Prince Albert on life as Monaco’s leader
Prince Albert of Monaco has spoken candidly about the pressures of ruling the mega-wealthy European principality
IT TAKES up only 2km², yet this sundrenched sliver wedged on the French Riviera is one of the most sought-after licks of land on the planet. Teeming with money, glamour and beautiful people, Monaco is the ultimate playground of the world’s super-rich. This is a place where they can stash their millions – or billions – and not be taxed, gamble their nights away at any of the luxury casinos, and rub designer-clad shoulders with any number of famous folk, from European royalty to Hollywood celebrities.
And presiding over it all is Prince Albert, head of the Grimaldi family which has ruled the precious principality for centuries – usually with closely guarded tongues and few media interviews.
Yet in an unprecedented move, Albert recently waived his country’s strict privacy rules to give a fascinating insight into life inside the coveted tax haven. The principality counts the likes of F1’s Lewis Hamilton, tennis champ Novak Djokovic and The Beatles’ Ringo Starr among its residents.
In a new BBC2 series entitled Inside Monaco: Playground of The Rich, the 62-year-old prince opens up on a range of topics, including who is allowed permanent residency, and the demands on his time. Hinting at a life spent in a gilded cage, Albert says “even spontaneity has to be scheduled – there isn’ t enough room for spontaneous activities”.
In another rare moment of public self-reflection, he acknowledges the job comes with a heavy burden of responsibility.
Albert says his father, Prince Rainier III, whom he succeeded when the 81-year-old died in 2005, warned him the position came with serious downsides.
“When my father talked to me about the job he said, ‘ You’ll be alone in that room and you have to be ready for it psychologically and emotionally’.”
And he says there are plenty of arduous tasks that take up his time. “I can’t say that every day is wonderful bliss and enjoyment. It’s not easy for anybody in a position of responsibility.
“There are some very unpleasant meetings. I try to think what nice things will come after my meetings are over – [such as] having a nice glass of wine.”
He speaks too about his mother, Hollywood actress Grace Kelly, who died in a car accident in 1982 at the age of 52.
He describes the legendary screen beauty as being “more tolerant” than his father, who was known for having a ruthless and even cruel streak.
“It’s just incredible that so many years after her passing she still very much has a vivid presence in a lot of people’s minds and hearts,” says Albert, who now, of course, has a family of his own – South African-born Charlene Wittstock and twins Gabriella and Jacques (5).
AS THE documentary camera swoops down the spotless streets of Monaco, one thing becomes clear: Charlene may never have met her mother-in-law but there are reminders of her everywhere.
Many of the shops have Princess Grace’s photo displayed in their windows and there are other tributes to her scattered around the principality.
Like Charlene, Grace was a stranger here when she arrived and, like Charlene, she grew used to a country where wealth is a prerequisite.
One in every three of its 39 000 people is a millionaire and the homes here are among the most expensive in the world.
A one-bedroom apartment will set you back at least $1,6million (about R27,2m) and penthouses $55m (around R935m).
There’s zero poverty, no crime, and 24-hour video surveillance systems keep an eye on the million-dollar sports cars that line the streets. Out in the harbour is the other mode of transport around here: the super-yacht – although some people prefer dipping in and out in private helicopters.
The BBC documentary’s director, Michael Waldman, spoke to everyone from street cleaners to the royal family and describes Monaco as “an odd place”.
“There isn’t just the financial advantage to living there – it’s also a place that makes its own rules. It’s a toy-town on the Mediterranean that has its own laws, police and rulers.
“One of our contributors said it’s the only place in the world where you can walk down the street in a £1m [R21,5m] diamond necklace and feel safe.”
Getting up close to Albert is undoubtedly the highlight of the doccie. Waldman travels with the prince on his private jet and visits him at the Pink Palace, where Albert works from his mother’s old office. He was 24 when she died and he hasn’t changed a thing, from the sofas to the miniature figurines that decorate the room.
ALBERT wields the power over who can become a permanent citizen of Monaco. Only around 9 000 of the population are citizens – or Monegasques – while the rest have residency.
To become a citizen you either have to have a job in Monaco, have set up a business there, or prove you have the funds to support yourself – around $635 000 (R10,8m) at least. You also have to own or lease property and have lived there for 10 years before you can apply – and even then, Albert has the final say.
Bizarrely, citizens aren’t allowed to gamble in the principality’s casinos. That luxury is reserved for residents, the majority of which are foreign, and tourists, who provide the country’s main source of income.
The documentary also takes a look at the country’s fascinating history, how it went from little more than olive groves and rock to one of the planet’s richest principalities.
“It’s had some clever rulers who saw an opportunity to boost falling revenues when other countries banned gambling,” Waldman says.
“They opened up their casinos in the mid-19th century. They also decided to create this tax-free status; it’s not a model that could work for large economies but it’s fine for somewhere smaller than most British towns.
“One hundred years later, with new places to gamble opening up, it had lost its cachet.”
However, it’s gained others, such as hosting ultra-glamorous sporting events, including the Monaco Grand Prix and the Monaco Yacht Show, the world’s biggest super-yacht event.
It also got a major boost of glamour when Rainier fell in love with Grace Kelly and brought her to Monaco.
“There’s a story that [billionaire] Aristotle Onassis told Prince Albert’s father he should find someone in Hollywood to marry, to give the country a lift,” Waldman says.
“The union between Rainier and Grace in 1956 gave the principality a huge boost in terms of glamour.”
From his interviews with many of the rich’s hired help, Waldman has some interesting tales to tell.
One reveals how a Russian billionaire loved his sushi at the Hotel de Paris so much he told the chef to make it for his wife and then flew it to her by private jet – all the way to Moscow.
“There’s no other place in the world quite like this,” he says. “It was incredible to see how it’s run.”
‘It’s the only place in the world where you can walk down the street in a £1m diamond necklace and feel safe’