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

It’s a late 20th century phenomenon in Europe. They became tax havens. Billionaires and millionaires can hide their money there and still visit it ( if necessary) easily. They are safe from invasion and have stable governments.