Cost of Living Comparison Between Monaco and New York, NYYou would need around 9,440.2€ (9,936.7$) in New York, NY to maintain the same standard of life that you can have with 19,000.0€ in Monaco (assuming you rent in both cities).
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The high quality of life in Monaco comes with an equally high cost of living. Monaco tends to be a city for the wealthy. The cost of living in Monaco is higher than the average cost of living in the US by over 97%. Excluding the cost of rent, it would cost a family of four living in Monaco around $8,367.92 each month.
No, Monaco is not as expensive as you may think…The good news is that Monaco is also a place where normal people, not just multi-millionaires, live and work, and that there are therefore plenty of ways for the common of mortals to have a wonderful sample of what the country can offer on a very reasonable budget.
In order to become a resident, applicants must rent or purchase a property here, and deposit and maintain at least 500,000 euros into a bank registered in Monaco.
One in every three people in Monaco are millionaires, according to research into the cities of Europe that have the most high net worth individuals, with Zurich close behind. London ranks fourth.
Switzerland is the most expensive country in Europe, and its cost of living is 88.4% higher than the United Kingdom. It's a European and world hub for finance and technology with vibrant multicultural cities and spectacular natural scenery.
In fact, on average, $1 million currently spent on real estate in Monaco buys an average of 190 square feet. In the most exclusive parts of the country, such as the Golden Square (an area that surrounds the iconic Casino de Monte-Carlo and the Avenue Princesse Grace), $1 million is enough for 90 square feet.