Is It Only For The Ultra-Rich?
Many believe we will never be wealthy unless we hit the lottery. Now that people from Malta can buy Mega Millions tickets online, more people are thinking about that dream. People in Malta have become millionaires from lotteries, but they are not the only ultra-rich people who live in this beautiful island country.
This article will share some facts about Malta that you may not know. You will soon learn why Malta is a unique place to vacation or to live.
Millionaires everywhere!
According to one report, there are 9,400 residents in Malta with a net worth of over €1 million. There are 460 people classified as multi-millionaires, and 27 have a net worth of more than €100 million. Malta is also home to two billionaires. It is hard to imagine this volume of ultra-wealthy people in a country with a population of only 533,286 people.
Malta offers everything anyone would want. The beautiful sea, bustling nightlife, world-class entertainment, beautiful luxury homes, and a government set out to attract people of this status. However, all the citizens of Malta are not rich. The common class residents enjoy a comfortable life in this island paradise for an entirely different reason. The costs of living in Malta are relatively low, making it affordable for people who draw an average income.
Photo credit: Lukas Tennie
Cost of living
Of course, the cost of living in Malta varies depending on where you live. But overall, the cost of living in Malta is much lower than most expect. On average, the cost of living in Malta is 36.7% less than the cost of living in the United Kingdom. It is 29% lower than living in the United States. Below we will break down some of the typical expenses.
Rental expense
If you were to rent a one bedroom apartment in London, you can expect to pay a minimum of €2,157 per month. If you rent a one bedroom apartment in New York City, it will cost around €4,100 per month. However, a one bedroom apartment in Valletta Roughly (which comes fully furnished) is around €970. That is quite a difference. Of course, rent can be more or less determined by the property but the locations are similar.
When you add the cost of utilities, the savings are just as impressive. The price of utilities in the US or UK are about €203 for an apartment that is roughly 85 square meters. Utilities for the same size unit in Malta are roughly €92 per month, However, that is not the only difference. Utilities in Malta include electricity, phone, water, internet service, and cable TV. In the US phone, internet service, and cable TV are always additional charges from other companies. These costs are usually more than the utilities alone.
Photo credit: Mia de Jesus
Food costs
It can be challenging to keep the price of food low in Malta. Depending on the number of people in your family weekly groceries range between €180 to €380 per week. The primary cause of the price of food is due to the costs of importing food. To lower the expense, buy local products and Italian products. However, most people say the food is worth the price. Malta has some of the best restaurants in the country.
Eating out is a bit more expensive too. A low cost restaurant will cost 10% to 25% less than it would cost in the US. But, a mid-range restaurant (and up) in Valletta will cost you an average of 10% more than it would in the US.
Health care
Healthcare is free in Malta for almost everyone. If you are a citizen of the EU and you have a form E121, you qualify for free health care. Visitors are encouraged to get an European Health Insurance Card so they too can get health care at no charge.
The cost of prescriptions is another story. Since most medical drugs must be imported, it drives the price of medication up.
Transportation
Malta is a small island and it has an extensive public transportation system. Most people who live on the island feel no need to own an automobile. Public transportation saves residents the costs of cars, fuel, insurance, and repairs. The price of a monthly pass is €26. A monthly pass with equal services in the UK cost €77.
Conclusion
Malta is the home of a lot of very wealthy people. But, it is also home for the average class. Malta is everyone’s paradise. Malta is surprisingly affordable. If you play Mega Millions online and hit the jackpot, Malta is the perfect place to live. Of course, you will probably move into one of the luxury homes that are available. But, you will still be home.