"Krone" guest commentary

Monaco cherishes Monegasques

Christian Baha is a stock market expert and founded Austria's first stock exchange terminal in 1993, which supplies data in real time. In 1996, he established the world's first hedge fund for private investors. Baha has always pursued the vision of making funds for wealthy individuals accessible to smaller investors.(Bild: Krone KREATIV/stock.adobe.com)

Do you know in which country people are the richest and have the highest life expectancy? In Monaco. On average, the population lives to be 89.6 years old, seven years longer than in Austria.

No other country in the world has a higher density of millionaires and billionaires. Around 38,600 people live in Monaco, but only 9170 of them are Monegasque citizens (23.7 percent). Not everyone is rich, but they are happy with those in power. This is due to the excellent social system.

The Principality pours out its cornucopia over families in particular: There are family allowances, housing and education grants, childcare vouchers, vacation vouchers and a Christmas bonus. Citizens are given priority for top jobs and have cheap access to particularly limited licenses, for example to run cab companies or restaurants.

Even the high rents will be restricted: locals will be allowed to use affordable social housing in the nicest buildings. Every builder will be obliged to create affordable housing only for genuine Monegasques.

Most of the privileges are reserved for citizens. Those without citizenship are left empty-handed. In fact, this strictness is the only way to maintain prosperity, schools and hospitals at the highest level. It would probably not be entirely wrong for Austria to take a leaf out of their book.