One in every 20 Americans is a millionaire. For residents of Monaco, that’s peanuts.
The European city-state now boasts one ultra-high net worth individual, or someone with assets totaling at least $30 million, for every 56 people—a higher density than any other city in the world, according to a new report from wealth tracking firm Wealth-X.
Monaco, which sits nestled inside the south of France near the Italian border, is a popular banking destination and a known tax haven—it has no income tax. A previous study estimated that nearly one in three individuals who reside in Monaco are millionaires. It’s also home to the famed Monte Carlo gambling district and lavish residences like this $8.1 million, 1,152-square-foot apartment recently featured in the New York Times.
Within Monaco’s population of approximately 39,000 individuals, Wealth-X counts 686 ultra-wealthy people—many of whom are foreigners with second homes in the principality. There are 100 ultra-wealthy Monegasques with primary residences there, according to the study. Monegasques are in fact minorities in their own country: The nation’s population is primarily French, followed by Italian and British.
The city-state is also known for being one of the safest areas in the world, with what is said to be the largest police force per capita and a 24-hour video surveillance system that covers the entire town.
The next densest city on Wealth-X’s list is Geneva, Switzerland, which has one ultra-wealthy net worth individual for every 221 people. American cities are well represented, too: Four of the top 10 cities are in the U.S.
Here are the top 10 cities, ranked by the density of ultra-high net worth individuals:
10. Los Angeles (1 in 1,622)
9. New York (1 in 1,392)
8. London (1 in 1,388)
7. Hong Kong (1 in 918)
6. Zurich (1 in 783)
5. San Francisco (1 in 737)
4. San Jose (1 in 716)
3. Singapore (1 in 707)
2. Geneva (1 in 221)
1. Monaco (1 in 56)
This is the first year Wealth-X has done this study.