- Monaco, a sovereign city-state on the French Riviera, is known for its lavish wealth.
- One study estimated that nearly one in three people who live there are millionaires.
- Its famous Monte Carlo district is home to world-famous casinos where high-rollers and VIPs go to gamble.
- Visit Business Insider’s homepage for more stories.
A few things come to mind when most people think of Monaco: gambling, yachts, and the ultra-wealthy.
Indeed, one study estimated that nearly one in three people who reside in Monaco is a millionaire. And one in every 56 residents has assets totaling at least $30 million, according to the study by wealth tracking firm Wealth-X.
Monaco is arguably a playground for the wealthy, partially thanks to its reputation as a tax haven. It also draws millionaires and celebrities from all over the world to its prestigious Monaco Yacht Show each year. Its famed Monte Carlo district is known for being the gambling spot of choice for the world’s high rollers.
Here’s a peek inside life in Monaco.
Monaco is known for its yachts, gambling, and lavish wealth.
About 38,300 people live in the compact city-state.
Source: IMSEE Monaco Statistics
Locals enjoy mild weather year-round in Monaco, which has an average temperature of 75 degrees in July and 50 degrees in January.
Source: Holiday Weather
The official language of Monaco is French, but English is also widely spoken, especially in restaurants, bars, and hotels.
Source: See Monaco
Each year, celebrities and billionaires come from all over the world to see the latest luxury yachting innovations at the Monaco Yacht Show.
Many of the yachts cost hundreds of millions of dollars and are owned by celebrities such as Ringo Starr and Formula One driver Lewis Hamilton.
Source: Boat International
It also hosts the Formula One Grand Prix.
One of the reasons the 1% are attracted to be Monaco could be its identity as a popular banking destination and a known tax haven — it has no income tax.
Source: Money
Monaco's location, close to France and Italy, is a draw for wealthy residents more than other offshore tax havens, Yolande Barnes, a director at real estate consultancy Savills World Research, told CNN Money. "People don't want to feel exiled," she said. "It's the right location for a significant number of the world's wealthy."
Source: CNN Money
Monaco has one of the most expensive real estate markets in the world. The average property price was $5.2 million in 2017.
Source: Soma International Realty, IMSEE Monaco Statistics Office
Monaco residents have access to fresh, local produce and plenty of seafood.
Source: Every Culture, See Monaco
Open-air markets are open every day of the week, year-round.
Source: See Monaco
The people of Monaco can shop at one of the 80 stores found in the luxurious Metropole Shopping Center ...
Source: Metropole Shopping Center
... or hit the streets to find luxury boutiques that include Hermès, Chanel, and Cartier.
Residents are usually in close proximity to royalty. The Monaco royal family lives at the Prince's Palace, a fortified palace that began as a fortress in 1191.
Source: Palais Princier de Monaco
The royal family includes Prince Albert II, Princess Charlene, and their twins, Prince Jacques and Princess Gabriella of Monaco.
Source: Palais Princier de Monaco
Residents have access to a ritzy nightlife scene in Monaco, which is home to one of the French Riviera's most popular night clubs: Jimmy'z , where Leonardo DiCaprio and Lionel Richie have both been spotted.
Source: Boat International Media
Another favorite is a swanky jazz club called Le Bar Américain.
Source: Trip Advisor
At the heart of Monaco's gambling district, Monte Carlo, is the world-famous Monte Carlo casino, where high-rollers and VIPs go to gamble.
Source: Business Insider
In the main gaming room, Salle Europe, you can find Blackjack, Texas hold-em poker, and English and European roulette. The slot machines can be found in the Salle Renaissance and Salle Amérique, while the other two rooms are open to the general public for gambling. And don't think you'll get in wearing a t-shirt and jeans; jackets and ties are strongly recommended for men in the evening.
Source: Lonely Planet
Luxury cars are a common sight in Monaco, with the sounds of drivers loudly revving their engines often heard around town.
Source: CNN Money
Monaco's old town is full of beautiful architecture and charming narrow alleyways.
Source: Visit Monaco
The rest of the city, however, is not entirely so picturesque. Many of the views are dominated by high-rise hotels and apartment blocks.
Source: Lonely Planet
Monaco is home to its fair share of famous residents, one of them being Camille Gottlieb, Grace Kelly's 20-year-old granddaughter.
Source: W Magazine
On Instagram, she posts photos of herself posing in front of yachts and luxury boutiques.
http://instagr.am/p/BaCQBx-l8Be
U2 singer Bono is also a common sight in Monaco.
Source: See Monaco
Monaco is known for being one of the safest areas in the world, with a 24-hour video surveillance system that covers the entire town. It also has one of the largest police forces per capita, according to Money magazine.
Source: Money
