Monaco is known as the richest country in the world. This small country is on the French Riviera. It’s about 4 kilometers long and half a kilometer wide. What makes Monaco special? One-third of the people who live there are millionaires.
For many years, Monaco has been known for its wealth. It has the most expensive homes. You’ll also see fancy yachts and the famous F1 Monaco Grand Prix. Everywhere you look, it feels like you’re in a James Bond movie.
Even though Monaco is small, it’s beautiful. It is the second smallest country in the world, only bigger than the Vatican. Even someone from New York City would find it small. The entire country is smaller than Central Park.
There’s a catch: Monaco is very expensive. Some people stay in France and take a train into Monaco each day.
Monaco feels like a museum for rich people. You’ll see huge yachts with helipads, sports cars, and fancy apartments.
Monaco is a tax haven. There is no capital gains tax or income tax. To become a resident and get these tax benefits, you need to deposit $500,000 into a bank account. You also need to own property. A one-bedroom apartment costs around $5 million. To live in Monaco, you need to be a multi-millionaire.
It can be hard to find people who live in Monaco to talk about their experiences. Monaco only has about 39,000 people. A woman named Fran moved to Monaco from America. She is studying luxury in a 10-month program.
Fran said that Monaco takes care of its people. There are stairs and escalators everywhere to help people get around the mountains. The people are friendly and welcoming.
One great way to see Monaco is to go for a hike. You can start at Cap d’Ail and hike up the mountain. The hike takes about an hour and a half.
The views of the French Riviera are amazing. You’ll see why people want to live there. The hike isn’t too hard, but it’s not easy either. Even if you hike, there may be a way to drive up.
From the top, you can see the entire country of Monaco. It’s only two square kilometers, but it looks magnificent from above. If you’re looking for something to do that doesn’t cost a lot, this hike is a good choice.
After the hike, you might meet a local who will bring you pizza. People in Monaco are nice. They are used to seeing people with a lot of money.
Another free thing to do in Monaco is to visit the public beach. You’ll get great views of the city and the sea. You can also find affordable food. A burger, fries, a drink, and coffee can cost around $22. There’s even a fancy McDonald’s.
Many wealthy people in Monaco made their money through art. Contemporary art can be a good investment.
Contemporary art prices have done better than the S&P 500 by 164%.
Monaco wanted to have its own Grand Prix. But there was a problem. The racetrack had to be within the country’s borders. Monaco is small compared to other countries like France and Italy.
Monaco decided to use its own streets for the racetrack. The Monaco Grand Prix became very successful. Today, it attracts rich and famous people from all over the world. They dock their yachts in the harbor to watch the race.
The Prince of Monaco owns many cars. His car collection is worth millions of Euros. You can visit a museum to see his cars.
Monaco’s wealth started with the Monte Carlo Casino. In 1861, France and Monaco made an agreement. Monaco became its own country, but France took away Monaco’s citrus farms. This made Monaco poor.
Monaco needed to find new ways to make money. Casinos were illegal in most of Europe. So, Monaco opened the Monte Carlo Casino. The casino was very successful. In 1869, Monaco stopped charging income tax. They made all their money from the casino.
The casino attracted many rich people to Monaco. The Monte Carlo Casino is still there today. It has been in famous movies, such as James Bond’s Casino Royale.
Monaco is the richest country on Earth. The Grimaldi family and the Monte Carlo Casino helped to create this wealth. The country’s decision to get rid of income tax attracted many rich people. Monaco is beautiful and unique, even though it is expensive. Whether you stay in Monaco or take a train from France, there is a lot to see.
Have you considered visiting Monaco?
Aveline Lux is a visionary writer and digital storyteller, using her blog on CitiWell Shop as a platform to explore the intersection of creativity, commerce, and culture.
Traveling extensively across continents, Aveline draws inspiration from different cultures and global trends, infusing her articles with unique perspectives and practical insights.
Aveline enjoys photography, hiking through nature trails, and curating playlists that fuel her creative process.
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