Monaco is home to France’s biggest fortunes
© Monaco Tribune
According to Ouest France, which analysed 2020 figures published by the French finance ministry (DGFP), Monaco is the city with the highest Impôt sur la Fortune Immobilière (IFI – property wealth tax).
With its idyllic beaches, luxury yachts and impressive villas, there’s no doubt that the French Riviera is the ideal place to invest your wealth. But does this mean that the Côte d’Azur coastline is home to the wealthiest people in France? To answer the question, the French daily Ouest France looked at the IFI, which replaced the Impôt de solidarité sur la fortune (ISF – wealth solidarity tax) in 2018. The ranking takes into account towns with more than 20,000 inhabitants and over 50 IFI payers.
Advertising
The Principality on top
Unsurprisingly, Paris dominates the ranking of in terms of numbers of fiscal households that are liable for the IFI tax (9,030 in the 16th arrondissement alone). On this criterion, Cannes and Monaco only rate 9th and 10th respectively.
However, according to the DGFP’s 2020 data, our coastline is home to the largest real estate assets. If we look at the amount of IFI paid, the Principality leads the way, with an average of €24,817 per tax-paying household. A figure that is far from surprising for Monaco, which has the highest density of millionaires and is the most expensive 2km2 in the world.
Another Riviera town in second place
No, it’s not Nice or Cannes, but Grasse that is home to the biggest fortunes, after Monaco. In a town with only 50,000 inhabitants, the average IFI tax bill is €18,665. An unexpected position, given its 115ᵉ place in the erstwhile ISF ranking. And yet, with average assets of €2.8 million per IFI tax-paying household, it has certainly earned its place in the rankings.