To put it by comparison: Monaco (the country) is a smaller than Central Park in NYC but their GDP per capita is around $256,000 while the USA it hovers at around $92,000. Like why does a European microstate that small have a higher GDP than a major super power? They don’t have income tax to be worried about (unless you are a French citizen).
Is it because everyone there is basically a millionaire or working in the tourism industry where their main clientele are basically elites who have left over cash? The country’s population is 38,500 (about half of San Clemente, CA) but even with a small population, do people in Monaco have a higher disposable income when you take it into account?
Rich people and tax evasion I guess. It feels equivalent to Luxembourg.
There is no tourism industry in Monaco though, everything is too expensive.
Loads of tourists there. They have casinos, fancy restaurants, good views, a good aquarium… And a F1 track!
… Just turn of your roaming, they are not in the EU roaming rules, so charge €40 a mb or something.
There’s no tourism in Monaco for 99.9999% of the world population…
But there is definitely a tourism industry, and they absolutely make money off of it.
They only have like 3k rooms/accomodations, but make ~150 million euros a year off just those…
https://monacopratique.com/en/guide/tourism-industry-data/
And people rich enough to stay in Monaco, are rich enough to spend money in Monaco, that’s why they go there.
Everything is expensive, because that’s what the rich will pay for it. If no one would pay it, the prices would be lower.
Bullsh* I have been there as a tourist, while not being especially wealthy.
So a cone of ice cream costs twice as much, so what. You can’t enter “the” casino, but you knew that before. It’s a lovely city anyway.