In an attempt to better serve “super-wealthy” individuals around the globe, Goldman Sachs Group has opened a brand-new office in Monaco. According to recent registry filings, the New York firm was granted approval by the Monaco government back in January of 2021, though there is no information about the offices themselves as of yet.
However, the company has hired Arnaud Caussin and Thibaut Lambert, two veterans from Barclay PLC, to head up the expansion project. According to Chris French, the co-head of Goldman Sach’s private wealth management division, a presence in Monaco is essential to the company’s regionalization goals. After all, Monaco is easily one of the world’s richest places, with 1/3 of all residents having a net worth of over $1 billion.
Among the most prominent residents in the city-state are Dmitry Rybololev, who owns a Monaco-based football club, and Jim Ratcliffe, founder of Ineos. Thanks to its casinos, low taxes, and high-class living, Monaco is only expected to grow in the near future.