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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 white collar 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. In Monaco, of the 13 cost of living baskets, the cost of no basket is very low, no basket low, no basket average, furniture high, and healthcare very high in comparison to other international locations. Hardship Hardship 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. 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 the cost of living indexes for all 13 baskets for each location, hardship premiums and salary comparisons are only available using the calculators.Published by Xpatulator.com on 15 January 2014.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. Register, Purchase and Run the Salary Purchasing Power Parity Calculator.