Photo of the Day – Monte Carlo, Monaco
The Monte Carlo Casino, Monaco
The wealth of the Principality of Monaco is not limited to its prime location along the French Riviera. In fact, this tiny sovereign state with a population of just over 35,000 has the world’s highest GDP per capita at $151, 630 and the lowest unemployment rate at 0% (40,000 workers commute from France and Italy each day). Add to that the world’s highest life expectancy at 90 years and it’s pretty clear Monaco is one of a kind. The House of Grimaldi has ruled since 1297 and in 1997 Monaco celebrated the 700 year reign of the dynasty. After relinquishing half its territory to France in exchange for cash and independence in 1861, Prince Charles III quickly realized that Monaco would need a new economic base. He decided that tourism and gambling were the solution and in 1863 built the hotel, theater and casino that would eventually become the foundation for the magnificent district of Monte Carlo. Throw in the principality’s reputation as a tax haven and it’s easy to see why today’s Monaco is a playground for the rich and famous.
