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© MONTE-CARLO Société des Bains de Mer

Hôtel de Paris - Façade de jour Hôtel de Paris - Day Facade
Monaco, Premium Destination by Milena Radoman

The creation of Monte-Carlo was decisive for the economic development of the Principality and
its positioning in the luxury segment. In this extremely demanding niche sector, competition is
fierce, so how does Monaco intend to keep the upper hand and maintain its attractiveness?

In February 1861, the agreement signed between backed by the most prestigious casino in the world of international peers who have more in common
Napoleon III and the Principality sealed the at the time. The Hôtel de Paris was the first hotel with each other than with their compatriots back
definitive attachment of Menton and Roquebrune- establishment with a private bathroom in each home. Today’s ultra-rich are a kind of nation in their
Cap-Martin to France. Monaco was at the time room. In the aftermath of the Second World War, own right – and along with a new elite come new
only a “small town of 1,200 inhabitants, with a the small Principality found itself projected into desires. “Yesterday’s traditional vision of education,
medieval and dilapidated appearance, almost the international limelight, thanks to the marriage home and savings has transformed into a mindset
isolated from the surrounding area,” relates of the century between Prince Rainier and Grace of openness to the world, a world without borders
Jean-Baptiste Robert in his History of Monaco. Kelly. The American elite and Hollywood would and of which they are citizens. Today’s ultra-rich
“At the foot of the Rock, in La Condamine, were a henceforth meet in Monaco,” recalls Michel are hard-working, educated jet-setters. They see
few orchards and violet fields; on the Spélugues Bouquier, government’s Technical Adviser to the themselves as the deserving winners of a global
plateau, nothing except a few olive trees, scrubland Department of Finance and Economy in the report economic competition. Concerned about the
and pebbles...Fifty years later, on the eve of the on the 10 years of Monaco Private Label. creation of wealth, they are also concerned about
Great War, 23,000 inhabitants populated two new its consumption. Being yourself and being free is
towns (La Condamine and Monte-Carlo) and there Targeting the World Elite essential to their image. Clearly, the ultra-rich must
was a railway, two stations and a modern port. Today, the Monaco Private Label is just one of the constantly have the impression that any services
An intense life was bursting out of the ancient Monégasque tools for seducing the world elite. offered are designed for just for them.”
fortress and high society from all over the world To maintain its status as a premium destination,
would come here for the most refined and varied Monaco does indeed have the new generations Recent or Renovated Infrastructure
pleasures: gaming, opera, sports, and luxury of the ultra-rich in its sights. The target market: In order to conquer this elite, Monaco has invested
business events.” “Globalisation and the technological revolution of in its infrastructure: the new, Norman Foster-
the last 15 years have spawned new legislation designed Yacht Club; luxury villas and apartments
Monte-Carlo Miracle and upset the balanced ecosystem of traditional including the Villas du Sporting, Tour Odéon and
It’s undeniable: for the economic development of families who held the great fortunes accumulated One Monte-Carlo; the new sea extension. From
the Principality, the creation of Monte-Carlo by during the Post-War boom years,” the report notes. Ducasse to Cipriani and the Buddha Bar, the major
Prince Charles III was decisive and quite simply “In recent years, colossal fortunes have been brands of international catering are all present and
transformed the country. “The aristocracy found amassed on every continent. New entrepreneurs correct, plus the likes of Vuitton, Dior and Chanel
in Monte-Carlo the most luxurious hotel there was, have sprung up, giving rise to a new community parading their fashions about town. Monégasque

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