I wonder why Monaco has the highest number of billionaires and millionaires
By scheng1
@scheng1 (24649)
Singapore
October 20, 2015 7:55am CST
For such a small country that is not a democracy, and it has no gold or silver or oil, Monaco is certainly impressive.
It has the highest number of billionaires and millionaires, and it has a very low unemployment rate, and basically no personal income tax.
I wonder how such a small country manages to get so successful economically.
I know that casino attracts players all over the world, and gambling is a big revenue, but then it does not explain the huge number of millionaires and billionaires.
3 people like this
4 responses
@Rollo1 (16676)
• Boston, Massachusetts
20 Oct 15
Ask Lewis Hamilton, or any other millionaire who has moved there. It's because taxes are not punitive. Not much point in having wealth if the government decides it deserves 90% of it in taxes. Look what happened when France tried to introduce 95% top rate on wealthy citizens. It's a lesson for all nations in the world. You can raise taxes to punitive levels on the richer citizens, but they don't have to stay there, they can leave and take their wealth with them. No one has to live where taxes are too high.
1 person likes this
@Rollo1 (16676)
• Boston, Massachusetts
20 Oct 15
@topffer I remember Hollande announced a 75% rate on incomes over a certain amount and Gerard Depardieu famously left the country and become a Russian citizen to avoid paying the taxes. Which was my point. You can raise taxes, but you can't force people to live there and pay them. Why would anyone bother to make a million if the government is just going to take so much of it, they are left with a small percentage of it? That's a disincentive to succeed.
2 people like this
@topffer (42155)
• France
20 Oct 15
@Rollo1 It was a temporary tax applied for business, not for people. About 3 or 400 persons are leaving France every year because they think that they are too heavily taxed. Depardieu is supposed to live now in Belgium (at least on the paper), but he owns a lot of business in France : bars, restaurants, even a fishmonger
. For what I know he has never invested a cent in another country than France.
. For what I know he has never invested a cent in another country than France.1 person likes this
@topffer (42155)
• France
20 Oct 15
Lol, Monaco is not a democracy ??? Their national council is elected, their customs and banks are following French laws, and they pay the best French lawyers for their courts. The only reason for a large number of millionaires to live in Monaco, is that they have the lowest income tax in Europe. In the past they even had not an income tax, as the casino was generating enough income to pay for the public expenditures.
1 person likes this
@antonbunot (11146)
• Calgary, Alberta
20 Oct 15
I thought the good U.S.A. got the highest number of billionaires and millionaires!
