What it’s really like to live in Monaco

CNN — Described as a “sunny place for shady people,” by English novelist W. Somerset Maugham, Monaco is one of the smallest and wealthiest countries in the world. “Sometimes you don’t want to leave the house without makeup on,” says de Kern Royer, who is the author of “The Superyacht Industry Book” and a superyacht consultant at consultancy firm Onboard Monaco.”I would feel a bit under dressed.” Limited space Of course, having a Monaco address is decidedly costly. “It’s been the most expensive real estate in the world for a really long time,” says Edward de Mallet Morgan, head of super prime international residential sales at Knight Frank. Monaco happens to be home to a number of Formula One drivers, including Max Verstappen, Lewis Hamilton and Charles LeClerc and Lando Norris, who made it clear that he’d chosen to relocate to the destination due to the financial benefits, stating that “people do many things in life for money.” However, while living in Monaco might make sound financial sense for those who are as wealthy as Norris, de Kern Royer points out that when you factor in the high rent and property prices, residents who don’t have millions in the bank aren’t necessarily getting a better deal. “Yes, it’s fiscally attractive, but I often think that Monaco is undervalued from a lifestyle perspective,” says de Mallet Morgan.