The per capita income here is almost three times more than that of America.
Most of the richest people in the world live in America. The income of the people living there is very high. But the country we are going to mention today, even though it is very small, a person living there earns more than 3 times more than any American in a year. You will definitely be surprised to know this, but it is completely true. This means that every person in that country earns an average of more than 2.50 lakh dollars a year. Whereas the total GDP of that country by the year 2023 is 10 billion dollars i.e. 88 thousand crore rupees in Indian rupees. Now you can understand how small that country will be. But how much more will the income of the people there be? Let us also tell you which country that is. Also, how is the favorite going to be declared for the rich or rather the millionaires and billionaires?
The country we are referring to is none other than Monaco. Which is said to be the second smallest country in the world after Vatican. This is a European country which is very close to France. Because of which most people here speak French. For this reason the official language here is also French. If we talk about the population here, according to the World Bank it will be 38,631 in the year 2024. Whereas the total area of this country is 203 hectares. This is the reason why this country is called the second smallest country in the world. Vatican is a smaller country than this. Whose total area is 49 hectares. This means that the area of Monaco is more than 4 times larger than the Vatican.
If we talk about the GDP of the country, then it can be counted as one of the smallest economies in the world. The special thing is that the total GDP of Monaco is slightly more than the annual budget of Bombay Municipal Corporation i.e. BMC. The total budget of BMC in the financial year 2025-26 is about $9 billion. Whereas the total GDP of Monaco is 10 billion dollars. Now you can understand how small the size of its GDP is. Which is slightly more than the annual budget of BMC. Mumbai is a city in the state of Maharashtra. Which is spread over a larger area than Monaco. Whereas the GDP of Vatican City is around 20 million dollars. Which is the 197th largest economy in the world.
The special thing is that Monaco's per capita income is more than the world's most powerful country, America. The annual income of every person in Monaco is more than three times that of an American. According to World Bank data, Monaco's per capita income in the year 2023 is $ 256,581. If we look at it in Indian Rupees then it is Rs 2.27 crores. According to IMF data, the per capita income in America in the year 2025 will be 89,599 dollars i.e. about 80 lakh rupees. Now you can see that the annual income of an American is one third of that of a person living in Monaco.
If we talk about the official currency of Monaco, then like some countries of Europe, it does not have its own currency. Here deals are done only in Euro. Euro is one of the most valued currencies in the world. The value of one euro is equal to 1.16 dollars. Whereas to buy one euro you will have to spend Rs 101.74. This means that if an Indian goes to Monaco, he will get only 9.83 Euros in exchange of Rs 1,000.
Monaco's economy is driven by a prosperous service-based sector. Which includes high valued finance, insurance and tourism. Where the tax is very low. Which attract foreign residents and businesses. Finance and insurance, along with scientific and administrative services, are major contributors to the country's GDP, while tourism forms a significant part of its revenue. The property prices here are very high. According to the report, property prices here are the highest in the world. The government generates revenue mainly through VAT, property tax and commercial duties.
