Monaco came out tops on the list of top-10 wealthiest countries in the world per capita.
This is according to the latest Global Wealth Migration Review by AfrAsia Bank and New World Wealth.
The average wealth of a person living in Monaco is about $2.114m (about R30.31m).
For the purposes of the report, "wealth" refers to the net assets of a person. It includes all their assets - property, cash, equities and business interests - less any liabilities. The review period of the report was from 2008 to 2018.
Small financial hubs like Monaco and Liechtenstein (about $786 000 or R11.3m) top the list of countries in the world with the highest average wealth per person.
They are followed by Switzerland (about $315 000 or R4.52m), Luxembourg ($300 000 or R4.3m), Australia ($244 000 or R3.5m) and Norway ($198 000 or R2.83m).
Although the US is still the overall largest wealth market in the world - followed by China, Japan, the UK, Germany and India - when one looks at the per capita wealth of the country, the US comes in at number 7 ($186 000 or R2.67m per capita), followed by Singapore ($177 000 or R2.54m), Hong Kong ($169 000 or R2.42m) and Canada ($163 000 or R2.34m).
No tax, more wealth
According to the report, the high average wealth of people living in Monaco reflects the country's good tax structure - people living in Monaco pay no income tax.
This attracts wealthy people to move there and also promotes business formation in the country.
Furthermore, Monaco operates as an offshore centre for the European wealth sector, which brings a large number of wealthy financiers to the country.
It is located on a prime part of the French Riviera and about 2 700 of Monaco's 40 000 residents are worth over $10m (about R143.4m).
Monaco is also seen as a hot spot for super-yacht owners and one of the most popular yacht docking spots in the Mediterranean.
Apartments in Monaco are the most expensive in the world per square meter.
"Monaco has snob appeal. It is synonymous with wealth, luxury and fame," states the report.