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International Cost of Living Calculator

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Monaco, Monaco
Overview

Monaco, MonacoOfficial 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.


Cost Of Living

The cost of living for expatriates in Monaco is very high in comparison to other places in the world.


In Monaco, the cost of each basket, based on each baskets cost of living index (only available to subscribers), is categorized follows:
1) Alcohol (where available) & Tobacco: Average
2) Clothing: Very High
3) Communication: Very High
4) Education: Very High
5) Furniture & Appliances: High
6) Groceries: Very High
7) Healthcare: Very High
8) Household Accommodation: Very High
9) Miscellaneous: Very High
10) Personal Care: Very High
11) Recreation & Culture: Very High
12) Restaurants Meals Out and Hotels: Very High
13) Transport: Very High

Monaco is ranked as a minimal hardship location.


Hardship (also know as quality of living) refers to the degree of hardship an expatriate and their family are likely to experience in the host location. Hardship pay is compensation 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.

Reference
The information on this page is updated quarterly using data collected over the previous 12 months. Premium data such as the cost of living indexes for all 13 baskets for each location, hardship premiums and salary comparisons are only available to registered users using the Mobility Calculators.

Published by Xpatulator.com on 1 July 2014.

Want to know more about the cost of living in Monaco? Calculate how much you need to earn in Monaco to have the same spending power that you have now. To get started, Register, subscribe to the locations you are interested in (7 days or 1 year), and run any of the following calculators, as many times as you like, for the duration of your subscription:

Salary Purchasing Power Parity Calculator: For the calculation of salaries with equivalent purchasing power for similar positions based in different geographic locations.

Cost of Living Allowance Calculator: For calculating cost of living allowances for short-term assignments.

Cost of living Index Calculator: For the calculation of multiple host location cost of living indexes using your selected home base.

International Assignment Management Calculator: For the calculation of an expatriate assignment package using the build-up approach.


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