Business & Finance
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Monaco is easily the world’s wealthiest country per capita, followed by Liechtenstein and Luxembourg, according to a report by research firm New World Wealth. The average private wealth per person in Monaco is $1.7 million, the firm said, without elaborating on whether the figure includes both Monegasques and official residents.
New World Wealth estimated that the UK’s total wealth – the private wealth held by all individuals in the country, including assets – is $8.7 trillion (£7.1 trillion), a fall of five percent from 2015, from $9.2 trillion, due primarily to the decreasing value of sterling since the vote to leave the European Union.
France, Italy and Germany also saw a decrease in their total private wealth. France’s figure of $6 trillion, which marked a 10 percent fall from 2015, was due to lack of new businesses formations and a large outflow of millionaires from the country, the report said. Italian wealth fell more markedly, from $5 trillion to $3.9 trillion – a drop of 12 percent thanks to the country’s high state pension obligations and fears of a banking crisis. Germany experienced a six percent decrease to $8.7 trillion, a result of an outflow of millionaires, but also because of the migrant crisis and a loss of jobs to Asia.
The United States was first in the table in terms of total private wealth, at $51.3 trillion, while China came in second with $19.1 trillion. In third place was Japan, with $16 trillion. India was up 12 percent to $6.2 trillion, and Canada, up 15 percent to $5.4 trillion. Australia also grew strongly, up 11 percent to $5 trillion.
New World Wealth said last month that Australia was the world’s most popular country for migrating millionaires, who are drawn Down Under by its proximity to emerging markets in Asia and its successful health care system. New Zealand is also increasingly popular with the very wealthy.
An estimated 11,000 millionaires made their way to Australia last year, putting it on top of the table for the second year in a row. That compared to 10,000 who moved to the US, and 3,000 who moved to the UK.
The Maltese Communication Authority has approved a €250 million corporate contract between Monaco Telecom and Malta’s leading telecommunications company, Vodaphone Malta.
Monaco is reopening the Larvotto construction site to workers, saying the beach project is “essential for the development of the Principality”.
Monaco’s self-employed entrepreneurs will have access to a minimum monthly income as part of the government’s new economic measures, effective immediately.
The Prince’s government has announced another raft of economic measures to support employees impacted by the Covid-19 crisis.