Top 2 Richest Men In Monaco According To Forbes (2025)

When people think of Monaco, they picture luxury yachts, glittering casinos, Formula 1 races, and jaw-dropping views of the Mediterranean. This tiny principality—barely larger than New York’s Central Park—has one of the highest concentrations of millionaires and billionaires in the world. But even in a place where wealth is practically woven into the streets, some names stand above the rest.

In 2025, Forbes ranked the two richest men in Monaco: Stefano Pessina and David Nahmad. Both have fascinating stories that weave together ambition, timing, and shrewd business decisions. While one made his billions in the pharmaceutical retail world, the other built a fortune through one of the largest private art collections in history.

In this blog post, we’ll dive deep into their backgrounds, industries, and impact—not just in Monaco, but globally.

1. Stefano Pessina – The Billionaire Behind the World’s Largest Pharmacy Chain

Net Worth: $6 billion
Age: 83
Industry: Drugstores (Fashion & Retail category in Forbes listing)
Primary Source of Wealth: Walgreens Boots Alliance

Early Life and Education

Stefano Pessina was born in Pescara, Italy, in 1941, but his path to billionaire status was anything but straightforward. He initially trained as a nuclear engineer at the Polytechnic University of Milan. But like many future moguls, he soon realized his destiny lay outside his original career path.

In the late 1970s, Pessina took over his family’s small pharmaceutical wholesale business in Naples. Over the decades, he transformed that modest operation into a pharmacy empire—proving that vision and persistence can reshape entire industries.

Building a Global Pharmacy Giant

Through a series of acquisitions, mergers, and strategic expansions, Pessina built Alliance Santé in France, which later merged with the UK’s UniChem to form Alliance UniChem. The real turning point came in 2006, when Alliance UniChem merged with Boots Group, the British high street pharmacy chain.

Boots was a household name in the UK, and Pessina didn’t just join the board—he took it private with private equity firm KKR, making one of the largest leveraged buyouts in European history.

Then came the move that would cement his place among the richest: the 2014 merger of Boots with Walgreens, the largest drugstore chain in the U.S. The new entity, Walgreens Boots Alliance, instantly became the largest pharmacy chain in the world.

Life in Monaco and Philanthropy

Pessina is known for his understated lifestyle despite his vast wealth. Living in Monaco offers him proximity to European markets, favorable tax policies, and the comfort of the Riviera’s luxury lifestyle.

He has also been active in philanthropic efforts, supporting causes related to healthcare, education, and cultural heritage. While he remains a major shareholder in Walgreens Boots Alliance, his role has shifted from day-to-day management to strategic guidance.

Business Legacy

Pessina’s career is a case study in scaling through acquisition, cross-border integration, and brand consolidation. Few entrepreneurs can say they took a small local business and turned it into a multi-billion-dollar global leader.

2. David Nahmad – The Art Dealer with a Collection Worth Billions

Net Worth: $2.3 billion
Age: 77
Industry: Art Collection (Fashion & Retail category in Forbes listing)
Primary Source of Wealth: Art Dealing and Collecting

From Lebanon to Monaco – A Family Story of Resilience

David Nahmad was born in Lebanon to a Sephardic Jewish family originally from Aleppo, Syria. In the 1960s, political unrest in the Middle East forced the Nahmad family to relocate, first to Milan and later to Monaco. That move changed everything.

The Nahmad brothers—David and his older brother Ezra—entered the art world at a young age, spotting an opportunity in the post-war art boom. With a keen eye for undervalued masterpieces, they began buying paintings from distressed sellers and auctions, slowly building an art empire.

The Largest Private Art Collection in the World

Today, the Nahmad family is believed to own over 4,500 works of art stored in a high-security warehouse in Switzerland. This includes pieces by Picasso, Monet, Matisse, Renoir, and Rothko. In fact, David Nahmad is widely considered the single largest owner of Picasso works in the world.

Unlike many collectors, the Nahmads treat art as both a passion and a business. They regularly sell pieces at auction when market conditions are favorable, often generating record-breaking sales.

Monaco – A Strategic Base

Operating from Monaco offers Nahmad several advantages: a central location in Europe, proximity to major art hubs like Paris and Geneva, and a stable, low-tax environment. But beyond logistics, Monaco also provides a discreet, elite setting for high-value art transactions.

Controversies and High-Profile Sales

Over the years, David Nahmad’s name has surfaced in legal disputes involving art provenance and ownership—an occupational hazard in the high-stakes art world. However, these controversies have done little to dent his reputation as a market-shaping dealer.

Some of the most notable sales attributed to the Nahmad collection have fetched tens of millions of dollars, helping to set global benchmarks in the art market.

The Art as an Investment Class

Nahmad’s career illustrates the growing view of art as a serious investment asset. While paintings may hang beautifully on a wall, they also function as long-term stores of value, often appreciating faster than traditional financial assets. This approach has helped David Nahmad remain one of the wealthiest art dealers in history.

Monaco – A Billionaire Magnet

That two such different fortunes—one in pharmaceuticals and one in art—could both flourish in Monaco is no accident. The principality is famous for attracting the ultra-wealthy, thanks to its political stability, zero income tax for residents, and unmatched lifestyle offerings.

Monaco has no shortage of luxury real estate, fine dining, and exclusive events. It’s also a hub for networking among global elites—something both Pessina and Nahmad have leveraged in their careers.

Comparing the Two Titans

While Pessina’s empire is rooted in a necessity—healthcare—Nahmad’s is built on luxury and culture. Yet both show the power of vision, strategic acquisitions, and timing.

Lessons from Monaco’s Richest

1. Diversify Your Reach: Whether selling medicine or masterpieces, global expansion creates resilience.

2. Know Your Market Cycles: Both men excel at buying when markets are soft and selling when demand peaks.

3. Leverage Strategic Locations: Monaco isn’t just a lifestyle choice—it’s a business advantage.

4. Build and Hold Core Assets: Pessina holds Walgreens shares; Nahmad holds masterpieces that appreciate over time.

Final Thoughts

The stories of Stefano Pessina and David Nahmad prove that Monaco’s glittering reputation is more than just yachts and casinos—it’s also a place where billion-dollar empires are nurtured.

Pessina, with his empire of pharmacies, shows the global power of retail healthcare. Nahmad, with his unmatched art collection, demonstrates that culture can be both priceless and highly profitable. Together, they embody the diverse ways one can rise to billionaire status in one of the most exclusive enclaves in the world.