Not USA Or China But This Small European Country Has The Highest Per Capita GDP

Developed countries like the USA and China undoubtedly dominate the international scene when it comes to having the largest economies. The number of billionaires in the US is the highest in the world but do you know that when it comes to per capita income, these countries are far behind? Instead, the second smallest country in the world, Monaco bags the title of having the highest per capita GDP. The average annual income of every person here is $2,34,317 or around Rs 2 crore. This country lies on the border of France and Italy.

The closest country to Monaco in terms of per capita GDP is Liechtenstein with Rs 1.40 crore. The per capita GDP reveals a nation’s average per-person income. The per capita GDP is calculated by dividing the nation’s GDP by its population. The World Bank estimates that Monaco has just 36,600 residents in 2021. But according to Worldometer, a website that compiles up-to-date population statistics, Monaco has about 40,000 people living there in 2023. A little bit more than 2 square kilometres make up Monaco and it is the second smallest country after Vatican City. The nation depends heavily on tourism. Additionally, the area’s banking sector contributes to its popularity. There is no income tax in this place. There are very few other taxes that are levied against individuals or businesses. This is the reason the country is a hub for wealthy people.

Since the renowned Monte Carlo Casino was founded in 1856, the Principality of Monaco has also been a key centre for tourism, contributing close to 15% of the country’s annual revenue.

The biggest contributors to Monaco’s GDP are financial and insurance companies, as well as scientific-support-administrative activities. The GDP of the nation is also significantly influenced by wholesale trades (10%), construction (9.1%), and real estate activities (7.8%).[10] Real estate in Monaco is reputed to be among the most costly in the world.

Renowned personalities who have lived in Monaco include Formula One racer Lewis Hamilton, tennis star No Djokovic and British retail tycoon Sir Philip Green.