35+ Life Facts In Monaco, Where Millionaires Can Be Found Just About Anywhere |

35+ Life Facts In Monaco, Where Millionaires Can Be Found Just About Anywhere

Monaco is frequently cited as one of the richest nations in the world. Many other “developed countries,” such as the UK and Japan, have lower GDP per capita than Monaco. Monaco has a higher percentage of millionaires than the average country, with nearly 40% of the population living in poverty. A little over 30,000 people live in the tiny Mediterranean nation of Monaco. Its residents are reputed to be extremely wealthy. Here are some details about Monaco’s opulent lifestyle.

Two Currencies

Monaco used only the Monégasque franc, which was also accepted as legal tender in France. Monaco adopted the Euro as its sole currency in 2002, and France followed suit until 2011.

Housing Expenses

Monaco has some of the most expensive apartments in the world. Depending on the area’s prestige, the price per square meter starts at 10,000 euros and goes up from there. The ones on the top floors of buildings with a view of the sea are the most expensive.

But even those in less upscale locations (with only a view of a few roofs) are worth at least 12,000 euros per square meter. A few residences have already been sold for up to 20 million euros.

Ain’t A French State

Monaco is an independent nation that is guarded by France. It is situated on the French Riviera and is one of the priciest countries in the world. Before it gained independence, it was governed by France for more than 400 years.

French rule over the area persisted until 1962. The principality established itself as an independent constitutional monarchy. After the collapse of the Roman empire, this happened. At that time, no monarch in Europe could legitimately claim to be the head of state without being subject to legitimate higher authority.

The Palace Of The Prince

The Palace of Monaco, the most well-known fairytale palace in the world, was constructed in Monaco in 1878. The Grimaldi family has lived there for well over a century.

The National Assembly of Monaco, which serves as the country’s legislative body, is located at the Palace of Monaco, which also serves as the sovereign prince’s official residence. The Prince’s Palace is a Renaissance-style building on the East Side of Monaco.

Prince Albert

The late Prince Rainier III and the late Princess Grace gave birth to Prince Albert Joseph-Marie Louis in 1953. He is Monaco’s forty-third head of state.

When he was born, Prince Rainier III, his father, did not want his son to become king. But as he got older, he started to play a bigger part in the government. It was anticipated that he would one day succeed his father. Albert, Stéphane, and Princess Gabriella are the three kids of Prince Albert II.

The Dynasty Of Grimaldi

From 1297 until Napoleon’s conquest of Monaco in 1814, the Principality of Monaco was ruled by the Grimaldi Dynasty. At first, the Grimaldi was referred to as the “Grimaldi” or “de La Marche.”

Before the French took over, Monaco was ruled by the House of Grimaldi. Rainier III was the “Head of State” and actual ruler of the day. After the 1949 passing of his father, Prince Louis II, he took the throne. He ruled until his death in 2005, making him the oldest monarch in Europe still in power.

Charlene Wittstock

Princess of Monaco and former Olympian swimmer Charlene Wittstock. She participated in the 1992 Summer Olympics in Barcelona, Spain, at the age of 22, and won a bronze medal.

The same Olympiad is where she first met Prince Albert II. Wittstock earned an Olympic medal in 1992 along with 35 other competitors. She is one of just three swimmers to have participated in both the 1992 Olympics in Barcelona and the 2000 Olympics in Sydney.

The Playground Of Billionaires

A family in Monaco makes an average yearly income of $570,000. The fact that Monaco has the highest concentration of millionaires in the world should not come as a surprise. An annual income of at least $500,000 is earned by 33% of households.

Numerous citizens of Monaco now benefit from the advantages of living in this stunning nation thanks to its diverse economy. One square mile in size and situated on France’s Mediterranean coast in Western Europe, Monaco is one of the tiniest nations in the world.

More Women

Monaco is an example of a nation where there are more women than men, according to the CIA World Factbook. The CIA World Factbook lists 4,409 as the population. 1,857 men and 2,552 women make up this total.

According to the Monaco Statistical Yearbook, the population is 4,399, according to the CIA World Factbook. 1,857 men and 2,624 women make up this total. International Monegasque Organizations claim that as of 2005, this gender disparity has been slowly and steadily declining. In recent years, it has stabilized at around 950 men for every 1,000 women, as it did in 2000.

Having To Live In Monaco

Although Monaco’s utility companies and electricity rates are among the highest in Europe, the quality of its utilities is high. At about $7 per gallon, Monaco has one of the most expensive gas prices in all of Europe.

For such a wealthy country with a high cost of living as Monaco, food costs are still quite affordable, despite being more expensive than in other parts of Europe.

Schools Are Free

Monaco has a thorough and organized educational system that promotes high levels of equality among its students. On the other hand, despite the fact that all students in Monaco have access to free meals and the education system is inclusive, there is evidence to suggest that rather than being a fundamental right, education is viewed as a social entitlement.

This point of view has led to some conflict between wealthy people who can afford to pay for their kids’ education and those who are unable to go because of financial constraints.

Opening A Bank Account

To open a bank account in Monaco, an individual is required to have a significant minimum balance. For residents, there is no required minimum balance.

Depending on the bank, a deposit of either $300,000 or $1,000,000 is typically required of non-residents. In Monaco, interest income is not taxed. The Euro and the Monegasque franc are the two official currencies of Monaco.

Monaco Grand Prix

The Monaco Grand Prix seems to be the world’s most prestigious auto competition. This is primarily because it has been around for a while and a lot of well-known drivers from all over the world come to compete.

The location, however, is what draws the most spectators to this Grand Prix. The track used for the Monaco Grand Prix is extremely congested and challenging for drivers. But it’s not the track itself that makes it so difficult to drive on. Everything on and around the track is what makes it so challenging.

No Dress Code

The city doesn’t have a formal dress code, despite the fact that many wealthy residents and those seeking cosmopolitan lifestyles call it home.

Americans frequently discover that certain aspects of their appearance or attire (such as tattoos) may cause problems when applying for visas or residency permits in Monaco because the country depends heavily on tourism for its income. When visiting Monaco, it is preferable to wear conservative clothing purely from a financial standpoint. You should always dress as though the nation is a monarchy.

Outstanding Security

While sirens can be heard in the distance as one strolls through the streets, there is always a sense of calm. It’s like residing in a dystopian utopia where there is no crime or violence and nothing bad ever occurs.

The few crimes that do happen are usually the result of intoxicated or ignorant tourists who wind up in jail. It has a little over 33,000 residents and only 2,000 police officers work there. Accordingly, there is only one police officer for every 100 citizens.

Architecture At Its Finest

Monaco has a wide variety of architecture despite its small size. The architecture consists of rococo, neoclassical, classical, and modern styles. The majority of Monaco’s structures date from the 18th century to the middle of the 20th century, though some were built earlier or later.

The Mairie (Town-hall) Palace Square in Monaco has the renowned Place du Palais in front of it, which also houses the former Prince’s Palace. Additionally, there is the St. Nicholas Church as well as the 1903-built and 1922-expanded “Hôtel de Paris.”

Artificial Island Project

As of 2020, Monaco’s mainland reclamation project will be called Le Portier, also referred to as Portier Cove. About 1 billion square meters of the beaches on the southern edge of Monaco are intended to be reclaimed by the project.

The reclamation of the land is anticipated to create new areas for commercial and public structures, as well as to widen the harbor and increase access to it. A 5-hectare man-made island that will be connected to the Rock of Monaco is planned. The island will have structures for both public and private businesses, as well as access to the water.

Gambling

The Mediterranean coast’s Monte-Carlo Casino, which opened its doors in 1906, served as Europe’s most significant casino for more than 30 years. Monaco legalized gambling in 1977, and a posh hotel has since helped to revive the casino’s popularity.

Booking a table at the on-site Les Ambassadeurs restaurant is possible, and the casino is frequently rented out for events and charitable causes. Monte-Carlo is open to all, which is magnificent in and of itself.

Working Permit

According to the Monaco Constitution, no foreigner is allowed to hold a salaried position without a work permit. This clause mandates that they need a new work permit if their status with their current employer changes.

In that kind of position, it does not permit a change in employers. The government allows a small proportion of foreigners per person. According to some calculations, that number could be as low as one or two per 10,000 people.

Highest Life Expectancy

According to reports, as of 2016, the nation had the world’s highest life expectancy. The annual average life expectancy for both sexes is 89.5 years, beating Japan’s 92nd-place 85-year average.

Every ten years, one can anticipate a roughly 3.5-year increase in life expectancy over the prior decade. The child mortality rate (CMR) is the proportion of children under the age of five who die over all children in that age group. In 2016, Monaco had a CMR rate of 0.72 per 1,000 children under the age of 5, which was lower than Japan’s rate of 80 per 1,000.

Monaco’s Poverty Rate

Low-income families would do well in Monaco because of its low level of income inequality. Monaco has a $92,000 per capita median income. With this level of income, Monaco has a 10% overall poverty rate and a 3% infant mortality rate.

Despite having a low rate of poverty, Monaco has a sizable population of people who live on low incomes. This is primarily due to the fact that in this small country, only one-third of the labor force is unemployed. Monaco’s workforce would grow by at least 15% if all of its residents who make at least $20,000 annually joined the labor force.

Avenue Princesse Grace

Monaco’s Avenue Princesse Grace is a street. It parallels the Mediterranean Sea on all sides. Princess Grace of Monaco, who passed away on September 14, 1982, inspired the naming of the street.

The Avenue Princesse Grace has also been a location for many famous Hollywood movies such as Diamonds Are Forever and Ocean’s Twelve. It is named after Grace Kelly. A popular structure in the avenue is the Fontvieille Building, formerly a casino and hotel which has now been converted into an upscale yacht club.

There’s No Airport

The airport’s location in the heart of Monaco is intended to facilitate better traveler entry and exit. This would assist in reducing clogged roads.

It hasn’t been formally pursued, though, and the airport might never be built. The airport is typically seen as a continuation of an earlier plan to construct two sizable container terminals on Monaco’s western border. The container terminals would be a lot bigger than the ones in France and Belgium, which can’t handle container exports due to their size.

Monaco Flag

In 1297, the Grimaldi dynasty adopted the Monaco flag. Their badge is made of the same red and white colors as the shield. Red and white bands alternate on the heraldic shield, which also has a white cross on the dexter side.

The flags of Monaco and Indonesia are nearly identical. The only distinction is an additional red rose, which represents Monaco’s independence, is added to one side of the flag.

Free Of Tax

In order to entice foreign investment, Monaco has a variety of tax policies. Monaco differs from other nations in that neither its citizens nor its businesses are subject to corporate taxes, income taxes, or capital gains taxes.

Due to the absence of an income tax, residents and businesses in Monaco are completely exempt from all taxes on their profits. Sales tax and value-added tax on goods for living in Monaco or selling there are the only exemptions.

Grace Kelly

Princess Grace Kelly and Grace Kelly, a famous Hollywood actress, were both the same person. On November 12, 1929, she was conceived in Philadelphia, Pennsylvania. On April 18, 1956, she wed Prince Rainier III, becoming the Princess of Monaco.

In addition to being credited with making the world more glamorous, she won an Oscar for her performance in the 1957 film The Country Girl. Princess Caroline, the current Hereditary Princess of Monaco, was born to her and Prince Rainier in 1962.

The European Union And Monaco

A long-standing and mutually beneficial relationship exists between Monaco and the European Union. Roughly 1,900 people are living in the Principality, a tiny nation on the southern French coast.

In the case of Monaco, France serves as the primary conduit for communication between the principality and the EU because the two countries have a close bond. French sanctions were imposed on Monaco’s government at one point in 1996 when it tried to impose limitations on French employment there.

Age Of Monaco

Since 1297, Monaco has maintained its independence with the exception of brief periods when it was under foreign occupation, specifically by Spain from 1297 until 1419 and once more from 1793 until 1814. Following the signing of the Treaty of Vienna in 1815, Monaco attained independence.

The Monaco constitution, which was adopted in 1911, established the country as a constitutional monarchy with the monarch as the head of state. The ruler is the head of state in Monaco, but the Prince and Prime Minister are given the responsibility for running the country. Monaco or Monsieur le Prince are the terms the Prince uses to address the populace.

Monégasque Nationality Law

Citizenship in Monaco is determined by the Monégasque Nationality Law, which Prince Charles III of Monaco issued on December 18, 1919. The age at which someone can be granted nationality and become a citizen is outlined in this law.

A national census and identity card are used to administer this law, which applies to the entire principality. Although the nationality law has undergone several revisions since 1919, this one is regarded as the most significant to the status of Monaco. People born after August 8, 1928, are now eligible for Monégasque citizenship thanks to a 1999 amendment.

International University Of Monaco

In the Principality of Monaco, IUM (International University of Monaco) was established in 1986. The institution is ranked among the top 100 universities in the world. The IUM grants doctoral degrees in addition to undergraduate and graduate programs.

The International University of Monaco’s main building is a sizable, cutting-edge structure with a stunning white oculus at its center. The ancient Greek-inspired architecture has been called “a symbol of international prestige.”

Taking Your Car Away

Instead of driving to Monaco, take the public transportation system to experience the principality’s distinctive atmosphere and breathtaking scenery. The way the police in Monaco deal with parking tickets is to pull over the violator and take their car away.

Officers will send a text message or a letter to the registered owner as soon as the ticket has been served informing them of an unpaid fine. Police will seize the vehicle and store it for up to 30 days if it was illegally parked at the time of the offense and it hasn’t already left Monaco.

Musée Océanographique

The Oceanographic Museum is close to the Oceanographic Museum Port and is situated in Monaco-Ville. The Museum was established in 1964 and now has unmatched collections.

The collection includes the world’s largest private collection of underwater artifacts, which were gathered from 18th and 19th century shipwrecks. A peninsula with a view of the Mediterranean Sea is where the Museum is situated.

The Jardin Exotique de Monte Carlo

Prince Albert II, a businessman, founded the Jardin Exotique de Monte Carlo in 1970 after searching the globe for plant specimens for his collection.

The gardens begin to take shape in the winter when flowering plants and exotic greenery start to sprout up against the walls that surround the property’s cliff-top paths and reveal views of the Mediterranean Sea. Prince’s Steps, located on the park’s southern edge, lead to the garden. In 1780, these steps were constructed to lead to a lookout over Monte Carlo Bay.

The Métropole Shopping Monte-Carlo

The Neoclassical Métropole Shopping Monte-Carlo building was designed by architect Jean-Baptiste Rubino and constructed between 1838 and 1843. At first, it was a home for Francis II, Duke of Modena.

Prince Albert I of Monaco and his wife, Princess Marie of Baden, resided there in the early 20th century. After 1930, the structure served as a commercial establishment that stayed open until the end of World War II.

The Chapel

The chapel dates back to the 14th century and was constructed in Monaco. Saint Devota, who served as Monaco’s patron saint before St. Nicholas replaced her in 1768, is honored in this chapel. Sundays and Holy Week are the typical times when Mass is held in the chapel.

For more than a century following the end of World War II, the chapel was submerged. The chapel was destroyed in a fire in 1987, and it wasn’t reopened to the public until 1990. Under the floor of the Chapel is a safe where many of Monaco’s records and secrets are still kept.

The National Dish

The national dish of Monaco has many symbolic meanings in addition to being delicious. It was originally served on November 19, 1780, to honor the day Monaco was freed from French occupation.

Potatoes, carrots, celery, onion, and garlic are all components of barbagiuan. Thieves and bay leaves are added to the vegetables for flavor. The distinctive green hue comes from the fresh parsley that is stirred into the dish right before serving.

Fort Antoine Theatre Or Théâtre Royal de Monaco

In 1807, a Parisian Frenchman constructed the Fort Antoine Theatre. The structure was designed as an opera house in the late 18th century. Renovated, it is still in active service. In its early days, the venue was known as the “Théâtre Royal de Monaco.”

A performing arts venue where opera, concerts, and plays are regularly staged. The Opéra de Monte-Carlo can be found there. The theater was constructed by Monsieur Tronchat as part of his casino.

Opéra de Monte-Carlo

The Principality of Monaco is home to an opera house known as the Opéra de Monte-Carlo. Then in 1858, the Royal Opera House was constructed and quickly became the center of the theatrical, ballet, and symphonic communities.

On December 25, 1861, Rigoletto was performed as the Opéra de Monte-Carlo’s first opera. Following a one billion euro renovation project finished in 2015, the Opéra de Monte-Carlo reopened its doors. The number of boxes was increased to 32, the stage’s height was doubled to 16 meters, and five additional tiers of boxes were added.

Different Ethnicities

Monaco’s population is ethnically diverse. The majority of the inhabitants of the city-state are French, Italians, and Monegasques, but there are also significant populations of Brits, Americans, Irish, Russians, and Scandinavians.

On the other hand, the majority of the local population is made up of people who were born in France but now live in other countries in Europe.

Love For Champagne

When many visitors arrive in Monaco over the weekend, they do nothing but drink pricey champagne and eat at pricey establishments.

Champagne drinking is not as popular in Monaco as it is elsewhere in the world. They have a specific drink, about which they are extremely passionate. With more than 130 accolades, the champagne label “Monaco” is the most honored winery in the entire world. The grapes from a specific vine that grows on a rock in this tiny principality are used to make champagne.

Champions Promenade

The Champions Promenade, which is a part of Monaco’s Royal Palace and links the building to the harbor, provides a fantastic view of the heart of the city. There are also a lot of rubber ducks on this promenade that kids have donated to the area.

Soccer players like Diego Maradona, Pelé, Zinedine Zidane, and others have left their footprints and signatures along Monaco’s Champions Promenade. These prints on the pavement are those of football players who gave their shoes to the Champions Promenade in exchange for a donation. The biggest one of them all, however, belongs to Cristiano Ronaldo, who wore it as he raced to score the game-winning goal in the Champions League final of 2014.

Sunny Weather

Millions of tourists visit Monaco each year because of its opulence and sunny weather. The number of cases of food poisoning increases in the summer.

Typically, the bacteria in food remains alive after being left out too long and causes digestive disorders. The highly processed food that residents of Monaco frequently consume puts them at risk. People consume a lot of seafood, which is full of pathogenic bacteria.

French Riviera Card

The French Riviera card, also known as the Côte d’Azur card, is a pass that some businesses give to their employees. It includes all the advantages, such as cheaper rates for car rentals, reduced airport parking fees, and special offers for various attractions and events.

In addition, individuals who have registered for the Côte d’Azur card have the ability to buy the Eurail pass and receive a discount on their travel.

Size Of Monaco

More than 0.6 square miles (1.6 km2) of land make up Monaco. With an average population density of 2033 people per square mile, it is one of the most densely populated countries in the world and the second-smallest overall.

It is one of the nations with the highest population densities in the world. The Republic of Singapore is the only nation with a denser population. By both area and population, the Principality of Monaco is the second-smallest nation on earth.

Living As A Monacan