Three addresses come up whenever wealth decides where to live: Monaco, Switzerland and Dubai. Each is famous for one thing, and each fame is half a myth. Below are the 6 claims made about them most often, checked against the record of 2026, with the rank of each place on the Patrician.ch 100 and what $1M of income keeps there.
The short version
Monaco sells certainty: no income tax, the strictest scarcity in Europe and a calendar that brings the world to its harbor. Switzerland sells continuity: a lump sum for the foreigner who spends rather than earns, the deepest private banking market in Europe and voters who say no to new taxes on fortunes. Dubai sells momentum: no income tax, the largest inflow of millionaires anywhere and a property market setting records at the top.
01 Monaco, the address
Two square kilometers on the Riviera, and the densest concentration of private wealth on earth.
The saying
“Anyone who moves to Monaco pays no tax.”
The record in 2026
No income tax, unless you are French.
Monaco ranks 3rd on the Patrician.ch 100Income tax on $1M a year in Monaco: 0%
Residents pay no personal income tax, and Monaco levies no wealth tax and no annual property tax. French nationals are the exception, taxed by France under the convention of 1963.
Source: Government of MonacoA residence permit takes a home in Monaco, leased or owned, and a reference from a Monegasque bank confirming sufficient funds. The government sets no fixed amount: it depends on the bank.
Source: Government of Monaco, residence permitsMonaco counted 38,857 residents at the end of 2025.
Source: IMSEE, Monaco StatisticsHenley & Partners puts the share of millionaires among residents at over 40%, the highest of any city, and ranks Monaco first in the world for wealth per person.
Source: Henley & Partners, World's Wealthiest Cities Report 2025
02 Monaco, the scarcity
The principality cannot grow outward, so it grew into the sea, and every new square meter sold at a record.
The saying
“Monaco has run out of room.”
The record in 2026
It built 6 more hectares.
Monaco ranks 3rd on the Patrician.ch 100Income tax on $1M a year in Monaco: 0%
Mareterra, the land extension inaugurated in December 2024, added 6 hectares to Monaco, about 3% of its area, for 120 apartments and 10 villas, built with EUR 2 billion of private money.
Source: Monaco TribuneMonaco recorded 493 property sales worth EUR 5.9 billion in 2025.
Source: IMSEE, Real Estate Observatory 2025The average price reached EUR 57,569 per square meter in 2025, and Larvotto became the first district above EUR 70,000, at EUR 71,167.
Source: Monaco Life, on the IMSEE observatoryThe Monaco Yacht Show of September 2026 moored 118 superyachts and drew 560 exhibitors.
Source: Monaco Yacht Show
03 Switzerland, the lump sum
The Alpine villages of the very wealthy run on an old Swiss bargain: tax on what you spend, not on what you earn.
The saying
“Switzerland lets the rich pay what they like.”
The record in 2026
A floor of CHF 434,700, and fewer takers.
Gstaad ranks 14th on the Patrician.ch 100Income tax on $1M a year in Gstaad: 36%
Taxation on expenditure, the Swiss lump sum, has a minimum federal base of CHF 434,700 a year, indexed to prices. Vaud sets its own floor at CHF 415,000 and Valais at CHF 250,000.
Source: Swiss Federal Tax AdministrationZurich, Schaffhausen, Appenzell Ausserrhoden and Basel-Stadt abolished the lump sum, and Basel-Landschaft is phasing it out.
Source: Swiss Federal Department of Finance4,557 people paid tax on the lump sum at the end of 2018, bringing in CHF 821 million.
Source: Swiss Federal Department of FinanceSt. Moritz is the most expensive luxury market in the world at about CHF 52,000 per square meter, with Gstaad and Verbier near CHF 45,000.
Source: UBS, Luxury Property Focus 2026
04 Switzerland, the vault
Switzerland still keeps more of the world's private money than almost anywhere, and its voters keep refusing to tax it harder.
The saying
“Switzerland is the world's largest offshore center.”
The record in 2026
Hong Kong has just drawn level.
Geneva ranks 4th on the Patrician.ch 100Income tax on $1M a year in Geneva: 40%
Banks in Switzerland managed CHF 2,357.86 billion for clients abroad at the end of 2025, within a record CHF 9,729.1 billion in total.
Source: Swiss Bankers Association, Banking Barometer 2026Boston Consulting Group counted USD 2.95 trillion of cross-border assets in Hong Kong in 2025 against USD 2.946 trillion in Switzerland.
Source: AFP, via The Jordan TimesOn 30 November 2025, Swiss voters rejected a tax of 50% on estates above CHF 50 million, by 78.3%.
Source: SRFAbout 944,000 Swiss adults are millionaires, 13.1% of all adults.
Source: swissinfo.ch, on the UBS Global Wealth Report
05 Dubai, the inflow
No city has gained more millionaires in the last two years, and the city has grown around them.
The saying
“Dubai is a stopover, not a home.”
The record in 2026
The first destination for millionaires.
Dubai ranks 2nd on the Patrician.ch 100Income tax on $1M a year in Dubai: 0%
Henley & Partners forecast a net inflow of 9,800 millionaires to the UAE in 2025, the most of any country.
Source: Henley Private Wealth Migration Report 2025Its 2026 report ranks the UAE first for wealth mobility, scoring 85.3, ahead of Singapore at 79.5, Switzerland at 70.8 and Monaco at 70.0.
Source: Henley Private Wealth Migration Report 2026Dubai is home to 81,200 millionaires and 20 billionaires.
Source: Henley & Partners, World's Wealthiest Cities Report 2025Dubai's population reached 4.58 million at the end of 2025, after its largest one-year rise.
Source: Gulf News, on Dubai Data and Statistics
06 Dubai, the towers
The top of the Dubai market set a record in 2025, and the family offices followed the buyers in.
The saying
“Only speculators buy at the top in Dubai.”
The record in 2026
A record year, and families staying.
Dubai ranks 2nd on the Patrician.ch 100Income tax on $1M a year in Dubai: 0%
Dubai sold 500 homes above USD 10 million in 2025, worth USD 9.05 billion, a record.
Source: Knight FrankA home or homes worth AED 2 million in total qualify the buyer for a renewable 10-year Golden Visa in Dubai, mortgaged property included.
Source: Dubai GDRFAThe Dubai International Financial Centre counted 1,289 family entities and 1,115 family foundations at the end of 2025.
Source: Dubai Media OfficeThe UAE levies no income tax on individuals. VAT is 5%.
Source: UAE Government
What $1M keeps in each
On a salary of $1M for 1 year, on the Patrician.ch model of 2026, Monaco keeps $1M, Dubai keeps $1M, Zug keeps $787K, Gstaad keeps $635K and Geneva keeps $600K. The Swiss lump sum, where a canton grants it, replaces that bill with tax on spending.
Monaco against the field
What $1M of income keeps after income tax, 1 year, non-US single filer, US dollars
Note: Indicative 2026 headline brackets for a single filer on employment income. Territorial systems are modeled on income earned outside the country. Social charges and wealth taxes are not deducted.
Source: Patrician.ch 2026 tax model, built on official tax authority rates
The 6 claims at a glance
| Place | The saying | The record in 2026 | Income tax on $1M | |
|---|---|---|---|---|
| 01 | Monaco, the address | Anyone who moves to Monaco pays no tax. | No income tax, unless you are French. | 0% |
| 02 | Monaco, the scarcity | Monaco has run out of room. | It built 6 more hectares. | 0% |
| 03 | Switzerland, the lump sum | Switzerland lets the rich pay what they like. | A floor of CHF 434,700, and fewer takers. | 36% |
| 04 | Switzerland, the vault | Switzerland is the world's largest offshore center. | Hong Kong has just drawn level. | 40% |
| 05 | Dubai, the inflow | Dubai is a stopover, not a home. | The first destination for millionaires. | 0% |
| 06 | Dubai, the towers | Only speculators buy at the top in Dubai. | A record year, and families staying. | 0% |
Which one
The choice turns on the passport and the family more than on the tax. A French national gains nothing in Monaco. A family that wants Alpine schools and a European passport within reach looks to Switzerland. A founder who wants a time zone between Europe and Asia and no tax on a salary looks to Dubai. The three, with every other address of the Patrician.ch 100, are ranked side by side on the Patrician.ch 100, and compared head to head in Dubai against Monaco and Monaco against Zug.
Sources
- Government of Monaco
- Government of Monaco, residence permits
- IMSEE, Monaco Statistics
- Henley & Partners, World's Wealthiest Cities Report 2025
- Monaco Tribune
- IMSEE, Real Estate Observatory 2025
- Monaco Life, on the IMSEE observatory
- Monaco Yacht Show
- Swiss Federal Tax Administration
- Swiss Federal Department of Finance
- UBS, Luxury Property Focus 2026
- Swiss Bankers Association, Banking Barometer 2026
- AFP, via The Jordan Times
- SRF
- swissinfo.ch, on the UBS Global Wealth Report
- Henley Private Wealth Migration Report 2025
- Henley Private Wealth Migration Report 2026
- Gulf News, on Dubai Data and Statistics
- Knight Frank
- Dubai GDRFA
- Dubai Media Office
- UAE Government
Figures come from the Patrician.ch 2026 model: indicative headline brackets for a non-US single filer, current to October 2026. Research, not tax, legal or immigration advice.