More than four in every ten people who live on this two-square-kilometre rock are millionaires — the highest concentration of wealth on earth — and almost none of them were born here. Yet Monaco charges its residents no income tax at all.

So how does a country with no income tax, smaller than an airport, become one of the richest places in the world? The answer is stranger than "tax haven." Monaco gave up taxing what the wealthy earn, and instead quietly taxes the life they live once they arrive — their spending, their property, their play. It doesn't sell oil, or industry, or even secrecy. It sells the one thing it will always be short of: itself.

⏱️ CHAPTERS
0:00 The richest rock on earth
2:06 A casino built a country
8:39 You don't tax income. You tax life.
12:41 The imported millionaire
16:55 The most expensive square metre on earth
21:32 The shop window
25:23 The catch
30:34 What Monaco really sells

Footage via Pexels & Pixabay (licensed for commercial use).

The Business of Places — explaining how the world makes money.

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