Within the French Riviera lies the luxurious boutiques, fine dining, and glamorous casinos of Monaco. The microstate is a home for the ultra rich, but there is more to the nation than its affluent inhabitants. Although the microstate is home to the super wealthy, there is more to the country than its wealthy citizens. The amount of times that control has changed over Monaco is ludicrous. It was a Greek colony at first and afterwards joined the Holy Roman Empire. The Genoese, the dynasty of the city and former republic of Genoa, received sovereignty of the state from the Romans. An outgrowth of the Genoese, the Grimaldi family, contested control over the region and eventually succeeded under the more broad administration of the Republic of Genoa. After the French Revolution and Napoleon's exile, the nation was later seized by France and placed under the Kingdom of Sardinia. Later, the Franco-Monegasque Treaty, which formally recognized Monaco's sovereignty, was signed in 1861. Due to the Grimaldi family's wealth, which can be partly ascribed to the success of the Monte-Carlo Casino, taxes were no longer being collected in 1869. Due to the new tax system, which is still in effect today, Monaco became the top vacation spot for affluent people travelling through Europe.
Of course, Monaco is extremely wealthy; it has the lowest poverty rate in the world, the highest number of millionaires and billionaires per capita, and the highest GDP per capita in the world at $185,742. Given its riches, it is also among the most costly places to reside; as of 2012, the price of a square metre in the real estate market was $58,300. Many sources of income, including tourism, banking, and formerly the gambling business, pay for it all. The Grimaldi family needed money badly in the early 19th century. The Grimaldi family opened "Le Grand Casino de Monte Carlo" in 1858 in a formerly desolate area of the Grimaldi territory with the assistance of some French casino tycoons. Together, the construction of the casino and the development of a new French railway network helped drive crowds to the casino, which in turn attracted more businesses to the principality. The Grimaldi family was flush with cash as new enterprises, hotels, and attractions popped up over the following few years. The family made the historic choice to stop taxing the populace, which brought affluent entrepreneurs from all across Europe. Several casinos have sprouted up recently all throughout Monaco, enhancing its reputation as a major gambling destination.
Outside of gambling Monaco is known for sport. The microstate is a historic motorsport site, hosting the annual Monaco Grand Prix, widely considered the most prestigious F1 - and generally motorsport, race. The event is held on the Circuit de Monaco, a track that leads participants through Monte Carlo's streets and down to the La Condamine neighborhood. The track was built in 1929, and since then it has mostly maintained the same layout due to its dependence on municipal roadways. It takes six weeks to construct the course, but the result is one of the most difficult and skillful races ever. The race is the most emotionally and physically challenging event of the F1 racing season due to its narrow lanes, high speeds that fluctuate, and tight turns. One of the most prestigious achievements in a driver's career is winning the race. The race has been won by some of the best drivers in the history of motorsport, including Ayrton Senna, Michael Schumacher, and Lewis Hamilton. AS Monaco FC is a football team based in Monaco. One of the most successful clubs in the league, the team competes in Ligue 1. The club has included players like Thierry Henry and Kylian Mbappe.