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Monaco has a median age of 57 years, but it's story isn't that of an aging country grappling with growing healthcare costs or loss of productivity. It's simply full of millionaires.

One would wonder how it came to be that a sovereign country, however small its size, has more than a third of its population over the age of 65 years and a median age of 57, unless the younger generation decided to flee en masse or a specific form of virus completely wiped out the young.

Such a country exists. And its called Monaco. Not too significant in size or geopolitical terms, the name is familiar to those who follow football (AS Monaco) or the Formula 1 grand prix. But the country, measuring a little over two thousand square kilometres, is also a haven for the richest of the rich and one of the world's most well-known casino capitals.

That explains why most of the people living there aren't exactly young. They have spent decades accumulating and growing their wealth and decided one day that they would settle down in the best tax haven Europe could offer, perhaps other than Luxembourg.

Monaco has a population of less than 40,000 people, out of whom more than 12,000 are millionaires who also pay no personal income tax. If you really want to see true display of wealth in the country, do visit the annual Rose Ball where the ruling royal family, the House of Grimaldi, hosts the world's royalty.

The country, nestled between France to the North and the Mediterranean Sea to the south, isn't a mere haven for super-rich retirees. Thanks to low business taxes, it is a hub of financial services, hotels and real estate businesses with many European elites registering their businesses or taking up citizenship of Monaco. No wonder that Monaco is also considered a hub for money laundering activities.

The country's pleasant climate, beautiful scenery and connectivity with the rest of Europe makes it the most densely-populated country in the continent, with more than 26,000 people per square kilometre. Add an annual tourism of more than 6 million people and you wouldn't wonder why Monaco makes it so tough for outsiders to obtain citizenship, even if they have all the money in the world.

Countries across the world are trying to find solutions to their aging populations, considering the growing stress on public finances, productivity and healthcare spending. But Monaco, despite topping the list in terms of its median age, is a different story.