Global investment bank, Goldman Sachs Group, is expanding its wealth management operations in the city-state, which is free from poor and has one of the lowest tax rates in the world..
Because it is the paradise of the rich, many of the world’s wealthy people are keen to own a home in the Principality of Monaco, where millionaires represent nearly a third of its population of 39,000..
Monaco, one of the world’s smallest self-governing countries, is smaller than New York’s Central Park, usually does not tax income or capital gains, and is famous for one of the world’s largest yachting shows, as well as a steep Formula 1 racetrack. .
Last month, the Wall Street giant obtained approval to establish a branch of its wealth management unit there, about 6 years after closing a previous office, according to Bloomberg Agency, which was seen by Al Arabiya.net.“.
Goldman Sachs said in a statement that the company had included 3 former directors of Barclays Bank, England, to lead the team, namely, Arnaud Cousin, Thibaut Lambert, and wealth advisor Serge Olive..
The company’s wealth unit has added dozens of advisors across Europe, the Middle East and Africa in recent years as part of a strategy outlined by CEO David Solomon to make one of the world’s largest banks less dependent on the trading sector..
“The launch of our presence in Monaco is critical to achieving our regional strategy and comprehensive growth plan,” Chris French, co-chair of EMEA Private Wealth Management, said in the statement. “Monaco is an important jurisdiction for our private wealth business in Europe“.
Among the city’s residents, Jim Ratcliffe, founder of the British chemical company Ineos, and Russian businessman Dmitry Rybolovlev, who also owns the football club Monaco and participates in the French League, and the two businessmen own fortunes estimated at 13.2 billion dollars and 10.8 billion dollars, respectively, According to the Bloomberg Billionaires Index,.
Goldman Sachs’ move is part of a growing trend for global banks including Citigroup and UBS Group to establish a presence in Monaco..
Revenue in Goldman Sachs’ consumer and wealth management unit rose 25% to $7.5 billion in 2021 compared to the previous year. It had about $751 billion in assets under management at the end of the year.