According to the Central Bank’s data, Montenegro has 89 citizens with more than one million euros in their commercial bank accounts. Experts are calling for increased scrutiny of public officials’ accounts and the implementation of vetting processes to combat corruption and abuse. The Anti-Corruption Agency has urged decision-makers to establish cooperation agreements with neighboring countries to gain better insights into the asset statuses of public officials.
While the number of millionaires in Montenegro is on the rise, financial consultant Stevan Gajević emphasizes that this figure is relatively small considering the country’s population. The Central Bank reports a total of 89 millionaires.
“These individuals have likely acquired their wealth legally, whether through business ventures or inheritance, and keep their money in banks. Given the current inflation, holding cash can diminish its value, making 89 millionaires a small number for Montenegro,” Gajević stated.
The current statistics highlight a significant number of investors maintaining visible accounts, in contrast to “invisible millionaires” operating in the gray economy, as noted by the NGO Action for Social Justice.
“It’s crucial to recognize the existence of many invisible millionaires in Montenegro. These individuals have amassed wealth through various means, often in the gray zone. They are unlikely to keep their assets in visible accounts with the Central Bank and may have relocated them abroad,” explained Ines Mrdović from the NGO.
Mrdović pointed out that Montenegro is viewed as an attractive destination for the wealthy, particularly due to its low tax rates.
“Take, for instance, the late Peter Munk, who launched the Porto Montenegro project. Those of us involved with that project are aware that his initial request to come to Montenegro was tied to specific tax privileges,” she noted.
The Anti-Corruption Agency is advocating for an international agreement that would allow the country to access the asset information of officials in neighboring countries.
“Only North Macedonia has ratified such an agreement, but we anticipate that others will follow suit. Ideally, Montenegro would be the first to ratify this agreement, enabling us to verify the assets and incomes of public officials in the region,” remarked Dušan Drakić from the agency.
Experts have also highlighted that only 37% of public officials have agreed to allow access to their bank accounts, stressing that vetting is the most effective solution in the fight against corruption and abuse.
