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Monaco: Splashing the cash on the French Riviera

Monaco: Splashing the cash on the French Riviera
Knight Frank Wealth Report / Photo via CNN

CNN’s author Matthew Knight recently published a superb article on Monaco:

Billionaires’ bolt-hole, playboys’ paradise and, for one week at the end of May, host to the most glamorous motor race in the world.

The Monaco Grand Prix is widely regarded as Formula One’s jewel in the crown — the twinkling gem that all racing drivers dream of winning.

This most handsome of settings for a street race has helped build the Principality’s reputation as one of the most desirable places to live on the planet … and the most expensive.

Monaco: Splashing the cash on the French Riviera
Crowds watching the track action from yachts and grandstands at the 2016 Monaco Grand Prix. / Photo via CNN

Life’s rich pageant

Small in size — the Principality would comfortably fit inside New York’s Central Park — but big on personal wealth, Monaco hasn’t levied income tax on residents since 1869.

Today, more than 40% (13,400 out of a total population of 30,600) are millionaires with many of their number worth considerably more — there are an estimated 2,400 multimillionaires, 116 centa-millionaires ($100M+) and seven billionaires.

There are plenty of theories on the secrets to a long life but holing up in Monaco could, statistically, be your best bet.

Cash-rich, care-free living on the sun-kissed French Riviera is clearly good for longevity with residents on average living for 89.5 years — longer than any other nation in the world.

Monaco: Splashing the cash on the French Riviera
A Ferrari cabriolet drives by Monaco’s Cafe de Paris terrace. / Photo via CNN

A sport and a pastime

The grand prix is the centerpiece of Monaco’s sporting calendar but so far this year it’s been the Principality’s footballers and Formula E that have taken center stage.

AS Monaco claimed the French Ligue 1 for the first time since 2000, fending off the might of big spending Paris Saint-Germain and earlier this month, electric cars took to the streets for the Monaco ePrix with drivers racing on an abbreviated version of the F1 track.

The world’s best equestrian riders will also be in town at the end of June to compete in round seven of the 2017 Longines Global Champions Tour.

The grand prix, however, remains unquestionably the biggest draw — for fans, and drivers.

“When you think of Formula One, you think of Monaco — it’s the most important race and the one we all want to win,” says Force India driver Sergio Perez.

Monaco: Splashing the cash on the French Riviera
Cars competing at the 1958 Monaco Grand Prix. / Photo via CNN

Sky-high prices

Forget Hong Kong high rises, Manhattan lofts or anywhere else for that matter, Monaco is the most expensive place to buy a property in the world.

Apartments attract premium prices with $1 million equating to 17 square meters of floor space, or $59,000 per square meter, according the Knight Frank 2017 Wealth Report.

Appropriately enough, Monaco is home to the world’s most expensive apartment, the five storey “Sky Penthouse” at Odeon Tower costs $335 million — although that price does include an infinity pool and your very own water slide!

Monaco: Splashing the cash on the French Riviera
The Sky Penthouse at Odeon Tower. / Photo via CNN

Berth rights

Bernard d’Alessandri, Secretary General of the Monaco Yacht Club, estimates that around 1,000 super yachts visit every year.

Prices for these high-end vessels start at $1 million per meter and hiring one out for grand prix week doesn’t come cheap either — a 100-meter yacht costs $1.2 million with Princess Yacht Charter.

“You know in French we say: ‘quad on aime, on ne compte pas’ (‘when you love something you don’t count’),” D’Alessandri says.

Fame game

Three-time world F1 champion Nelson Piquet famously likened racing in Monaco to “riding a bike around your living room,” but watching the cars on track is only part of the attraction of the Monaco Grand Prix.

The race routinely attracts some of the world’s biggest celebrities who mingle with drivers and VIPs over the race weekend.

Last year’s star attraction was Justin Bieber who swigged champagne with Mercedes driver Lewis Hamilton after the Briton had taken the checkered flag.

Earlier this month, British supermodel Naomi Campbell was introduced to electric racing — Formula CEO Alejandro Agag taking Campbell for a high-speed spin around the track.

Originally published by Matthew Knight at CNN

Living in Monaco

Living in Monaco
Living in Monaco book by Zsolt Szemerszky

The untold stories of Monaco – Secrets, tools, tips and experiences – A professional business relocation, wealth diversification and investment guide which answers the really important questions…

A comprehensive, objective and brutally honest book about the Principality of Monaco and its living environment. The author intended to hunt down the myth around Monaco and to go beyond gossips. It is not a travel book, it is an ultimate guideline to those who are aiming to get a glimpse about the real Monaco and who have the desire to relocate their personal or business life to the Principality.

Traps, frauds, socialite games, benefits, advantages are all covered with tools to reach out the maximum potential in the shortest period of time.

Reading the “Living in Monaco” book you will face the really important questions, such as the required funds to relocate your family versus the small amount shortcuts toward your aims. It also offers tools to reach out the maximum potential in the shortest period of time.

The “Living in Monaco” book is also intended to support the local businesses by educating their prospective clients and to be your own practical guide, including all the main contacts you need to proceed further with the aims and goals you deserve.

The book is available at Amazon.com.


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