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canada goose What it's like living in Monaco, the glamorous city-state on the French Riviera that's home to a glitzy annual yacht show and where an estimated 1 in 3 people is a millionaire Katie Warren Oct. 1, 2018, 9:53 AM Nearly one in three people living in Monaco is a millionaire. Shutterstock/RossHelen 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. 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. 1/ Monaco is known for its yachts, gambling, and lavish wealth. Drozdin Vladimir/Shutterstock 2/ About 38,300 people live in the compact city-state. Shutterstock/RossHelen Source: IMSEE Monaco Statistics 3/ Locals enjoy mild weather year-round in Monaco, which has an average temperature of 75 degrees in July and 50 degrees in January. Shutterstock/RossHelen Source: Holiday Weather 4/ The official language of Monaco is French, but English is also widely spoken, especially in restaurants, bars, and hotels. Shutterstock/RossHelen Source: See Monaco 5/ Each year, celebrities and billionaires come from all over the world to see the latest luxury yachting innovations at the Monaco Yacht Show. Drozdin Vladimir/Shutterstock 6/ 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. Eric Gaillard/Reuters Source: Boat International 7/ It also hosts the Formula One Grand Prix. Frank Augstein/AP 8/ 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. Shutterstock/IVASHstudio Source: Money 9/ 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.” Shutterstock/S-F Source: CNN Money 10/ Monaco has one of the most expensive real estate markets in the world. The average property price was $5.2 million in 2017. Shutterstock/MarinaDa Source: Soma International Realty, IMSEE Monaco Statistics Office 11/ Monaco residents have access to fresh, local produce and plenty of seafood. Shutterstock/ira008 Source: Every Culture canada goose outlet online , See Monaco 12/ Open-air markets are open every day of the week, year-round. Shutterstock/bellena Source:See Monaco 13/ The people of Monaco can shop at one of the 80 stores found in the luxurious Metropole Shopping Center … Shutterstock/Rostislav Glinsky Source: Metropole Shopping Center 14/ … or hit the streets to find luxury boutiques that include Hermès, Chanel, and Cartier. Shutterstock/InnaFelker 15/ 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. Shutterstock/Kirill Neiezhmakov Source: Palais Princier de Monaco 16/ The royal family includes Prince Albert II, Princess Charlene, and their twins, Prince Jacques and Princess Gabriella of Monaco. Reuters Source: Palais Princier de Monaco 17/ 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 18/ Another favorite is a swanky jazz club called Le Bar Américain. Source: Trip Advisor 19/ At the heart of Monaco’s gambling district, Monte Carlo drachen-spiele , is the world-famous Monte Carlo casino, where high-rollers and VIPs go to gamble. Shutterstock/Matej Kastelic Source: Business Insider 20/ 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. Reuters Source: Lonely Planet 21/ Luxury cars are a common sight in Monaco, with the sounds of drivers loudly revving their engines often heard around town. Shutterstock/S-F Source: CNN Money 22/ Monaco’s old town is full of beautiful architecture and charming narrow alleyways. Shutterstock/Ross Helen Source: Visit Monaco 23/ The rest of the city, however, is not entirely so picturesque. Many of the views are dominated by high-rise hotels and apartment blocks. Shutterstock/Ceri Breeze Source: Lonely Planet 24/ 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 25/ On Instagram, she posts photos of herself posing in front of yachts and luxury boutiques. 26/ U2 singer Bono is also a common sight in Monaco. Getty Images Source: See Monaco 27/ 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. Shutterstock/RossHelen Source: Money Previous 1/ Next SEE ALSO: This $145 million superyacht just won a major award for its ultra-luxurious interior at the Monaco Yacht Show – here's a look inside canada goose parka

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