The Principality of Monaco has entered the modern era, proud of its economic, financial, and construction boom, despite this having forever altered its original character, turning it into a babelic concrete jungle.
Instead of cliffs and Mediterranean scrubland, there are skyscrapers like those on Fifth Avenue, rising close to one another, taller and more imposing, to the point that as early as the mid-1970s, one of the first to complain about the impossibility of sunbathing on the beach after three in the afternoon was none other than Princess Grace. An urbanization that did not even spare the sea, robbing it of space with large platforms on which the Fontvieille and Larvotto complexes were built.
Today, native Monégasques number no more than 5,000, while residents are about five times that. All are united by the highest per capita income in the world and an extremely high cost of living.
The fortunes of today’s Principality of Monaco, already the possession of the Grimaldi family since 1419, began in 1856, when the Société des Bains de Mer et de Cercle des Etranges was created (of which the family remains the majority shareholder today), owning most of the beaches, managing hotels such as the Hermitage and the Monte Carlo Beach, the Casino, and several nightclubs. It played a significant role in promoting commerce and tourism.
In 1865, another important milestone was reached: the abolition of customs borders with France’s consent. Shortly after came the inauguration of the Casino, which until a few decades ago was one of the main sources of income, so much so that with its proceeds, the Cathedral and the Oceanographic Museum were financed. In 1869, the coffers’ wealth led the rulers to exempt residents from land, personal, and movable taxes, consecrating the Principality as a tax haven.
The twentieth century saw massive industrialization, focusing especially on commerce, construction, the tertiary sector, and tourism, including conference tourism.
Where to Eat in Monaco
The refinement of the environment mandates jacket and tie. A very popular spot among Monégasques is Rampoldi, on Avenue des Spélugues near the casino, featuring creative cuisine clearly inspired by French tradition; while those who prefer the brasserie style are spoiled for choice: from the fashionable Beef Bar, to No. 42 Jean-Charles Rey, to the timeless Orange Verte on Avenue Princesse Grace 40, to Le Neptune Plage on Larvotto Beach.
Monaco Principality Fact Sheet
- Country: Principality of Monaco
- Area: 1.95 Km²
- Capital: Monaco
- Population: 36,000 inhabitants
- Language: French
- Religion: majority Catholic
- Form of Government: constitutional monarchy
Information about the Principality of Monaco
- Currency: euro
- International dialing code: +377
- International vehicle registration: MC
- Driving side: right
- Required travel documents: ID card or Passport
- Required vaccinations: None
- Electricity: 220 volts AC 50 Hz
- Measurement system: metric
- Time zone: same time as Italy
- Fixed-date holidays: January 1: New Year’s; January 26: Holy Devotion; March-April: Easter Monday; May 1: Labor Day; May: Ascension; May 31: Prince Albert’s Day; June: Whit Monday; June: Corpus Christi; August 15: Assumption of Mary; November 1: All Saints’ Day; November 19: Prince Rainier’s Birthday; December 8: Immaculate Conception; December 24: Christmas Eve; December 25: Christmas; December 31: New Year’s Eve
- Climate: temperate Mediterranean climate, with mild winters and hot but dry summers
- Average temperature: the annual average temperature is around 16°C
- Transport: The Nice Côte d’Azur International Airport, 22 kilometers from Monaco, connects the Principality to major cities around the world. By train: All international trains stop at Monte Carlo station: the Ligurian line connecting Marseille and Milan, the “Blue Train” connecting Paris and Ventimiglia, the TGV (high-speed train) between Nice and Paris, all coordinate connections with the Principality
- Airports: Nice Côte d’Azur International Airport, distance 22 km
