Cost of living in Monaco: among the highest in the world
In 2025, the cost of living in Monaco is estimated to be between 55 and 60% higher than in France. The Principality regularly ranks among the most expensive cities in the world, particularly for real estate. Today it is almost impossible to find an apartment for sale in Monaco for less than one million euros.
With its 2.8 km², Monaco attracts an ultra-wealthy population: more than 40% of its residents are millionaires, with average wealth above 20 million dollars. Living in Monaco therefore implies a significant monthly budget, whether you are working or living off investment income.
How much does day-to-day life cost in this micro-state? What income or assets are needed to live there comfortably? This detailed guide dives into the reality of Monaco’s cost of living, with concrete figures, international comparisons and a few surprising truths.
Monaco is the most expensive city in the world in 2025
With an index of 138 (base New York = 100), Monaco is officially the city with the highest cost of living in the world. According to the Xpatulator 2024 report, living in Monaco costs about 22% more than in Singapore and nearly 1.4 times more than in New York.
By comparison, Zurich shows an index of 114 and Geneva 106. These major European cities remain clearly below, despite high local salaries that soften the financial effort. Monaco, on the other hand, combines every driver of high prices: a tiny territory, an extremely limited housing supply, reliance on imports and a premium service market geared toward a wealthy clientele.
Prestige, a favorable tax environment and exceptional safety attract very affluent residents every year. As a result, the Principality has become a privileged haven for UHNWI, supporting some of the highest prices in the world across everyday life.
A cost of living among the highest in the world
The cost of living in Monaco far exceeds that of most world capitals. On average, it is estimated to be 55 to 60% higher than in neighboring European countries, and remains above cities known for being expensive such as Zurich, London or even New York. A simple lunch costs about 22 € per person, compared with ~15 € in Paris, 18 € in London or 20 € in New York. In a mid-range restaurant, dinner can easily reach 80 to 90 € per person, versus ~40 € in London and ~30 € in Paris.
The same pattern holds for everyday consumption. Having a beer on a terrace costs around 8 € a pint, versus 6 € in Paris, 5 € in London and 4.5 € in Barcelona. A cappuccino is billed around 4.6 €, costlier than in Zurich (3.5 €), New York (3.2 €) or Rome (2.8 €). Even gasoline remains above the regional average: about 2.10 € per liter, versus 1.80 € in France and ~1.60 € in Dubai. These gaps show that, beyond real estate, Monaco consistently posts higher price levels than most major metros.
Housing and real estate in Monaco: off-the-charts prices
In 2025 Monaco holds the world record for property prices, with an average above 52 000 € per m² for apartments. In the most prestigious districts such as Monte-Carlo or the Carré d’Or, values often reach 60 000 to 70 000 € per m², with peaks close to 100 000 € for exceptional properties. In practical terms, a 100 m² apartment sells for between 5 and 6 million euros, placing the Principality well above the markets of London, Paris or New York.
This land scarcity also affects rentals. According to our agency Petrini Exclusive Real Estate Monaco, Monaco remains one of the most expensive cities in the world to find housing. A studio (30–40 m²) generally rents for between 2 500 and 4 000 € per month, with peaks at 5 000 € for properties located in the Carré d’Or with a view. One-bedroom apartments show rents around 6 000 € per month, while large three- or four-room apartments easily exceed 15/20 000 €. Families who want a four-room apartment in a modern residence should plan for 25 000 € per month and more. As for exceptional properties, such as penthouses with pools or villas on the Rock, rents reach 30 000 to 50 000 € per month.
The gap with other capitals is dramatic. Average rent is about 91 € per m² per month in Monaco, versus about 30 € in Paris. That means a 50 m² apartment costs nearly 4 500 € per month in the Principality versus 1 500 € in Paris, and a 100 m² is around 9 000 € versus 3 000 € in the French capital. The pressure is such that many workers choose to live in neighboring France or Italy and commute, while investors prefer buying to secure a rare and durable asset.
On the purchase side, the differences are just as dizzying. The median price exceeds 6 million euros for an apartment, all types combined. Monte-Carlo concentrates the highest prices, but areas such as Fontvieille, Les Moneghetti or the Jardin Exotique still offer opportunities around 30 000 to 45 000 € per m² in buildings from the 1970s–1980s. For investors, Petrini Exclusive Real Estate Monaco supports these strategic choices by identifying suitable properties, explaining legal specifics and securing every step of the transaction.
Salaries in Monaco: do they match the cost of living?
Pay in Monaco is higher than in most European countries, but often still falls short of compensating for one of the highest costs of living in the world. The average monthly salary in Monaco is around 6 000 € gross (about 4 900 € net), while the median salary is around 2 300 € net. The Monégasque SMIC, according to the IMSEE, is nearly 15% higher than in France, highlighting this gap.
However, these figures must be put into perspective. In Monaco, housing absorbs an outsized share of the budget: as already mentioned, even a small studio with parking generally rents for more than 3 000 € per month, making access to the residential market difficult for most employees. This is why more than 50 000 workers cross the border every day from France or Italy to benefit from more attractive salaries while living in towns with more affordable rents such as Beausoleil, Cap-d’Ail or Menton.
Conversely, certain specific sectors, such as finance, asset management or luxury management, offer much higher remuneration, which can exceed 10 000 € net per month. These incomes make it possible to live in the Principality and fully enjoy Monaco’s advantages. Our comprehensive analysis of the average salary in Monaco details these realities and highlights disparities by profession. Our guide Working in Monaco also provides valuable insights into career opportunities.
What monthly budget do you need to live in Monaco?
The minimum budget to live decently in Monaco in 2025 ranges between 7 500 € and over 20 000 € per month depending on the household. These amounts include rent, charges and everyday expenses, and reflect the exceptional weight of housing in residents’ budgets.
In practice, living in Monaco requires a budget far above European standards. Even with a modest lifestyle, a young professional should plan at least 5 000 € per month, while an expatriate family with children in private school can exceed 25 000 € monthly. This is what makes the Principality a destination reserved for a global financial elite.
Monaco is not only a gilded bubble for the ultra-rich. While the cost of living is roughly three times higher than in Paris, the setting remains exceptional: absolute safety, a Mediterranean climate and prestigious events make it a unique place to live. As our agency, Petrini Exclusive Real Estate Monaco, points out, specialized in luxury real estate, housing is the central expense item and requires rigorous budget planning. Those with sufficient resources benefit from a rare fiscal and social environment designed to preserve family wealth. Others benefit differently from the Monegasque “El Dorado,” working in the Principality while living in nearby France or Italy.
Living in Monaco is a privilege with no equivalent cost. The Principality stands as a sanctuary for great fortunes, but once the conditions for living in Monaco are met, residents discover a hub of international opportunities where quality of life reaches an unparalleled level. For those who can afford it, moving to Monaco means joining one of the most exclusive and safest environments in the world.
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