- Monaco, a tiny city-state on the French Riviera, doesn’t track poverty rates.
- This is partially because the principality has no income tax, according to the Monaco Statistics agency.
- But it’s also due to the fact that Monaco is so wealthy that poverty essentially does not exist, two local economists told Business Insider.
- An estimated one-third of Monaco residents are millionaires, and the per capita GDP is the second-highest in the world; only Luxembourg’s is higher.
- The country, which is smaller than New York City’s Central Park, hosts glamorous events each year such as the Monaco Yacht Show and the Monaco read more >>>
Source : BusinessInsider.Com