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Official Name: Principality of Monaco.Location: Monaco is in Western Europe, bordering the Mediterranean Sea on the southern coast of France, near the border with Italy.Climate: Mediterranean with mild, wet winters and hot, dry summers.Terrain: Hilly, rugged, rocky.Major Languages: French.Major Religions: Christianity.Population: 0.036 Mil (2013 est.).Economy: Monaco is the second smallest country in the world; only Vatican City is smaller. It is regarded as a tax haven, and many of its inhabitants are wealthy and from foreign countries. One of Monaco's main sources of income is tourism; each year many are attracted to its casino and pleasant climate. Monaco levies no income tax on individuals. The absence of a personal income tax in the principality has attracted to it a considerable number of wealthy "tax refugee" residents from European countries who derive the majority of their income from activity outside Monaco.Currency: Euro (EUR)Inflation: 2% (2013 est.).City Description: Monaco is a small sovereign city-state. Monaco is the name of the country as well as the name of its only and capital city.
The cost of living in Monaco is very high in comparison to other places in the world. This is based on a comparison of locally collected prices for goods and services applicable to expatriates, converted to USD. The goods and services have been grouped together into categories (baskets) and the cost calculated for each basket in each location. Futhermore, these baskets have been weighted based on extensive research of actual, senior, expatriate spending habits. As a result the cost of living comparisons are applicable to internationally mobile senior staff such as specialists, professionals, managers and executives.The current cost of living overview for each basket is as follows Alcohol & Tobacco costs for items such as beer, spirits, wine and tobacco related products such as cigarettes are average in comparison to other international locations. Note: Where alcohol is not legally available only tobacco products are included.Reference price in a store for a midrange bottle of wine is USD$7.39, domestic/local beer (500ml) USD$0.74, imported/international beer (330ml) USD$1.23 and a pack of 20 cigarettes is USD$6.64.Clothing costs for items such as business, casual and children's clothing and footwear are very high in comparison to other international locations.Reference price for an international brand of mens jeans is USD$111, a quality international brand of running shoes USD$142, mens leather shoes suitable for office wear USD$123 while a medium size international summer dress from a global chain store is USD$55.Communication costs for various communication costs such as home telephone rental, internet subscription, mobile service provider tariff and data costs are very high in comparison to other places.Reference price for a monthly standard plan internet subscription is USD$36, while the benchmark mobile tariff is USD$0.37 per minute.Education costs for items such as creche / pre-school fees, primary school fees, high school fees and tertiary study fees are very high in comparison to other international locations.Reference annual private international school fee (excluding extras) USD$20,347 for Primary School, and USD$22,643 for High School.Furniture & Appliance costs for items such as dining table and chairs, home entertainment, kitchen appliances, and sofas are high in comparison to other international locations.Reference price for a Blu-ray player is USD$135, and USD$1,339 for a 46 inch LED HD TV.Grocery costs for items such as consumables, cleaning products, dairy, fresh fruit & vegetables, general food products, snacks, soft drinks are very high in comparison to other international locations.Reference grocery prices in a major international retail store for 1 kg apples is USD$3.08, 1 kg oranges USD$2.46, 1 head lettuce USD$2.46, 1 kg potatos USD$1.23, 1 kg boneless, skinless, chicken breast USD$11.09, 1 kg cheddar cheese USD$9.36, 1 dozen large eggs USD$3.33, 500g loaf white bread USD$4.19, 1 L full cream milk USD$1.02, and 1.5 L water USD$1.54.Healthcare costs for general heath care, doctor visits, hospital stays, non-prescription medicine, and medical insurance are very high in comparison to other international locations.Reference healthcare cost for a private practice Doctor visit for an uninsured patient is USD$80, and a private hospital stay per day including nursing care, medications, diagnostic tests, food, and related costs is USD$2,471.Household Accommodation costs for items such as apartment rent, house rent, property purchase, mortgage rate, and utilities are very high in comparison to other international locations.Reference expatriate house / apartment rent for a secure upmarket unfurnished apartment (3 bedrooms) is USD$9,595 in a central location, and USD$4,168 in a suburban location, per month, excluding utilities.Miscellaneous costs for items such as dry cleaning, linen, magazines, newspapers, office supplies, and postage stamps are very high in comparison to other international locations.Reference price for dry cleaning (1 mens 2 pc suit) is USD$11.76, while an international newspaper is USD$3.62.Personal Care costs for items such as cosmetics, hair care, and toiletries are very high in comparison to other international locations.Reference cost for a mens haircut and blow dry is USD$42, while a womens hair colour, cut and blow dry - medium length is USD$208.Recreation and Culture costs for items such as books, cinema, sport and theatre tickets are very high in comparison to other international locations.Reference price for a latest release international cinema ticket (average of on and off peak where applicable) for one adult is USD$11.09, and an international fitness club membership cost for one adult is USD$216 per month.Restaurants, Meals Out and Hotel costs for items such as hotel daily room rates, meals and beverages in a restaurant, and take away food and beverages are very high in comparison to other international locations.Reference cappuccino price (regular, medium) is USD$6.16, coke/pepsi (330ml) USD$3.29, burger meal (international franchise or similar) USD$9.24, and a mid-range international restaurant meal for 2 USD$86.25.Transport costs for items such as fuel (petrol/gasoline), car hire, public transport, vehicle purchase and maintenance are very high in comparison to other international locations.Reference average price over the last year for highest available octane petrol / gasoline (1L) is USD$1.87, while the benchmark car sedan purchase price including taxes/duties for a compact / small / economy vehicle (1.4 L) is USD$24,642.Hardship Hardship in the context of an expatriate and their family refers to the degree of hardship they are likely to experience and the relative impact on their lifestyle in a host location. Hardship pay is compensation for the hardship likely to be endured during an international assignment in order to encourage people to move, in particular to less desirable locations. In determining the amount of hardship premium payable, factors such as economic, political, religious, infrastructure, environment/climate, personal safety, health, education, and transportation factors are considered. Monaco is ranked as a minimal hardship location.ReferenceThe information on this page is updated quarterly using data collected over the previous 12 months. Premium data such as cost of living comparisons, hardship pay and salary comparisons are only available using the calculators.Published by Xpatulator.com on 1 November 2013.Are you moving / considering a move to Monaco? Would you like to know if your salary offer is higher or lower than what you earn now? Calculate how much you need to earn in Monaco to have a similar spending power to what you have now. 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