
Inside Monaco’s wealth: The F1 race like no other – worth €100 MILLION plus much more
Inside Monaco’s wealth: The F1 race like no other – worth €100 MILLION plus much more

The Monaco Grand Prix is unlike any other on the Formula 1 calendar.
A historic track with dangerously narrow streets, yet often much of the fanfare surrounding the weekend is away from the racing itself.
Superyachts, casinos and luxury cars make it feel more ‘James Bond film set’ and a little less ‘F1 race’ – Aston Martin will certainly hope that Fernando Alonso can drive a la Bond this weekend.
But where is the money in Monaco? Why is it so wealthy? Who lives here?
Here is all you need to know about the most lavish F1 race on the calendar...
READ MORE: F1 Driver Salaries 2023: Verstappen and Lewis Hamilton WAY out in front
Why is Monaco so wealthy?
To put it simply: taxes. There is no income tax, capital gains or real estate tax.
This low tax rate has attracted the uber-wealthy to the region. Beyond the financial incentives, the year-round mild climate, central European location and high-profile events make it somewhat of a playground for those willing to splash the cash.
Only Value Added Tax (VAT) being charged at a standard 20 per cent rate. Yet for some goods and services such as hotels, restaurants and water – a reduced VAT rate of 10 per cent is charged instead.
So, who lives there?
A whole host of current F1 drivers reside in Monaco. Lewis Hamilton, Max Verstappen, Lando Norris, Sergio Perez, Valtteri Bottas, Alex Albon, Nyck de Vries, Nico Hulkenberg and of course not just a resident, but a citizen, Charles Leclerc.

Other celebrities from all walks of live also live there, such as: Bono, Novak Djokovic, Ringo Starr and Shirley Bassey.
How much does it cost to live there?
With space at a premium, a reported average price of €50,000 (£43,000) per square metre makes Monaco home to the most expensive real estate in the world.
And for those wanting to visit for a race weekend, things don’t get any better.
Monaco’s Port Hercule has 760 berths for yachts to moor up in, yet the average €1,200 price per day rockets up to €3,500 – with the most expensive spots costing an eye-watering €100,000 for five days.

For those without a grandstand ticket, it is possible to watch the race from a private terrace overlooking the track. A ticket for Saturday and Sunday in these exclusive vantage points could set you back as much €5,000.
How much money goes through Monaco on a race weekend?
Monaco's local economy is boosted by a reported €102million over the course of a race week - with a staggering €68million of that being spent in the final four days alone.
Through its hotels, yachting berths, nightclubs, casinos, restaurants and anything else guests can find to splash their cash on; Monaco receives a seismic boost to their finances during a race week.
And the upside for the hosts - they hardly pay a penny for the privilege of putting on the event.
Although the exact fee that Monaco pay to hold the race is unknown - and even rumoured to be zero by some - it is thought that they pay just 10 per cent of the cost incurred by other locations.
Places such as Singapore, Abu Dhabi or Austin pay in the region of €23million to €32million to host an F1 race, while Monaco's €100million-plus economic boost is virtually theirs to keep in its entirety.
Is Monte Carlo a part of Monaco?
Yes, while Monaco itself is the entire principality, Monte Carlo is one area of Monaco.
Monaco has four traditional quarters: Monaco-Ville, Fontvieille, La Condamine and finally the most famous of them all – Monte Carlo – home to the world-famous Monte Carlo Casino.
For a sport that is no stranger to luxury, F1 certainly doesn’t get much more luxurious than race weekend in Monaco.
READ MORE: F1 WAGs: Wives and Girlfriends of Lewis Hamilton, Max Verstappen and Daniel Ricciardo
Related news

F2/F3 Power Rankings - Verstappen Monaco display BEATEN by rising star

FIVE thing we learned from Monaco - as Mercedes find out their chances of 2023 wins

F1 MUST make these changes to SAVE Monaco or say goodbye to the 'crown jewel'

Marko makes ‘INCREDIBLE’ claim over Verstappen barrier contact during Monaco GP
Most read

Marko reveals Red Bull FIA talks to 'prioritise Verstappen'

Lawson reveals BLUNT Marko response to points-winning race as he outdrives Tsunoda AGAIN

FIA punish F1 team twice after using ‘THIRD’ car

Vasseur makes Ferrari ADMISSION after Japanese Grand Prix

Hamilton and Russell handed Japanese GP 'boost' as Mercedes plan revealed
F1 Standings

Drivers
- Charles Leclerc
- Carlos Sainz
- Lando Norris
- Oscar Piastri
- Pierre Gasly
- Esteban Ocon
- Sergio Pérez
- Max Verstappen
- Alexander Albon
- Logan Sargeant
- Lewis Hamilton
- George Russell
- Nico Hülkenberg
- Kevin Magnussen
- Fernando Alonso
- Lance Stroll
- Valtteri Bottas
- Zhou Guanyu
- Nyck De Vries
- Liam Lawson
- Daniel Ricciardo
- Yuki Tsunoda
Races
-
Gulf Air Grand Prix of Bahrain 2023
-
Saudi Arabian Grand Prix 2023
-
Grand Prix of Australia 2023
-
Grand Prix of China 2023
-
Grand Prix of Azerbaijan 2023
-
Miami Grand Prix 2023
-
Qatar Airways Gran Premio Del Made In Italy E Dell'emilia Romagna 2023
-
Grand Prix of Monaco 2023
-
AWS Gran Premio de España 2023
-
Grand Prix du Canada 2023
-
Grand Prix of Austria 2023
-
Aramco Grand Prix of Great Britain 2023
-
Grand Prix of Hungary 2023
-
Grand Prix of Belgium 2023
-
Heineken Dutch Grand Prix 2023
-
Grand Prix of Italy 2023
-
Grand Prix of Singapore 2023
-
Grand Prix of Japan 2023
-
Qatar Grand Prix 2023
-
Grand Prix of the United States 2023
-
Gran Premio de la Ciudad de Mexico 2023
-
Rolex Grande Prêmio de São Paulo 2023
-
Heineken Silver Las Vegas Grand Prix 2023
-
Grand Prix of Abu Dhabi 2023
About GPFans
GPFans is a multi-platform, multi-language brand dedicated to Formula One coverage. We bring you all the ins and outs of the sport, 24/7, everything from up-to-the-minute news and features to the latest viral stories and clips.We believe that a new generation of exciting, outspoken drivers will make F1 more popular than ever before, and we want to give our users access to as much of their heroes as possible, on and off the track. From Lewis Hamilton to Max Verstappen, Daniel Ricciardo to Sebastian Vettel, we provide in-depth analysis of every every Grand Prix in the season, from Australia to Abu Dhabi.
With Formula One under the new ownership of Liberty Media, how the sport is being covered is evolving, and GPFans will look to be at the heart of this progression into new media, as one of the fastest-growing sites covering the king of motorsports.
Follow us on your favorite social media channel
Corporate & Media

7007 CD, Doetinchem, Netherlands
+31645516860