Promoting the Principality’s image worldwide, Monaco’s standard of living is considered one of the highest in the world, confirmed by both national and international economic statistics. Let’s see what makes Monaco so comfortable to live in.
Standard of living is traditionally determined by the following criteria: economy, quality of life, social and political stability.
Economy
The Principality is internationally known as a financial and tax haven, with Monaco being one of the world leaders in terms of GDP per capita. According to the National Institute of Statistics (IMSEE), Monaco’s GDP exceeds €10 billion, with its GDP per capita being over €100,000. There is no personal income tax and salaries are high compared to neighbouring France and Italy. The cost of living also remains quite high, however.
The political situation is just as important. Under the rule of Prince Albert II, Monaco enjoys political predictability, no public debt and an efficient tax policy, making the country a prime and safe investment destination.
Medicine
The quality of medicine in Monaco deserves a special mention. Investing in new hospital buildings and funding cutting-edge technologies, the princely government makes it its paramount priority. Monaco residents thus enjoy premium medical services and free check-ups with the elderly and disabled particularly supported by all kinds of programs which explains the high life expectancy in the Principality .
Safety
The crime rate in Monaco is steadily declining from year to year, making the Principality one of the safest cities in the world. Some 600 police officers patrol Monaco on a daily basis, ensuring safety for its residents and tourists.
Monaco is under 24/7 surveillance, with a network of 1,000 video cameras virtually covering its entire territory. Given its small size, police and emergency services arrive at the scene of an incident within minutes.
Ecology and Infrastructure
The government is actively working on its environmental policies and implementing green technologies to reduce its carbon footprint. Monaco becomes more and more eco-friendly every year, without compromising its quality of life.
Sustainable development is omnipresent here. Mobee rental service has exclusive electric vehicles, whilst the public transport fleet is expanding with new electric buses, becoming so convenient that more and more locals happily leave their personal cars in the garage. Alternatively, residents and tourists can also easily rent a MonaBike.
The Principality is developing more urban parks and gardens and opening new pedestrian areas. Modern buildings are being constructed with energy efficiency in mind. Residential complexes in the reclaimed Mareterra district thus make extensive use of solar panels and there is a sea-source energy system for cooling and heating buildings, and rainwater harvesting.
