Goldman Returns to Monaco as It Boosts Bet on World’s Ultra-Rich
- Barclays veterans Caussin and Lambert hired to head new office
- Almost a third of principality’s residents are millionaires
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Goldman Sachs Group Inc. is opening an office in Monaco as it expands operations for the world’s ultra-rich, marking a return to the city-state famed for its casinos, glitzy events and low taxes.
Many of the world’s super-wealthy own a home in Monaco, where almost a third of its 39,000 residents are millionaires. The Mediterranean playground, which covers an area smaller than New York’s Central Park, doesn’t typically impose taxes on income or capital gains and is the scene for one of the world’s biggest annual yacht shows as well as a Formula One race through its steep, serpentine streets.