Monaco, a picturesque sovereign city-state nestled on the French Riviera, has long been associated with opulence and exclusivity. Its glamorous casinos, luxury yachts, and prestigious events attract the global elite. In particular, Monaco has become a magnet for billionaires seeking a haven of privacy, tax benefits, and a luxurious lifestyle.
The country is known as a playground for the rich and famous, where glamour, luxury and wealth are on full display. Monaco is the smallest country in the world outside the Vatican, but it’s home to more multi-millionaires per square foot than any other country. In fact, based on the web search results, Monaco has the highest density of multi-millionaires in the world. One source says that more than 30% of its residents have a net worth of over $1 million. Another source says that by 2026, there will be 16,100 people in Monaco with a net worth of at least $1 million or more. A third source says that one out of every 56 people in Monaco has assets worth at least $30 million.
With over 33 billionaires as of 2023 choosing to call Monaco home, this tiny principality has earned its reputation as a billionaire’s paradise. In this article, we delve into the lives of some of the notable billionaires who have chosen to reside in this prestigious enclave. Among them are some of the most successful businessmen in the world, whose net worth makes them members of a very exclusive club — the Three Commas Club.
The Three Commas Club is reserved for those with a net worth in the billions. In Monaco, there are at least 10 business billionaires who have made their fortune in various fields, from media and hotels to pharmaceuticals and art. Here are some of the most prominent members of this elite club.
Stefano Pessina
Stefano Pessina, the Italian-born billionaire, is known for his astute business acumen and his role as the Executive Vice Chairman and CEO of Walgreens Boots Alliance, a multinational pharmaceutical giant, the world’s largest pharmacy chain. He is #127 on Forbes Billionaire List with a whopping $11.1 billion in net worth. Pessina started his career with his family’s pharmaceutical wholesale company in Italy, and then expanded it into a global giant by buying up most small pharmaceutical companies in Europe and merging with UK drugstore Boots.
He then took over the Boots Alliance and merged it with US drugstore chain Walgreens, creating a behemoth that operates in 25 countries and has over 400,000 employees. Pessina moved to Monaco decades ago and has relinquished his Italian citizenship for Monagasque. He is also known to collect art and has a nuclear engineering degree.
Pessina’s decision to reside in Monaco aligns with the principality’s appeal to global business leaders. Monaco’s advantageous tax policies and luxurious lifestyle make it an attractive destination for individuals seeking a high standard of living while maintaining their global business interests.
Beyond his professional achievements, Pessina is known for his philanthropic endeavors. He has actively supported various charitable initiatives and organizations focused on healthcare, education, and cultural development. Pessina’s dedication to making a positive impact extends beyond the boardroom, reflecting his commitment to improving communities worldwide.
Sir David & Sir Frederick Barclay
Sir David & Sir Frederick Barclay are known as the “Barclay Twins”, these brothers from London have amassed tremendous wealth in media and hotel properties. Their net worth is $5.6 billion, placing them at #305 on Forbes Billionaire List.
The twins started their career in the 1950s by flipping houses and turning old boarding houses into hotels. In 1995, they bought the Ritz Hotel in London, one of the most iconic and luxurious hotels in the world. They also hold stakes in shipping, retail, property, and media outlets, such as The Daily Telegraph and The Spectator. In 2000, the brothers were knighted for their support of medical research, which estimates they donated about £45 million to research since 1985. The Barclay brothers have kept a flat in Fontvieille for several years.
The Nahmad family
The Nahmad family, often referred to as the “Art Collectors’ Dynasty,” is a prominent family known for their immense art collection and passion for the arts. Led by David Nahmad his brother Ezra and his son Hillel, the family has established itself as one of the most influential forces in the art world.
The Nahmad family’s art collection is legendary, comprising thousands of artworks from various periods and genres. They are particularly renowned for their holdings of modern and contemporary art, including works by iconic artists such as Pablo Picasso, Andy Warhol, and Jean-Michel Basquiat. Their collection is estimated to be worth billions of dollars, making it one of the most valuable private art collections in the world.
While the Nahmad family is based in Switzerland, they have a strong connection to Monaco, where they have established a significant presence. Monaco’s luxurious lifestyle and favorable tax environment have attracted numerous art collectors and enthusiasts, making it an ideal location for the Nahmad family to showcase their collection and engage with the art community.
Other Notable Billionaires Residing In Monaco
Dmitry Rybolovlev – The Tycoon and Soccer Enthusiast:
Dmitry Rybolovlev, a Russian businessman and owner of AS Monaco, a prominent football club, is among the billionaires who have chosen to reside in the principality. His acquisition of the football club has injected new energy into Monaco’s sporting scene, attracting international attention and elevating the city’s prestige.
Lily Safra – The Philanthropist and Socialite:
Lily Safra, a Brazilian-born philanthropist and widow of billionaire banker Edmond Safra, has established herself as a prominent figure in Monaco’s social scene. Her charitable contributions and involvement in cultural events have left an indelible mark on the principality’s philanthropic landscape. She owns one of the most expensive villas in Monaco.
Ernesto Bertarelli – The Billionaire Innovator:
Ernesto Bertarelli, a Swiss-Italian billionaire and entrepreneur, made his fortune through biotechnology and pharmaceutical ventures. Bertarelli’s residency in Monaco exemplifies the principality’s appeal as a hub for innovation and entrepreneurial spirit.
- Tina Green, the wife of British retail mogul Philip Green, who owns Topshop and other fashion brands.
- James Goldsmith, a British-French financier and politician who was one of the founders of the Referendum Party.
- John Caudwell, a British entrepreneur who founded Phones4u, a mobile phone retailer.
- Hans-Adam II, the Prince of Liechtenstein, who has one of the largest private art collections in the world.
Conclusion:
Monaco, with its glamorous reputation and tax advantages, has become a magnet for the world’s wealthiest individuals. With over 30 billionaires calling Monaco home, the principality stands as a symbol of luxury, sophistication, and exclusivity. From business moguls to art collectors, sports enthusiasts to media tycoons, Monaco continues to attract the global elite who seek the unique blend of privacy, favorable tax policies, and a luxurious lifestyle. The presence of billionaires such as Stefano Pessina, the Nahmad family, Dmitry Rybolov and others is testament to this statement.
