Cost of living in Monaco, prices and what it is like to live for an Expat, quality of life / hardship, and compare cost of living for Expatriates as at April 2023.

What is it like to live in Monaco?

Climate: The climate is mediterranean with mild, wet winters and hot, dry summers.

Language: The official language is French. English and Italian are widely spoken. Some people also speak Monegasque and Occitan (local languages).

Religion: Christianity.

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.

Inflation: 8.2% for Monaco as at April 2023.

Money: The currency of Monaco is the Euro (EUR). Banking is on a par with the rest of Western Europe and North America. Monaco is not a member of the European Union.

Tax: In Monaco is based on the current personal income tax rate of 0% as there is currently no personal income tax.

Population: 39,200 (2022 est.)

Expat Life: Monaco culture is very similar to French. Although small, the principality is not insular and locals are generally welcoming of visitors. Business is generally conducted in formal and conservative manner. Expatriate dress code typically comprises suits with ties. The safety risk for expatriates in Monaco is low. Risks include low levels of opportunistic street crime and petty theft.

Health Care: Health care facilities are excellent, however the cost of treatment for expatriates is high.

Cost Of Living

What is the cost of living in Monaco?

The cost of living for expatriates in Monaco as at April 2023 is very high in comparison to other places in the world, with an overall Cost of Living Index (COLI), for all 13 basket groups, of 103.55 (New York =100). We have collected prices for the same items, world wide, based on Expat spending norms, in or closest to the location, and converted them to $USD so that we can compare the cost of 13 different baskets in 780 global locations. For each basket, compared to New York, the equivalent cost in Monaco is as follows:

1) Alcohol and/or Tobacco: Cost is high for items such as beer, spirits, wine and tobacco related products such as cigarettes. A basket costing USD$1,000 in New York costs USD$860. Average price in a store for a midrange bottle of wine is USD$16.99, domestic/local beer (500ml) USD$2.83, imported/international beer (330ml) USD$4.72 and a pack of 20 cigarettes is USD$10.61.

2) Clothing: Cost is very high for items such as business, casual and children's clothing and footwear. A basket costing USD$1,000 in New York costs USD$1350. Average price for an international brand of mens jeans is USD$102, a quality international brand of running shoes USD$122, mens leather shoes suitable for office wear USD$185 while a medium size international summer dress from a global chain store is USD$51.

3) Communication: Cost is average for various communication costs such as home telephone rental, internet subscription, mobile service provider tariff and data costs. A basket costing USD$200 in New York costs USD$178. Average price for a monthly standard plan internet subscription is USD$60, while the benchmark mobile tariff is USD$0.09 per minute.

4) Education: Cost is average for items such as creche / pre-school fees, primary school fees, high school fees and tertiary study fees. A basket costing USD$30,000 in New York costs USD$24600. Average annual private international school fee (excluding extras) USD$15,916 for Primary School, and USD$17,712 for High School.

5) Furniture & Appliances: Cost is average for items such as dining table and chairs, home entertainment, kitchen appliances, and sofas. A basket costing USD$2,500 in New York costs USD$1975. Average price for a 6kg front loader Washing Machine is USD$681, and USD$585 for a 46+'' LED UHD TV.

6) Groceries: Cost is high for items such as consumables, cleaning products, dairy, fresh fruit & vegetables, general food products, snacks, soft drinks. A basket costing USD$1,000 in New York costs USD$880. Average grocery prices in a major international retail store for 1 kg apples is USD$3.78, 1 kg oranges USD$3.78, 1 head lettuce USD$4.24, 1 kg potatos USD$6.13, 1 kg boneless, skinless, chicken breast USD$16.54, 1 kg cheddar cheese USD$20.53, 1 dozen large eggs USD$4.29, 500g loaf white bread USD$2.89, 1 L full cream milk USD$2.53, and 1.5 L water USD$2.60.

7) Healthcare: Cost is high for general heath care, doctor visits, hospital stays, non-prescription medicine, and medical insurance. A basket costing USD$1,000 in New York costs USD$930. Average healthcare cost for a private practice Doctor visit for an uninsured patient is USD$76, and a private hospital stay per day including nursing care, medications, diagnostic tests, food, and related costs is USD$2,326.

8) Household Accommodation: Cost is very high for items such as apartment rent, house rent, property purchase, mortgage rate, and utilities. A basket costing USD$5,000 in New York costs USD$5500. Average expatriate house / apartment rent for a secure upmarket unfurnished apartment (3 bedrooms) is USD$8,403 in a central location, and USD$5,964 in a suburban location, per month, excluding utilities.

9) Miscellaneous: Cost is high for items such as dry cleaning, linen, magazines, newspapers, office supplies, and postage stamps. A basket costing USD$500 in New York costs USD$475. Average price for dry cleaning (1 mens 2 pc suit) is USD$9.24, while an international newspaper is USD$2.84.

10) Personal Care: Cost is very high for items such as cosmetics, hair care, and toiletries. A basket costing USD$500 in New York costs USD$550. Average cost for a mens haircut and blow dry is USD$44, while a womens hair colour, cut and blow dry - medium length is USD$220.

11) Recreation & Culture: Cost is very high for items such as books, cinema, sport and theatre tickets. A basket costing USD$500 in New York costs USD$610. Average price for a latest release international cinema ticket (average of on and off peak where applicable) for one adult is USD$17.34, and an international fitness, recreation or sports club membership cost for one adult is USD$190 per month.

12) Restaurants Meals Out and Hotels: Cost is very high for items such as hotel daily room rates, meals and beverages in a restaurant, and take away food and beverages. A basket costing USD$1,000 in New York costs USD$1070. Average cappuccino price (regular, medium) is USD$6.06, coke/pepsi (330ml) USD$5.06, burger meal (international franchise or similar) USD$12.73, and a mid-range international restaurant meal for 2 USD$151.66.

13) Transport: Cost is very high for items such as fuel (petrol/gasoline), car hire, public transport, vehicle purchase and maintenance. A basket costing USD$1,000 in New York costs USD$1160. Average 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$25,422.

How does the cost of living in Monaco compare?

Monaco is 14.8% more expensive than USA for groceries, 85.9% more expensive for household costs than UK, and 120.4% more expensive for transport costs than India.

What is the quality of life / hardship in Monaco?

Monaco is ranked as a minimal hardship location.The hardship premium for Monaco for an expat from Australia, is for example 0%, i.e. host location (Monaco) premium of 10% minus home (Australia) location premium of 10%.

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