Palace Rainier III Monte Carlo Monaco French Riviera France
Rainier III, Prince of Monaco acceded to the throne following the death of his grandfather, Prince Louis II, in 1949. A new constitution, proclaimed in 1962, abolished capital punishment, provided for women's suffrage, and established a Supreme Court to guarantee fundamental of Monaco's main sources of income is tourism; each year many are attracted to its casino and pleasant climate , Monaco is one of the most expensive places on Earth. The principality is often regarded as a tax haven, and most of its inhabitants are millionaires from other countries. The glamour and prestige associated with Monaco and its style-conscious people can be seen in the number of high class cars, designer fashion boutiques such as Chanel, trendy restaurants, and its royal family, especially since the marriage of Prince Rainer to Grace Kelly, later HSH Princess Grace of Monaco. The state has no income tax for individuals.
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Photo credit: © Peter Horree / Alamy / Afripics
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