Monaco Overtakes New York as the World's Most Expensive City
Monaco's real estate prices average $38,800 per square meter, surpassing New York and establishing the principality as the top destination for the ultra-wealthy.
Monaco has been designated the most expensive city in the world, according to the 2025 report on the wealthiest cities conducted by Henley & Partners in collaboration with New World Wealth.
The principality boasts an average real estate price of $38,800 per square meter, equating to approximately $3.88 million for a 100 square meter apartment.
In contrast, New York has dropped to second place with an average price of $27,500 per square meter, followed by Hong Kong at $26,300, London at $24,000, and Saint-Jean-Cap-Ferrat at $21,200.
Other notable cities in the top ten include Paris, Palm Beach, Miami, and Los Angeles.
However, none of these locations come close to Monaco's property values.
The study highlights Monaco as the premier global haven for the ultra-wealthy, with over 40% of its residents classified as millionaires, which is reportedly the highest percentage globally.
Factors such as the absence of income tax, enhanced security measures, luxury eco-friendly neighborhoods, yacht clubs, high-end boutiques, and exclusive social events contribute to its allure for affluent individuals.
Henley & Partners have utilized over a decade's worth of data and wealth migration tracking, asserting that Monaco continues to be the preferred destination for ultra-rich individuals worldwide.
The principality's real estate market is characterized as unique and unparalleled, reinforcing its status as a prime location for wealth accumulation.
In the broader context of the French Riviera, Saint-Jean-Cap-Ferrat ranks fifth, with Cannes, Antibes, Nice, and Èze also appearing in the top twenty.
This trend underscores the rising attraction of the region for wealthy individuals seeking both prestige and privacy.
In the United States, Palm Beach, Miami, and Los Angeles follow New York in the rankings, reflecting a concentrated luxury real estate market.
Nevertheless, these cities do not measure up to Monaco's unparalleled real estate prices.
Additionally, the Monegasque Institute of Statistics and Economic Studies (IMSEE) has released its annual analysis of private sector salaries in Monaco for 2024. The report indicates a general increase in remuneration levels, with 50% of private sector employees earning more than €3,339 gross monthly, representing a 2.6% increase from 2023. The average salary is reported at €4,931, which is a 1.9% increase.
Notably, lower wages are rising at a faster rate compared to higher salaries.
The lowest 10% of earners recorded a salary increase of 2.7%, now standing at €2,302, while the top 10% saw a rise of only 2.2%, with their salary reaching €7,505.
The survey also reveals significant discrepancies in earnings across various sectors.
The financial and insurance sectors remain the highest paying, with a median salary of €6,613, followed by information and communication at €4,244 and wholesale trade at €3,914.
Conversely, the lowest paying sectors include scientific and technical activities at €2,943, real estate activities at €3,030, and retail trade at €3,049.
The findings indicate that salaries tend to increase with age before plateauing.
Employees aged 15-24 earn an average of €2,523, gradually rising to a peak of €3,624 for those aged 45-54, before gently declining for older age groups, with individuals aged 55-64 earning €3,615 and those aged 65 and older earning €3,239.
These data points position Monaco as a territory with attractive compensation levels, while also illuminating the challenges posed by wage disparities across different economic sectors within the principality.
The principality boasts an average real estate price of $38,800 per square meter, equating to approximately $3.88 million for a 100 square meter apartment.
In contrast, New York has dropped to second place with an average price of $27,500 per square meter, followed by Hong Kong at $26,300, London at $24,000, and Saint-Jean-Cap-Ferrat at $21,200.
Other notable cities in the top ten include Paris, Palm Beach, Miami, and Los Angeles.
However, none of these locations come close to Monaco's property values.
The study highlights Monaco as the premier global haven for the ultra-wealthy, with over 40% of its residents classified as millionaires, which is reportedly the highest percentage globally.
Factors such as the absence of income tax, enhanced security measures, luxury eco-friendly neighborhoods, yacht clubs, high-end boutiques, and exclusive social events contribute to its allure for affluent individuals.
Henley & Partners have utilized over a decade's worth of data and wealth migration tracking, asserting that Monaco continues to be the preferred destination for ultra-rich individuals worldwide.
The principality's real estate market is characterized as unique and unparalleled, reinforcing its status as a prime location for wealth accumulation.
In the broader context of the French Riviera, Saint-Jean-Cap-Ferrat ranks fifth, with Cannes, Antibes, Nice, and Èze also appearing in the top twenty.
This trend underscores the rising attraction of the region for wealthy individuals seeking both prestige and privacy.
In the United States, Palm Beach, Miami, and Los Angeles follow New York in the rankings, reflecting a concentrated luxury real estate market.
Nevertheless, these cities do not measure up to Monaco's unparalleled real estate prices.
Additionally, the Monegasque Institute of Statistics and Economic Studies (IMSEE) has released its annual analysis of private sector salaries in Monaco for 2024. The report indicates a general increase in remuneration levels, with 50% of private sector employees earning more than €3,339 gross monthly, representing a 2.6% increase from 2023. The average salary is reported at €4,931, which is a 1.9% increase.
Notably, lower wages are rising at a faster rate compared to higher salaries.
The lowest 10% of earners recorded a salary increase of 2.7%, now standing at €2,302, while the top 10% saw a rise of only 2.2%, with their salary reaching €7,505.
The survey also reveals significant discrepancies in earnings across various sectors.
The financial and insurance sectors remain the highest paying, with a median salary of €6,613, followed by information and communication at €4,244 and wholesale trade at €3,914.
Conversely, the lowest paying sectors include scientific and technical activities at €2,943, real estate activities at €3,030, and retail trade at €3,049.
The findings indicate that salaries tend to increase with age before plateauing.
Employees aged 15-24 earn an average of €2,523, gradually rising to a peak of €3,624 for those aged 45-54, before gently declining for older age groups, with individuals aged 55-64 earning €3,615 and those aged 65 and older earning €3,239.
These data points position Monaco as a territory with attractive compensation levels, while also illuminating the challenges posed by wage disparities across different economic sectors within the principality.
