This was a terrible video, it just explans how VAT works, and calls 19%VAT huge (lower than average in Europe). It does not answer the question why so many millionaires live there and how its economy works.

Actual info from wiki:

The state has no income tax and low business taxes and thrives as a tax haven both for individuals who have established residence and for foreign companies that have set up businesses and offices. The state retains monopolies in a number of sectors, including gambling, tobacco, the telephone network, and the postal service.