The Wealth in Monaco

I mentioned in my previous post on Monaco that this tiny country is one of the wealthiest nations in the world, but nowhere can you see a better demonstration of that wealth than in the city's main harbor.

It's located right outside the exit of the central train station so you can't miss it. It's one of the first things that you see upon your arrival.

I recommend taking a stroll along the pier to get a glimpse of the world's smallest coastline and to also get an idea of just how much money is in the city at any given time.

In the harbor you'll see an impressive display of boats and yachts, some of which are really quite massive.

Something that is super interesting about yachts is that each one is unique and named and you can easily look up information on just about any specific yacht. All you have to do is google its name.

For instance, the yacht to the left in the photograph is named Luna B. It has 6 cabins and holds up to 12 guests and 18 crew members, including two chefs. It has an inflatable water slide on board, a grand piano and a cinema that sits 12 people.

Oh and by the way, it also cost $495,000 per week to rent during the high season, plus expenses. Per week! - what!?!

It's mind boggling that that kind of money exists in the world.

Okay, how about the Siran yacht above? It was built in 1992 and costs $50 million USD with an annual operating cost of $2-5 million. I'm guessing it's closer to 5 million today based on current gas prices.

Galaxy of Happiness - 🤣. This thing looks like a bloody spaceship that converts into a submarine or something. To be honest, I was actually impressed by this thing. It was the coolest and most unique looking yacht we saw in Monaco.

Described as an *Eco-friendly super yacht *, this beast of a boat can house 8 people in 3 cabins with 5 crew members in 3 cabins as well. It can reach speeds of 11.5 knots (I think thats roughly 20km/hr) and has a zero emissions cruising feature, which is a pretty cool feature given where the world is going re: global warming and climate change.

This puppy is currently for sale for....

...only $33 million USD. To be honest, given its crazy futuristic look I thought it would be worth more.

On the pier is this large bronze statue called Et Purus. Its a hand on top of the world with its index finger pointed skyward. I thought that it was Monaco's way of subtly telling the world that they are number one.

But in actuality it's a tribute to Swedish Professor Arne Ljungqvist and their fight against doping in sports.

Just off to the side of the harbor is the Monaco Yacht Club. The building is unique in that it is designed to look like a boat.

You can mostly tell from the back but unfortunately I didn't get a very good picture of it. You can just make out the tail of it in the photo above.

The end of the pier provides some good views of the city in all its color and glory and is a nice spot simply for the views.

For all of you NFT collectors out there, apparently Monaco has its own brand of punks. Personally, I'm not at all surprised by this.

There was a fair amount of construction going on in town and I got the impression that the city was always building.

Monaco actually has the lowest rate of unemployment in the world (only 2%), it has the lowest poverty rate and it has the highest per capita rate of millionaires and billionaires.

In 2012 it had the worlds most expensive realestate market at $58,300 per square meter (Holy shit!) and in 2016 the most expensive apartment - a penthouse valued at $335 million.

The country's main source of renevue is tourism but another way that it generates revenue without having income tax is by charging a 1% tax on real estate renting. It is also a major banking center in the world with holdings of over €100 billion euros.

In 2002 Monaco was blacklisted by the Organization for Economic Co-operations and Development (OECD) for being a tax haven that sheltered tax evaders and money launderers. It was removed from the blacklist in 2009 after it complied with the organizations transparency standards.

The photos above and below are of the old town perched up on the Rock, which were the subject of my previous post.

They were taken from the city promanade below, just off to the side of the harbor.

The next two photos are of the ramparts that surround the princes palace.

The next location is located right outside the exit of the Monaco train station.

It's a really nice spot and is literally the first thing that you see upon your arrival in the city.

After a night of gambling, which some people believe is a sin, you can always go and repent inside the small church located there, under the overpass.

That concludes our trip to Monaco city, one of the wealthiest nations in the world. Stop by the harbor and walk the promanade to see some of that wealth in all its glory. Until next time, thanks for stopping by.

If you're interested in seeing more about our trip to the French Riviera then stay tuned, there's more to come. For the previous destination follow the link below.

Monaco City