Though royalty reigns in Monaco with an apparent line of succession, many still wonder: Does Monaco have a king?
The principality is ruled not by a king, but by a prince, H.R.H. Prince Albert II, who ascended in April 2005. So, why is there no king of Monaco?
The answer, simply, has to do with size. While larger countries, such as Sweden, Spain, and the United Kingdom, have kings or queens, smaller principalities are ruled by a prince or princess. The tradition goes back centuries, to a time when smaller nations allied themselves with large, powerful royal families for protection. The tiny nation of Monaco (current Monegasque population around 39,000) has been ruled by the Grimaldi family for 700 years, one of the oldest dynasties in Europe. Since the 17th century, the Grimaldi family have ruled Monaco as sovereign princes. Honoré II was the first Grimaldi within the royal family to have the official title of Prince of Monaco in 1641, with the principality then under the protection of France.
Today, Prince Albert II, the only son of Prince Rainier III and Princess Grace (the former American actress Grace Kelly), is the 32nd hereditary ruler of the principality.
Yet, though it is a principality and not a kingdom, Monaco is the destination of choice for the world’s wealthiest who choose to live like royalty even though there is no king of Monaco. The principality, perfectly situated in the middle of the stunning French Riviera, is home to more than 12,000 millionaires and at least six billionaires. There are numerous reasons for the principality’s popularity among high-net-worth individuals. Among them:
- Financial advantages
Monaco has no direct taxation, no personal income tax, no capital gains tax, and no inheritance tax in direct line. High-net-worth individuals can retain more of their assets while enjoying the world’s highest standard of living.
- Safety and security
With one police officer for every 100 residents and around-the-clock video surveillance throughout the principality, Monaco is known as the “safest square mile” in Europe.
- Economic and political stability
Monaco has been governed as a constitutional monarchy since 1911. Tourism and banking drive the economy, which is secure and stable.
- Home to superyachts
Monaco’s harbours accommodate the world’s most luxurious, state-of-the-art megayachts. In addition, the principality hosts the world-famous Monaco Yacht Show.
- Fine dining and luxe shopping
Monaco is home to several outstanding restaurants, including the three-Michelin-star Le Louis XVI-Alain Ducasse inside the grand Hôtel de Paris Monte-Carlo, and designer boutiques abound on the principality’s Carre d’Or (Golden Square).
- Luxury residences
Monaco’s prestigious properties are excellent investments. The principality is home to some of the most sought-after real estate globally, and now is the opportune time to buy.
Why not live like the royal family in Monaco? Apartments for sale in Monaco-Ville, in the principality’s oldest district, offer elegance in a prime location. Monaco-Ville, on the Rock of Monaco, brings us back to royalty, as “Le Rocher” is also home to the head of state’s Palace.
Contact a luxury real estate agency today to view these princely properties and prime real estate.
