Editing Economy of Monaco (section)

==Modern times==
Low taxes have drawn many foreign individuals to Monaco and account for around 75% of the $7.78  billion annual GDP income in (2021).{{how?|date=January 2024}}<!-- Taxes cannot "account for a percent of GDP". This is incomprehensible and should be rephrased. Also, what is "GDP income"? --> Similarly, tourism accounts for close to 15% of the annual revenue, as the Principality of Monaco also has been a major center for tourism ever since the famed [[Monte Carlo Casino]] was established in 1856. 

Financial and insurance activities, along with scientific, support-administrative, activities are the main contributors to the GDP of Monaco. Wholesale trades (10%), construction (9.1%) and real estate activities (7.8%) also contribute highly to the country's [[Gross domestic product|GDP]].<ref>{{Cite web|url=https://www.monacostatistics.mc/Economy-and-Finance/|title=Economy and Finance / IMSEE – Monaco IMSEE|website=www.monacostatistics.mc}}</ref> Monaco real estate is known to be one of the most expensive in the world.<ref>{{cite web | url=https://robbreport.com/shelter/monaco-most-expensive-buy-home-1234604753/ | title=Monaco is the World's Most Expensive Place to Buy a Home for the Fourth Year in a Row | date=April 2021 }}</ref><ref>{{Cite web|url=https://www.google.com/search?q=monaco+most+expensive+real+estate+forbes|title=monaco most expensive real estate forbes – Google Search|website=www.google.com}}</ref><ref>{{cite web | url=https://www.forbesindia.com/article/forbes-lifes/monaco-paradise-city/52333/1 | title=Monaco: Paradise City }}</ref><ref>{{cite web | url=https://www.scmp.com/magazines/style/luxury/article/3144522/monaco-beats-hong-kong-most-expensive-real-estate-planet-how | title=The only place with more expensive property than Hong Kong? Monaco | date=10 August 2021 }}</ref><ref>{{cite web | url=https://en.savills.mc/insight-and-opinion/savills-news/300631-0/monaco-still-the-most-expensive-real-estate-market-in-the-world | title=Savills Monaco &#124; Monaco still the most expensive real estate market in the world | date=24 July 2017 }}</ref>  Banking sector of Monaco is rather large: in 2015 consolidated banking assets 8.42 times exceeded the country's GDP. Banks operating in Monaco traditionally specialize in private banking, asset and wealth management services. Wholesale trade, construction and real estate sectors come afterward in the ranking.<ref>{{cite web | url=https://www.monacostatistics.mc/Economy-and-Finance/GDP | title=GDP / Economy and Finance / IMSEE – Monaco IMSEE }}</ref>

An economic and customs union with France governs customs, postal services, telecommunications, and banking in Monaco. Before the [[euro]], Monaco used the [[Monegasque franc]], which itself was pegged to the [[French franc]]. Now part of the [[Eurozone]], but not the EU, Monaco mints [[Monegasque euro coins|its own euro coins]].

All residents pay tax in the form of 20% [[value-added tax]] on all goods and services.<ref>Genta, Evelyne (Monaco Ambassador to the UK) ''Monaco Might Not Charge Residents Income Tax, But it's No Tax Haven'' ''The Telegraph'' 16 Feb 2010</ref>

Monaco is noted for its activity in the field of marine sciences. Its [[Oceanographic Museum]], formerly directed by [[Jacques-Yves Cousteau]], is one of the most renowned institutions of its kind in the world. Monaco import and exports products and services from all over the world. There is no commercial agriculture in Monaco; it is 100% urban.