It Cost How Much To Live In Monaco: Home to F1 and Luxury Mansions.

monaco is esteemed as a billionaire's playground because of its extravagant wealth casinos and glamorous events such as the monaco yacht show and the monaco grand prix in less than one square mile monaco has 12 261 millionaires hey guys welcome to luxury tube [Music] [Applause] in today's video we are dealing with the question can you live in monaco when you're not rich before we dive in don't forget to drop a like and subscribe to our channel without further ado let's get started in what life looks like in a land so prosperous it doesn't track poverty it is a sovereign city-state and micro state in western europe located on the french riviera near the italian region of liguria it is bordered to the north east and west by france and the south by the mediterranean sea the principality has a population of 38 682 inhabitants it gets widely regarded as one of the most expensive and affluent places on the planet monaco has the highest gdp nominal per capita in the world at one hundred eighty five thousand seven forty two u s dollars and the highest gni per capita at one hundred eighty three thousand one fifty dollars it also has a two percent unemployment rate with over forty eight thousand workers commuting daily from france and italy according to the cia world factbook monaco has the lowest poverty rate and the most significant millionaires and billionaires per capita monaco has the world's most expensive real estate markets for the fourth year in a row in 2012 with fifty eight thousand three hundred dollars per square foot according to forbes in 2016 the world's most expensive apartment is in monaco where a penthouse at the odinn tower got priced at 335 million dollars the standard of living is high approximately comparable to that of wealthy french metropolis several businesses including tobacco and the postal services are monopolized by the government monaco is not a member of the european union it is however closely related to france by a customs union and a result its currency the euro is identical to that of france monaco's coins the mon gasque frank were minted before 2002. tourism is one of monaco's most important source of revenue the casino and the pleasant climate attract a significant number of international tourists per year monaco's banks specialize in private banking asset management and wealth management it is also developed into a major banking center with over 100 billion euros in assets the principality has been flourishing and diversifying its economy by focusing on services and small high-value added non-polluting industries like cosmetics and biothermics monaco's strategic position made it one of the nation's most disputed territories according to legend the mountain dwelling ligours migrated here from genoa in its early history it was the greeks who gave it its name after that following the gallic wars it was ruled by the romans until the fall of the roman empire when odaiser of italy took over the genoese grimaldis seized monaco in the 12th century and founded their dynasty there apart from a brief french occupation the grimaldis have dominated monaco for most of the time since then prince rainier 3 who married the american actress grace kelly is credited for bringing economic prosperity to monaco his wife also plays an essential role in promoting the arts and bringing glamour to this nation as a result she was crowned as a princess of monaco and became one of the most well-known celebrities to have ever resided there what might be the driving factor for the ultra wealthy to make this piece of property their permanent residence one factor tends to be monaco's posh glitzy and glamorous lifestyle the city-state is a billionaire's playground along the beaches and in the center of the country entertainment facilities such as bars and resorts abound buildings are tastefully built to reflect the region's laid-back attitude another consideration is the state's generous tax incentive program it entices them with a nil rate of income tax scheme what's remarkable is that the country is still known as a prosperous country it has a four zero one billion dollar gdp and a per capita income of one hundred sixty six thousand seven twenty six dollars it serves as a lure for other common sense affluent people to move there they could also live like ordinary people without the unwelcome publicity that could violate their privacy if they lived with more multi-millionaires and billionaires besides the pleasant weather serves as a selling point for the region majority of the celebrities spend their summers in the city state it may have the world's shortest coastline at 3.83 kilometers but it's brimming with opulent beach resorts fit for royalty every year events such as monaco grand prix attracts a large number of celebrities they become interested in spending their summer vacations or establishing permanent residences in the country after seeing the country's wonders f1 drivers spout stars singers actresses and others are among the many celebrities who come here monaco is undeniably a sanctuary for those who want to brush elbow with their heroes no wonder that it's home to the world super rich including financer james richmond who made his fortune investing in promising companies like uber tesla and facebook also home to american casino billionaire steve wynn and the united kingdom's wealthiest man sir jim ratcliffe the principality did not arrive at its present position by chance it has become a tourist and an investment destination due to its rich history and healthy climate it hosted the portion of the monte carlo rally since 1911 which started at prince albert first's invitation the rally like the other grand prix is organized by the automobile club the monaco it has long been regarded as one of rallying's most challenging and most prestigious competitions and it served as a world rally championships opening round from 1973 to 2008. the rally was the first round of the international rally challenge from 2009 to 2011. when it comes to formula 1 the monaco grand prix has been held in monaco streets every year since 1929. it is commonly recognized as one of the world's most prestigious car races the circuit de monaco takes six weeks to build and the deconstruction takes three weeks after the race the circuit is narrow and tight with a tunnel tight corners and frequent elevation changes making it one of the most challenging formula one circuits driver nelson piquet compared driving the circuit to riding a bicycle around your living room charles leclerc who has won two races so far in his career the 2019 belgian grand prix and the 2019 italian grand prix is another grand prix winner from monaco now let's talk about the cost of living in monaco it is superior to the standard the principality of monaco is regarded as one of europe's most expensive places to live real estate on the other hand is the primary source of expenses prices are equivalent to those in france and the cote d'azur for most goods food in supermarkets is inexpensive due to a lack of sufficient taxation in terms of clothing monaco has batiks for all the major brands in terms of service costs they are way above average all are costly with an annual income of 500 or more thousand euros living in monaco's principality would be accessible in terms of a comfortable life and general self-sufficiency feelings it's surreal to be here without a bank account buying real estate renting apartments in monaco purchasing a sim card renting a car and so on are all only possible with a bank account to open a personal bank account you must deposit at least 100 000 euros there are no traditional banks and all account transactions get done by a private banker through whom you manage practically all account transactions customers should register any receptive funds to ensure salary personal property selling lottery winnings all should be straightforward and clearly outlined in the paper banks have mobile apps but they only allow you to check your balance and see your account's most recent transactions debiting and crediting funds into your accounts are kept for one to seven days that's all for today folks if you like our video please don't forget to like share and subscribe to our channel and press the bell icon so you don't miss an update also let us know more about monaco in the comments section down below see you soon you

Channel: Luxury Minion

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Keywords: monaco, monte carlo, monaco economics explained, economics explained monaco, monaco economy, living in monaco, monaco house, monaco lifestyle, monaco party, monaco billionaire, monaco documentary, monaco rich, monaco nightlife, monaco city, monaco grand prix, rich kids of monaco, life in monaco, monaco country, monaco rich life, monaco travel, why monaco is so rich, why monaco, why monaco grand prix, luxury monaco, luxury life in monaco, monaco luxury homes

Id: 51uzsinhELQ

Length: 9min 15sec (555 seconds)

Published: Fri Apr 16 2021