70000 Dollars a Night Rent Yourself a Kingdom
Small nations are not always poor. Some of the world’s richest countries also rank among the tiniest. Many reports name Luxembourg the world’s wealthiest country, yet that is not quite true. Several other states boast higher per capita income than Luxembourg. They just get left out of most datasets because their populations are so small.
These tiny European powerhouses each have their own wild stories.
Take Liechtenstein. Anyone who knows this country understands it is small and loaded — and we are talking extreme levels on both counts. It spans only 160 square kilometres, with fewer than 40,000 residents.
How rich is it? Its GDP per capita consistently sits above 160,000 US dollars, more than twice that of Switzerland and far ahead of Luxembourg, widely hailed as the world’s richest nation. Like Monaco, Liechtenstein rarely tops global wealth rankings simply because its population is minuscule. Luxembourg, with over 600,000 people, is a giant by comparison.
Sandwiched between Switzerland and Austria, this microstate was founded essentially to give its royal family a seat at the table. Liechtenstein and Saudi Arabia are the only remaining countries in the world named after their ruling dynasties.
The House of Liechtenstein was once a powerful noble family from Austria, loyal to the Habsburgs of the Holy Roman Empire. While the family held many estates, none were lands held directly under the Holy Roman Emperor. Under imperial rules, only holders of such direct fiefs could take a seat in the Imperial Diet. Without qualifying land, they had no place in that assembly.
So the Liechtenstein family set out to buy suitable territory within the empire. Eventually they found two plots along the Swiss-Austrian border: the lordship of Schellenberg and the county of Vaduz. Combined, the two parcels were tiny, but they were direct imperial holdings. That was all the family needed.
In 1719, Emperor Charles VI approved the merger of these lands into a principality named Liechtenstein, ruled by the Prince of Liechtenstein. For more than 120 years after founding this little country, however, the royal family never once set foot on its soil. They stayed away to tend to their standing within the Holy Roman Empire.
Times changed when Napoleon rose to power and the Holy Roman Empire collapsed. To survive, Liechtenstein switched allies, first siding with Napoleon, then with Austria. Its size meant larger powers never took it seriously. That changed during the Austro-Prussian War, when Austria forced Liechtenstein to pick sides and send troops to fight Prussia.
Liechtenstein did not want to fight, yet dared not refuse. It mobilised and assembled a force of 80 men to march with Austria against Prussia. None of these soldiers had ever seen combat, and everyone knew their contribution would be negligible. The Austrians knew it too.
Once they reached the front, the Liechtenstein detachment did almost nothing. They marched at the very back of the column. While Austrian troops formed battle lines, the men from Liechtenstein set up camp by the river, grilled meat and watched the Austrians and Prussians slaughter each other. When the war ended, the unit marched home without a single casualty. Better yet, they returned with one extra man. An Austrian officer had gotten lost and accidentally tagged along with them.
To fight a full war, lose no soldiers and come back with an extra recruit — that is a feat for the history books.
That marked the end of Liechtenstein’s military adventures. After the war, the country decided maintaining an army cost too much. It disbanded its forces and outsourced national defence to Switzerland.
Oddly enough, the royal family cared little for this small country for centuries. Only in 1938, after losing all their other lands, did they finally move to Liechtenstein, more than 200 years after purchasing the territory.
In 2003, Prince Hans-Adam II threatened his people: if voters rejected his proposed new constitution, the family would move back to Austria and sell the country to Bill Gates. The threat worked. Voters approved the constitutional changes by a wide margin, granting the prince power to dissolve parliament and appoint officials.
The people agreed to expand his authority for a simple reason. In a nation of 40,000, there is not all that much power to wield. The prince can dissolve parliament any time he likes, for example, but the parliament building looks much like a stable. No one in parliament works full-time. Every member, including the speaker, holds another job. Their level of professionalism is little higher than a university student council.
The government, by contrast, has a nicer home: a three-story building. The prime minister’s office occupies the top floor, and the courts sit below. The whole government has just five people: a prime minister, a deputy prime minister, and three councillors, each handling two or three ministries at once.
Space was so tight that, before 1991, the country’s prison sat in the basement of this government building.
One evening the prime minister stayed late working. Everyone else left, and the doorman locked the main gate on his way out. Trapped inside, the prime minister banged on the doors and shouted, but nobody heard him. After a while, a sleepy man turned up and unlocked the door.
“Who are you?” asked the prime minister.
“I’m one of the prisoners in the basement. The guard left me the key and told me to keep hold of it.”
“Why didn’t you escape?”
“Everybody here knows me. Where would I go?”
A member of the prime minister’s staff chimed in: “You could flee abroad.”
The prisoner replied: “What place on earth is better than Liechtenstein?”
He was not exaggerating. Immigrating to Liechtenstein is extremely hard. Back when the US required only a 500,000-dollar investment for its investor visa, Liechtenstein’s entry threshold started at 20 million euros. Most people cannot get in, so why would anyone who lives there want to leave?
So how did this tiny nation grow so rich? Liechtenstein was once a poor agricultural state. Starting in 1912, though, it unlocked a unique source of wealth: postage stamps.
Liechtenstein became famous worldwide for its exquisite stamps. The government hired top artists from across the globe to design them. Themes ranged from history and religion to politics and landscapes, winning a loyal following among stamp collectors everywhere. Vaduz, its capital, hosts a dedicated stamp museum.
Year after year, stamp sales brought in tens of millions of US dollars. It earned Liechtenstein the nickname the Stamp Country. Stamp collecting remains a niche hobby, but for a nation of 40,000, that revenue was enormous.
Beyond stamps, its proximity to Switzerland helped Liechtenstein build up its financial sector. Its soil once produced raw materials used to make some of the world’s finest dentures. But the biggest contributor to its economy is its industrial firm Hilti. Few people realise this leading maker of power tools — drills, breakers and more — is Liechtensteiner. Hilti tools carry steep price tags but are legendary for durability. Buy one in your youth and maintain it well, and it may well outlive you, passed down as a family heirloom.
For all its wealth, Liechtenstein flies under the radar on the world stage. Like Switzerland, it tried to boost tourism, yet its scenery and cultural sites cannot compete with its neighbour. To draw visitors, it came up with a bold marketing stunt.
In 2011, Liechtenstein announced it would rent out the whole country. For 70,000 US dollars per night, you could book the principality and act as its temporary prince. You would receive a symbolic key to parliament, stay in the royal palace, enjoy the royal wine cellar, and even command the country’s 110 police officers. The package required a minimum two-night booking and six months’ advance notice. For less than 150,000 US dollars, you could play king for two days.
It was not exactly a bargain. Even so, some people were tempted. One American musician said he wanted to rent Liechtenstein to film a music video. The government turned him down because he had not booked six months ahead.
In truth, the offer was never meant to be taken up. It was pure publicity. No one ever completed a booking.
Liechtenstein’s flag bears a crown, a symbol carried over from the Holy Roman Empire. It is the last surviving emblem of that empire.
Now Monaco, a coastal city-state in southwestern France. It borders the Mediterranean on one side and is surrounded by France on the other three. Calling it a city-state might even overstate it. Monaco covers just 2.08 square kilometres, nearly half of which is reclaimed land. At two square kilometres, it is more like a city block.
Roughly 30,000 people live here, with GDP per capita close to 190,000 US dollars, about three times that of the United States. Wealthy economies usually attract migrant workers from poorer nations. In Monaco, the foreign labour force is mostly French and Italian, handling all manual jobs.
Monaco’s wealth stems from a clever plan devised by its royal house. Founded by nobles from Genoa, the small state shifted allegiance between Spain, France and Italy for centuries. In 1861, it gained formal independence, but the price was ceding 90 percent of its territory to France, leaving it with those two square kilometres.
Too small for farming or heavy industry, Monaco needed another path. The next year, Prince Charles III hired a German businessman named François Blanc to open a casino. Blanc understood that infrastructure would draw crowds. He built roads and railways connecting this quiet coastal village to major European cities and arranged steamship access. Within years, Monaco became Europe’s premier gambling destination.
Gambling brought Monaco its first big fortune, but the royal family planned ahead. They reinvested casino profits into other industries. They built the famous Oceanographic Museum and grand opera houses, turning Monaco into a cultural hub and top tourist spot.
Everything changed in 1956 when Grace Kelly married Prince Rainier III. The woman whom even John F Kennedy had pursued became Princess of Monaco and put the tiny principality on the global map. As the prince once said, without Grace Kelly, the world might never have heard of Monaco, not in ten thousand years.
In 1868, Monaco scrapped all personal income tax. Ultra-rich people flocked here, and its financial sector boomed. Today dozens of international banks operate within those two square kilometres. No place on earth has a higher density of millionaires. Bentleys and Porsches are commonplace on its streets.
With so many wealthy residents, Monaco has more than 500 police officers for fewer than 40,000 people. Around one in three residents is a millionaire. People often say Monaco has only two kinds of residents: the rich and the super-rich.
Real estate prices are among the highest anywhere. Hong Kong property costs pale in comparison. Apartments start at around 70,000 US dollars per square metre. An 87-square-metre flat sells for roughly five million euros, equivalent to about 6.08 million US dollars. If I had that money, would I buy that apartment in Monaco, or rent myself as prince of Liechtenstein for 86 days? It is quite the dilemma.
After some thought, I have my answer. I would rent Liechtenstein, then take out a loan in Monaco to cover the down payment on that flat. Perfect plan.
Most economic rankings leave out Vatican City. As the sovereign state of the Catholic Church, it does not really play by the rules of ordinary nations. Some estimates put its GDP per capita at around 80,000 US dollars, though that number means very little. If measured by personal wealth and national assets, Vatican City is without a doubt the richest country on Earth.
Vatican citizenship comes in two main ways. The easier route is to be appointed a bishop by the Pope. The harder one is to be elected Pope.
Vatican City owes its existence to two landmark agreements. After Christianity became the official religion of Rome, the church thrived under imperial protection. When the Western Roman Empire fell, the Italian peninsula descended into chaos. The Pope’s position was constantly under threat, and he needed a powerful secular ruler to back him. Pepin the Short of the Franks stepped forward.
Pepin held real power while the Frankish king was just a figurehead. He wanted to seize the throne, and church blessing was critical for legitimacy. He sent word to the Pope, hinting at his ambition. Pope Zachary replied plainly: whoever serves the Frankish realm is its rightful ruler. In other words, the church endorsed Pepin as king.
In 751, Pepin deposed the old king and founded the Carolingian dynasty. The church anointed him with holy oil, cementing his claim to power. To repay the church, Pepin granted the Pope control over Ravenna and 21 other cities. This territory made up roughly one third of the Italian peninsula. The event is known as the Donation of Pepin.
With this land, the Pope established the Papal States. The Pope was both God’s representative on Earth and a secular monarch, holding armies and governing territory. Church power reached its peak, most famously in the Investiture Controversy and the Humiliation of Canossa in 1077.
At the time, the young Holy Roman Emperor Henry IV clashed with Pope Gregory VII over who got to appoint bishops within the empire. The Emperor insisted the power belonged to him. The Pope threatened to excommunicate him. Henry backed down. He travelled to Canossa and knelt in the snow to beg forgiveness. The Pope kept him waiting outside the castle before granting absolution. By the rules of the age, the Emperor had lost the confrontation.
The Papal States wielded immense influence across Europe, even if their territory was not vast. Religious reformation, rising nationalism and corruption within the church gradually eroded papal power. As the Kingdom of Italy unified, it seized most of the peninsula, leaving the Pope holding only Rome. Italian troops marched into the city in 1870. The papal army could not resist. The Pope retreated behind the walls of Vatican City and refused to recognise Italian rule over Rome. He could not win militarily, but he would not submit.
From 1870 to 1929, the Pope was known as the Prisoner of the Vatican. For 59 years, no Pope left the Vatican walls, and none acknowledged the Kingdom of Italy. Italy dared not storm the Vatican, yet could not keep this standoff going forever.
In 1929, Italy and the Holy See signed the Lateran Treaty. The church recognised Italian sovereignty over Rome and Italian unification. In return, Italy acknowledged Vatican City as an independent sovereign state and compensated the church for seized assets. This second historic deal created the Vatican we know today.
One of the most common questions online about Vatican City is why no one invades it.
Vatican City covers a mere 0.44 square kilometres. It is little more than St Peter’s Square, St Peter’s Basilica and a garden. You cannot sprint 100 metres there without crossing an international border.
Its land area is so tiny that all foreign embassies to the Vatican, including Italy’s own embassy, sit inside Rome, on Italian territory.
But as this history shows, its power cannot be measured in land. The Vatican has no army capable of defending itself, yet no nation dares attack it. Most of the world treats it with respect, with a few exceptions.
During World War Two, Churchill complained about the Pope’s stance toward Nazi Germany. Someone retorted dismissively: “How many divisions has the Pope?”
Outside of leaders like Stalin, though, the Pope’s global influence remains enormous. Catholicism counts more than a billion followers worldwide, and the Pope is their spiritual leader. He consistently ranks among the world’s most influential public figures, sometimes placing in the top five.
Vatican City has around 800 citizens. More than 300 of them are bishops and diplomats posted across the globe. Diplomacy is a core function of the Holy See, which often mediates international disputes. The wealth accumulated over centuries is almost impossible to quantify. Its gold reserves alone exceed 10 billion US dollars, and that is only a small fraction of its assets. The whole Vatican City is a UNESCO World Heritage Site, filled with priceless artworks. If you calculated net worth per resident, each citizen would rank among the world’s richest people.
If you want to learn more about life inside the Vatican, watch The Two Popes and The Young Pope. The Pope’s standing transcends that of most secular heads of state. His visits to Brazil and the United States drew massive crowds.
The church keeps up with modern times. After the COVID outbreak in 2020, it rolled out digital prayers and online masses to adapt to the changing world.
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