are European or really from anywhere and you have a home in Monaco or you vacation in Monaco you are a Who's Who and that's a big reason why people like being here and the number six reason why billionaires love Monaco is and you know this from watching shows like succession or anything else wealthy people love the idea of living forever they want to figure out how to expand this amazing life that they've created for themselves Monaco has the highest average life expectancy at 85.8 years of age the average person in Monaco is 44 years old and 14 percent of population here is over the age of 75. you die later here it's probably because you're also super wealthy and that's why you got here and maybe you can afford great great medicine compared to the rest of the world but it's still a fact and last but not least the number seven reason why billionaires millionaires the ultra wealthy love Monaco and want to live here is location location for events you've got yacht week in Monaco it is massive the whole entirety of this country turns into one big yacht Extravaganza you have the F1 Grand Prix which just happened yesterday like literally right here they're taking down all the signage and all the barriers right now there's an amazing tennis match here in April there's a lot of other things to do here because of the sun because of the fun because of the weather Monaco is an amazingly gorgeous and very little place on the French Riviera that the ultra wealthy flock to and so can you I feel wealthier just being here so this is the first video that we ever did about a billionaire location so make sure to like this video subscribe let me know if there's another place around the world that you want to dig into and hopefully our tour with Boris was able to give you a little bit of an Insider's take and not just my take or the internet's take on how crazy Monaco is and we'll see you later

Channel: More Ryan Serhant

Views: 618,883

Keywords: Ryan Serhant, SERHANT, SERHANT., Real Estate, Business Advice, Advice for Entrepreneurs, Advice for Real Estate Agents, Advice for Realtors, real estate agent, real estate broker, new york city, nyc, real estate advice, entrepreneurship, entrepreneur, CEO

Id: 9cKi6a2wN-I

Length: 10min 25sec (625 seconds)

Published: Wed Jun 14 2023