Maybe 80% of Monaco residents are millionaires / billionaires from other countries, be it Europe or rest of the world, mostly for tax evasion purposes. This includes many many professional sport persons who launder their sponsor income thus helping then getting millionaires surprisingly quickly, while public funds in their countries where they actually live and represent ie on olympics crumble.

#1 reason why I shy away from all professional sports with serious money involved, it just turns into typical ugly business with skewed incentives, while actual sport ends up being just a necessary afterthought.

Better apartments there cost often 10-20 million euros, there are special controls in laws (ie employment) ensuring better treatment of those few Monaco citizens that are there. Most tax avoiding folks like those sportsmen rent just po box to get some sort of special residence. Most people you can actually meet there live in France and commute daily.

That place is a special bubble even within bubbles, nothing that applies there should be expected to apply elsewhere, apart from similar places (of which I am not that aware of maybe apart from San Marino, ie Singapore is more like a real tiny country with actual serious business in trading and transportation).