Can you guess which city has the most high-net-worth individuals per square meter, has no income tax and it’s estimated one in three people are millionaires?

The answer? Monte-Carlo in the tiny prinicpality of Monaco. I spent Christmas here, at the Hotel Hermitage Monte Carlo, because this small country probably with the best decorations in the world!

Did you know that one in every 20 Americans is a millionaire? Well, one in every 56 residents in Monaco is worth over $30 million according to wealth tracking firm Wealth-X.

The top 10 cities with the highest density of millionaires include Geneva, San Francisco, Hong Kong, and New York.

Monaco, which sits at position one in the list, is nestled inside the south of France near the Italian border, is a popular banking destination and a known tax haven—it has no income tax.

Within Monaco’s population of approximately 39,000 individuals, Wealth-X counts 686 ultra-wealthy people—many of whom are foreigners with second homes in the principality. There are 100 ultra-wealthy Monegasques with primary residences there, according to the study. Monegasques are in fact minorities in their own country: The nation’s population is primarily French, followed by Italian and British.

The city-state is also known for being one of the safest areas in the world, with what is said to be the largest police force per capita and a 24-hour video surveillance system that covers the entire town.

The next densest city on Wealth-X’s list is Geneva, Switzerland, which has one ultra-wealthy net worth individual for every 221 people. American cities are well represented, too: Four of the top 10 cities are in the U.S.

Here are the top 10 cities, ranked by the density of ultra-high net worth individuals:

10. Los Angeles (1 in 1,622)
9. New York (1 in 1,392)
8. London (1 in 1,388)
7. Hong Kong (1 in 918)
6. Zurich (1 in 783)
5. San Francisco (1 in 737)
4. San Jose (1 in 716)
3. Singapore (1 in 707)
2. Geneva (1 in 221)
1. Monaco (1 in 56)

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Read the original article on MONEY.

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