I spent 5 days in Monaco. Here's what life looks like in a land so wealthy it doesn't even track poverty rates.
Katie Warren/Business Insider
- 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 Grand Prix.
- Visit Business Insider's homepage for more stories.
Monaco, a tiny city-state on the French Riviera, doesn't track poverty rates.
The CIA World Factbook, which records poverty rates for countries around the world, lists "NA" for the portion of Monaco's population living below the poverty line. This is partially due to the fact that the principality has no income tax and therefore no way to measure the income of its residents, a representative for the Monaco Statistics agency told Business Insider.
But it's also because Monaco is so lavishly wealthy that there is essentially no poverty to record, two local economists told Business Insider.
In Monaco, which is smaller than New York City's Central Park and which hosts glamorous annual events like the Monaco Yacht Show and the Monaco Grand Prix, an estimated one-third of residents are millionaires. The per capita GDP is $165,420 - the second-highest in the world.
Here's what life looks like in the land so wealthy it doesn't even measure poverty.