Monaco

The world's most expensive retail real estate (€100,000+ per square metre on Casino Square) means only the most exclusive brands can afford to open here. Monaco's 39,000 residents have the world's highest per-capita income, and the 10 million annual visitors support a luxury retail density unmatched anywhere. The Golden Circle — Hermès, Cartier, Bulgari, Louis Vuitton — is the most concentrated luxury block on earth.