Benjamin Stupples And Yoojung Lee Bloomberg

Joining the ranks of the richest 1% is never easy, but it's especially hard in Monaco. You need to be worth almost $8 million to make the cut in the Mediterranean principality, where residents typically don't pay income taxes, according to research on more than two-dozen locations by Knight Frank.

Joining the ranks of the richest 1% is never easy, but it's especially hard in Monaco. You need to be worth almost $8 million to make the cut in the Mediterranean principality, where residents typically don't pay income taxes, according to research on more than two-dozen locations by Knight Frank.