RIYADH: Expanding its operations for the world’s ultra-rich individuals, Goldman Sachs Group, Inc. has opened an office in Monaco. According to registry filings, the New York-based multinational investment bank, and financial services firm received approval in January 2021 to open an office in Monaco. As a part of the expansion plans, Goldman Sachs has already hired Barclays Plc veterans Arnaud Caussin and Thibaut Lambert to lead the new team. “The opening of our presence in Monaco is critical to delivering on our regionalization strategy and overall growth plan. Monaco represents a significant jurisdiction for our private wealth business in Europe,” said Chris French, co-head of private-wealth management for Goldman Sachs EMEA, Bloomberg reported. It should be noted that Monaco is one of the world’s richest places where one-third of its residents are billionaires. The city-state is also known for its casinos, extravagant events, and low taxes. Some of the billionaire residents in Monaco are Jim Ratcliffe, founder of British chemical firm Ineos, and Russian business tycoon Dmitry Rybolovlev, who also owns a football club in the city-state.