The richest country in the world that’s smaller than Central Park in New York City | World | News
Many people might assume that a country’s size contributes to its wealth. But, apparently that’s not the case as one of the world’s smallest nations also happens to be the richest.
And, that country would be Monaco. According to the World Population Review, Monaco’s GDP per capita in 2024 stood at $227,073 (£182,467), making it the wealthiest country on the planet.
Despite its huge wealth, Monaco is smaller than Central Park in New York City. The principality covers just 0.81 square miles (514 acres), while Central Park spans 843 acres.
It is also one of the most densely populated places in the world, with nearly 39,000 people living in an area about the size of Hyde Park in London.
Monaco has long been associated with luxury and exclusivity. The country is home to thousands of millionaires, with reports suggesting that around one in three residents is a millionaire.
Real estate prices are also among the highest in the world, with properties selling for over €100,000 (£85,000) per square metre. Renting an apartment in Monaco requires proof of at least €500,000 (£425,000) in a local bank account.
The country operates under a constitutional monarchy, with Prince Albert II as head of state. Although Monaco is an independent nation, France is responsible for its defence.
The country is not a member of the European Union but has adopted the euro as its currency through an agreement with France.
Monaco’s wealth is largely driven by its status as a tax haven. There is no personal income tax (except for French citizens), and corporate tax rates are low, attracting businesses and wealthy individuals from around the world.
The country has also developed into a global banking hub, though it has recently faced scrutiny over money laundering concerns.
In June 2024, the Financial Action Task Force placed Monaco under increased monitoring to address these issues.
Tourism also plays a big role in Monaco’s economy. The principality hosts the prestigious Monaco Grand Prix, one of the most famous Formula One races, and is home to the Monte Carlo Casino, which has drawn visitors since the 19th century.
The country is also a centre for marine research, housing the Oceanographic Museum and one of the world’s first protected marine habitats.
Monaco’s residents enjoy an exceptionally high quality of life, with a poverty rate of zero and the world’s highest life expectancy at 85.8 years.
Many workers also commute from neighbouring France and Italy, with more than 30,000 French and 5,800 Italian nationals travelling to Monaco daily.
