Why do some microstates, especially those in Europe, tend to be immensely wealthy? e.g. Monaco, Singapore, San Marino

Question

Why do some microstates, especially those in Europe, tend to be immensely wealthy? e.g. Monaco, Singapore, San Marino

In: 350

Answer 1

I think selection bias plays a significant part. A small, poor area wouldn’t do well on its own. But a small area that’s wealthy and powerful enough would have both the means and motive to separate from larger surrounding countries.