The high per capita GDP in Monaco is due to several factors:

1. Small resident population: Monaco has a very small resident population of only around 39,000 people4, but a much larger employed population of around 58,000, of which 85% live outside Monaco4. This skews the per capita GDP calculation.
2. High-income economy: Monaco is a high-income economy, with a focus on financial services, scientific/technical activities, and construction13. These sectors generate significant wealth and income.
3. Tax haven status: Monaco's status as a tax haven attracts high-net-worth individuals and businesses, further boosting economic activity and GDP per capita5.
4. Low taxes: Monaco has no personal income tax, which allows residents to retain more of their income and contributes to the high GDP per capita5.

Source - https://www.perplexity.ai/search/per-capita-GDP-mKqBm83MT5uQ_Iq0U4nOzA

Referenced in:

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• brandt-line