Meet the RICHEST country in the World... Travel Documentary 2024

Some call it the playground of the rich and famous, while others refer to it as the haven for the wealthy. Welcome to Monaco, a country of great riches and beauty lining its streets. Nestled along the French Riviera, just a stone's throw away from the Italian region of Liguria, this sovereign city-state and microstate exude opulence and sophistication at every turn. Despite being the Monaco stands tall as one of the most expensive and exclusive destinations on the planet. But what sets Monaco apart? Why is it hailed as the epitome of luxury and extravagance? Stay tuned because you are about to find out! Covering just 200 hectares, Monaco stands as a historic gem, boasting a tapestry of lavish grand casinos, chic designer shopping malls, and sophisticated bars and clubs that attract celebrities and holidaymakers alike throughout the year. Bordered by France to the north, east, and west, Monaco is home to a population of 39,000 residents, with 9,486 being Monegasque nationals. With an area spanning just 2.02 square kilometers, this paradise ranks as one of the most densely populated sovereign states and stands as the second smallest sovereign state, following only Vatican City, which occupies a mere 49 hectares. The name Monaco finds its roots in the nearby 6th century BC Phocian Greek colony. The Ligurians called it Monoikos, derived from the Greek word single house. Steeped in myth and legend, including tales of Hercules, Monaco evolved from a humble settlement to a thriving principality. For centuries, Monaco has been ruled by the illustrious House of Grimaldi, weathering periods of turmoil and transition to eventually cement its independence and sovereignty. Today, as a member of the United Nations, Monaco stands as a symbol of autonomy, retaining full voting rights. Despite its autonomy and independent foreign policy, this luxurious nation's defense is entrusted to neighboring France. Monaco comprises several districts, each with its own personality and attractions. Monte Carlo, the most renowned neighborhood, enchants visitors with its opulent hotels, world-class casinos, and vibrant nightlife. Other neighborhoods, including La Monagheti, Condamine, Fontvieille, Larvotto, and Monacoville, offer various residential and commercial options. Standing independently, Monaco as a country has incredibly outdone itself, both in its economic progression and amassing wealth. Its journey to affluence traces back to the late 19th century, when the iconic Monte Carlo Casino first opened its doors, accompanied by the inauguration of a railway link to Paris. Since those formative years, Monaco has capitalized on its mild climate, picturesque landscapes, and elite gaming establishments to emerge as a coveted playground for the global elite. In recent decades, Monaco has strategically diversified its economic landscape, pivoting towards the services sector and cultivating small-scale, high-value-added industries with an emphasis on environmental sustainability. Central to this transformation is Monaco's emergence as a prominent banking hub, leveraging its status as a tax haven and stringent banking secrecy regulations to attract a lot of financial institutions. With its GDP per capita soaring to $234,316 in 2023, Monaco ascended to the summit of economic affluence and overthrew Luxembourg and Bermuda as the country with the highest GDP per capita in the world. Its beauty as a tax haven is further underscored by the absence of personal income tax for everyone, excluding French citizens, and low corporate levies enticing a multitude of international businesses to establish their headquarters within its borders. A substantial portion of Monaco's wealth comes from a diverse array of sectors, including scientific and technical enterprises, financial services, administrative support activities, and wholesale trade. Yet, beneath the glitz and glamour lies a stark reality. Monaco's economy is very reliant on tourism and banking, rendering it one of the expensive places on earth to reside in. Populated by mostly French nationals, Italians, and a few other European countries, Monaco's natives known as the Monagasque are the minority in their own country. While French is the primary language of business and daily life, English and Italian also find their place in this cosmopolitan landscape. Whether you're strolling through the charming streets, conducting business in the bustling markets, or intend to live and work here, a solid command of French is vital for seamless integration into Monaco's vibrant life. With over 139 nationalities calling Monaco home, it's easy to see why it's prized for its sense of community. Despite its bustling city feel, you also get this cozy small-town vibe where everyone knows each other. Religious freedom thrives in Monaco, with Catholicism being the predominant faith with an 86% ratio. However, there are also small populations of Protestants, Orthodox Christians, and Jews, each with their places of worship scattered across the principality. One of Monaco's most iconic churches is the Cathedral of Our Lady Immaculate, serving as the final resting place for members of the Grimaldi family, including Prince Rainier III and Princess Grace. Safety and security are paramount in Monaco, with a low crime rate and a high ratio of police officers to residents ensuring peace of mind for all who call this principality home. Alongside safety, Monaco boasts a world-class healthcare system, providing residents with top-notch medical care and contributing to the high quality of life enjoyed by its inhabitants. This makes Monaco the country with the highest life expectancy in the world as of 2023, according to World Population Review, where locals live to an average age of 87. Shifting our focus to its currency, Monaco aligns itself with France, using the Euro as its sole legal tender. While not formally part of the European Union, Monaco cooperates with EU policies, ensuring smooth customs and border controls. To become a resident of this exclusive principality, one must meet certain requirements. This includes renting or buying property and depositing a substantial amount of money in a local bank. It's like a down payment on your slice of paradise. Government rules stipulate that residents can apply for citizenship after having lived in the principality for at least a decade. However, each application has to be approved by Prince Albert II, and only a few get that stamp of approval each year. Due to the city's bubbling wealth of luxurious properties, Monaco is known for having a high cost of living, and it's often considered one of the most expensive places to live in the world. Once you're in, be prepared to shell out for the high cost of living. Monthly rent for a one-bedroom apartment in the city center can cost around 2,000 euros, 4,000 euros, while a three-bedroom apartment can cost upwards of 10,000 euro each month. It's not uncommon to find big apartments, 200-300 sqm, rented at 40, 50,000 euro per month, and it's also quite challenging to find affordable and spacious housing here because of the limited space. Only the citizens pay less than a third of the market rent value, with the state paying the remainder. But not only is the cost of rent expensive, so is the cost of food. Here in Monaco, the cost of food is generally higher than in other parts of Europe. Eating out at a mid-range restaurant can cost around euro 50, euro 100 per person, while a meal for two at a high-end restaurant can cost upwards of euro 300. While grocery shopping is also relatively expensive, with a litre of milk costing around 1 euro 50 cents, and a loaf of bread costing around 2 euros 50 cents. Monaco is also known for its high-end fashion, and clothing costs can be quite very expensive. We're talking 100 euros for a pair of jeans at a regular store, or over a grand for a designer dress. It's all part of the lifestyle here. In Monaco, the minimum wage is 11 euros 27 cents per hour, which is about 12.20 USD. That's around 1,904 euros 63 cents, or 2,061 dollars per month. But for skilled professionals, the story is different. Their salaries can be much higher, depending on their skills and experience. For full-time workers, the average salary ranges from 2,457 euros, 2,682 dollars, to 7,872 euros, 8,596 dollars per month. But for hot sectors like IT and technology, monthly salaries can even go from 5,000 euros to 6,000 euros, which is about 5,458 to 6,550 USD. Talk about living the high life! Other than being known for its high cost of living, Monaco is also widely recognized for its real estate market. The place is a magnet for high net worth individuals, celebrities, and entrepreneurs who love to invest in luxury properties, thereby creating the demand for luxury homes to be on the higher side. Despite its diminutive size, Monaco boasts a staggering statistic. Over 30% of its residents are millionaires. And the real estate prices reflect that, where in 2018, prices soared to 100,000 euros per square meter, approximately 116,374 USD. However, Monaco's allure is tinted with controversy, as it has been labeled a global hub for money laundering. In February 2023, the Financial Action Task Force placed Monaco under review for its failures in financial supervision, threatening to add it to its grey list. At the zenith of Monaco's luxury, real estate stands the Sky Penthouse at the Tour Odeon, a 3,500 square foot masterpiece, valued at a staggering $335 million, making it the most expensive apartment in the world. This five-story residence, towering over Monaco's tallest building, offers unparalleled luxury. Residents of this tower enjoy the ultimate luxury lifestyle. And the amenities? Out of this world. Picture two rooftop pools connected by a waterslide, an outdoor bar and dance floor, a private cinema, and a staff that includes a personal chef, caterer, and chauffeur. There's even a wellness center with private spa suites, a gym, and a 24-hour concierge. Inside, the design is impeccable. Leading interior designer Alberto Pinto made sure to use the finest materials, marble, bronze, and wood, to create a space that's both stylish and luxurious. Plus, it's packed with the latest technology to make life even more comfortable. While the double skyscraper architectural wonder is awe-inspiring, there's so much more to discover in this principality. One of the must-see attractions here is the iconic Casino de Monte Carlo. Housed in the magnificent Belle Époque Palace on the Place du Casino in Monte Carlo, this legendary marble and gold casino offers an unparalleled gambling experience. It's not just a casino, it's a symbol of opulence and elegance. Featured in James Bond movies like Never Say Never Again and GoldenEye, it's where you can rub shoulders with celebrities and business magnates while trying your luck at one of the 100 table games or 1,000 gaming machines spread across the city's four casinos. From the glitz of the casino, you can stroll over to the prestigious Monaco Yacht Club. Here, the harbor is lined with glittering super yachts, and sleek sports cars zip through the winding streets. It's a playground for the wealthy and a feast for the eyes. In Monaco, luxury is the norm, but it comes at a price. For those who can afford it, the lifestyle is unparalleled. But for others, the dream of living in this glamorous principality may remain just as a dream. For the adventurous souls seeking underwater marvels, a visit to the renowned Musée Océanographique de Monaco is indispensable. Perched dramatically on a cliff since 1910, this world-renowned museum, founded by Prince Albert, is a marvel to behold. Its centerpiece is the aquarium, where you can marvel at sharks and marine predators separated from colorful tropical fish by a vibrant coral reef. It's an adventure beneath the waves that will leave you in awe. Yet, Monaco's allure extends beyond its glitzy facade. It's a place bursting with history and culture, evident in the charming old town with its cozy streets filled with shops and cafes. Take a leisurely stroll through Monacoville's narrow lanes and discover Monaco Cathedral, a stunning Neo-Romanesque building made of white stones from the 19th century. Step inside to marvel at its grand organ, elegant white marble altar, and centuries-old ornaments. Plus, it's the final resting place for Monaco's royalty. And guess what? It's free to enter. You get to tour this iconic religious site, exploring this historical building in silence for free. But if you're into the outdoors, a ride to the Jardin Exotique is just for you. A beautiful garden home to the world's largest and succulent cactus collection, from small Echinocereus to 10m tall African Candelabras. You'll be amazed by the variety. For history buffs, the Musée des Timbres et des Lettres you dive into Monaco's past through stamps and coins. Monaco also boasts cultural hotspots like the Opéra de Monte Carlo and the new National Museum of Monaco, showcasing contemporary visual art. The Principality also has an audiovisual institute that was founded to preserve audiovisual archives and show how Monaco is represented in cinema. It also has numerous works of public art, statues, museums, and memorials for tourists to explore. You are sure to find remarkable museums such as the Napoleon Museum, filled with artifacts from the French Emperor himself, or the Monaco Top Car Collection, showcasing Prince Rainier III's impressive car collection. The collection contains almost 100 classic cars made in Europe and the United States. And Monaco's events? They're legendary. From the adrenaline-pumping Monaco Grand Prix to the chic Monte Carlo Fashion Week, there's always something prestigious happening in this tiny principality. The cost of transportation here can vary depending on the mode of transport. While strolling through the city-state is delightful, buses, trains, and cars offer convenient ways to explore. Taxis are comfy but can be pricey, starting at €1.15 for a ride, and a short trip within the city centre can cost you around €20-30, while buses and trains are wallet-friendly, with fares as low as €1.02 for a scenic journey. Transportation is also facilitated by water networks, and even by air using a helicopter. With over 300 days of sunshine annually, Monaco boasts a Mediterranean climate, perfect for beach lovers. Monaco's average temperature varies from about 10°C in the winter to 30°C in the summer. Whether you want to soak up the sun or enjoy the cool of the water, there's really no better place to go than Larvotto Beach in Monte Carlo, which happens to be the only Monaco beach that's open to the public. The sea is surrounded by nets to protect tourists from jellyfish, and the long strip of golden sand provides ample space to sunbathe. The beach itself is also surrounded by plenty of restaurants, and offers facilities like free toilets, changing rooms, and showers, so you can get all you need at your fingertips. As the sun sets, Monaco transforms into a magical playground. You can find your way to bars, casinos, lounges, and even clubs to get entertained. Indoors or on the terrace, on the seaside, or under the stars, there's always something trendy and fun to do at night while sipping delicious cocktails, listening to live music, or dancing to the best DJs. Monaco promises endless fun and entertainment. One of the best parts of visiting Monaco is trying out the local food. Whether you're munching on street snacks or dining in a fancy restaurant, get ready for a taste sensation. Here, the Mediterranean vibe infuses every dish, making them healthy, flavorful, and bursting with color. Let's start with bouillabaisse soup. Trust me, once you've tried it, you'll question every other fish soup you've had. It's made from local herbs, spices, and those bony Mediterranean fish that give it that special kick. And when it's served hot with rouille, a spicy mayo smeared on thick bread, it's pure perfection. And if you are in for a delightful sweet, the famous calison is just for you. Made with a paste of candied fruits and ground almonds, topped with a thin layer of royal icing, this candy will set your taste buds on a trip to cloud nine. But let's not forget about the hearty dishes like daube, made from the freshest ingredients and cubed beef stewed in wine. It's comfort food at its finest, and every bite is like a journey to foodie paradise. In Monaco, luxury isn't just a way of life, it's a way of existence. From the gleaming skyscrapers that punctuate the skyline, to the meticulously manicured gardens that adorn every corner, Monaco exudes an air of sophistication and extravagance that is unmatched anywhere else in the world. So, whether you're rubbing shoulders with the elite at a glamorous soiree, or simply basking in the splendor of this magnificent principality, one thing is certain. Monaco is truly a world apart, where dreams are realized and fantasies come to life. As you explore its rich history with us, don't forget to hit the like button on this video if you found it informative, and subscribe to the channel to stay updated on our next adventure.