Connect with us

Travel & Leisure

Why Monaco remains the residence of choice for billionaires like James Richman

Published

on

Latvian-born billionaire financier James Richman, who is known to have made his wealth in successful private investments in exciting technologies with the most notable ones including Tesla, Uber and Facebook, reportedly keeps Monte Carlo as one of his main residences when in Europe / Image: Flickr, Billionaire Mindset

An average person may have a very small chance to bump into a billionaire in their lifetime, but not in Monaco. The small city-state seems to be the residence of choice for the wealthy.

Along with other mega rich, billionaire finance magnate James Richman is one of the investors known to have invested in various luxury properties and assets in the country for many years now.

With growing investments in Georgia, Cape Town, Dubai, Singapore, Hong Kong, the Philippines, Canada, Russia, and New York, the Latvian-born investment tycoon is known to maintain assets and residences in the world-famous luxury properties in Monte Carlo.

The intriguing country of Monaco

Monaco remains one of the most interesting countries in the world. Despite its minute size of 2 square kilometers, it has averaged more than 310,000 tourist arrivals per year since 2010.

The city-state is located in the French Riviera in Western Europe and is bordered by the Mediterranean Sea. Italy is just within reach with a distance of 16 kilometers, as well as Nice, France which is just 13 kilometers away.

Amazingly the country is the second smallest state, just next to the Vatican City. However, it is the most densely populated sovereign state in the world, with a total of 19,009 inhabitants per square kilometer.

Today, Prince Albert II is its head of state, is mainly governed under a constitutional monarchy form of government. Despite being a constitutional monarchy, Prince Albert II still has great political influence. The House of Grimaldi has been in power since 1297, with only brief interruptions.

The official language of the country is French, although Italian, English, and Monegasque are widely spoken and understood.

Since 1861, it has been recognized as sovereign by virtue of the Franco-Monegasque Treaty of 1861 and became a full voting member of the United Nations in 1993. The defense of the nation relies on France despite being independent and maintaining a separate foreign policy. Yet, it still maintains two military units.

Fit for celebrity living

What could be the factor that drives the ultra-rich to peg their permanent address in this parcel of land?

With only around 40,000 residents, the average net worth per person in Monte Carlo is €1.42 million. The capital city of the principality of Monaco is known to be the favourite playground of choice for the super rich and is home to many of the world’s multi-billionaires / Image: Pixabay

One factor appears to be the posh, glitz and glamour of the way of living in Monaco.

The city-state is a virtual billionaire’s clubhouse. Recreational facilities like bars and resorts are peppered along the beaches and center of the country. Buildings and other infrastructure are beautifully designed and reflect the laid-back lifestyle of the area.

Another factor is the great tax incentive that the state offers. It lures them with a zero percent income tax policy. What’s amazing is that the country still manages to be classified as a wealthy nation. It has a $6.401 billion GDP, with a $166,726 per capita income.

It works as a sort of magnet for other common minded rich people to live here. By getting to live with more multi-millionaires and billionaires, they could live like normal people and not get the unwanted attention that could invade their privacy.

Also, the great weather serves as a come-on for the country. Most celebrities spend their summers in their residences in the city-state. It may have the world’s shortest coastline at 3.83 kilometers but this is packed with luxurious beach resorts that are fit for the rich and famous.

Events, such as the Monaco Grand Prix, also lures in many celebrities every year. Once they get to experience the wonders of the country, they find interest in spending their summer vacations or even set up their residences there.

Brushing elbows with celebrities

Experts estimate that around 30% of the population in Monaco are certified multi-millionaires.

Several celebrities also come from all sectors ranging from F1 drivers, sports athletes, musicians, actresses and much more. Monaco is certainly a haven for people who want to be brushing elbows with their idols.

Home to some of the world’s wealthiest and most powerful multi-billionaires, Monaco also hosts the highest class of single-seater auto racing in the world, Formula 1 / Image courtesy: F1.com

One of the celebrities that you may come across in the country-state is David Coulthard. He is a retired formula one race car driver. His connection with the city has become very strong. During his career, he had won a total of two Grand Prix in Monaco. He says that he feels especially safe in the country and has been a very active citizen ever since.

Another celebrity who has graced and lived in the country is Grace Kelly. The late American actress boosted her fame and fortune after marrying Prince Rainier III in 1956. This made her princess of Monaco and has led to her being one of the most iconic celebrities to have ever lived there.

Sought after investment

The ambiance of Monaco is really something to be marveled at. Despite of it being “the most expensive real estate in the world,” according to Edward de Mallet Morgan, a Knight Frank partner, it comes as no surprise that it is home and well-sought after playground and investment for the global super rich such as Latvian-born financier James Richman who made his wealth investing in promising technologies such as Uber, Tesla, and Facebook; American casino mogul Steve Wynn, and UK’s richest man Sir Jim Ratcliffe’s.

Monaco is home to some of the world’s wealthiest including UK’s richest man, Sir Jim Ratcliffe / Image: Foreign Office

The principality did not get to where it’s at for no reason. Its rich history and secure atmosphere have made it a tourist and investment destination.

Depending on the location, property costs range from $30,000-70,000 per square meter. It does come at a hefty cost, but for the ultra-rich like financier James Richman who can afford these investments, opportunities are very only welcomed.  

Continue Reading
Comments

Travel & Leisure

Norwegian Cruise Line Introduces Norwegian Viva

Published

on

Norwegian Cruise Line (NCL), the innovator in global cruise travel, today unveiled Norwegian Viva, the next ship in its brand-new Prima Class.

Providing guests with elevated experiences including more wide-open spaces, thoughtful and stunning design and exceptional service, Norwegian Viva will begin sailing remarkable Mediterranean itineraries in June 2023, homeporting in key Southern European port cities including Lisbon, Portugal; Venice (Trieste) and Rome (Civitavecchia), Italy; and Athens (Piraeus), Greece. She will then sail the Southern Caribbean for her 2023-2024 Winter Season offering warm-weather getaways from San Juan, Puerto Rico.

Mirroring the upscale design and structure of her record-breaking sister ship Norwegian Prima, Norwegian Viva, also built by renowned Italian shipbuilder Fincantieri in Marghera, Italy, will debut at 965 feet long, 142,500 gross tons and accommodate 3,219 guests at double occupancy. Travelers will live up every second of their journey in the most spacious accommodations including the brand’s largest inside, ocean view and balcony category staterooms.

The world-class vessel will not only offer the highest staffing levels and space ratio of any new cruise ship in the contemporary and premium cruise categories and largest variety of suite categories available at sea, but will also boast a redefined The Haven by Norwegian, NCL’s ultra-premium keycard only access ship-within-a-ship concept. The Haven’s public areas and 107 suites designed by Piero Lissoni, one of Italy’s most renowned designers, will feature an expansive sundeck, a stunning infinity pool overlooking the ship’s wake and an outdoor spa with a glass-walled sauna and cold room.

The Prima Class’ variety of recreational activities also make their elevated comeback on Norwegian Viva with only-available-on-Prima-Class experiences including the fastest freefall drop dry slides at sea with The Rush and The Drop and the largest three-level racetrack at sea with the Viva Speedway.

Norwegian Viva will feature Ocean Boulevard, the 44,000 square foot outdoor walk way which wraps around the entire ship;  Indulge Food Hall featuring 11 varieties of eateries; The Concourse boasting an outdoor sculpture garden; expansive pool decks and infinity style pools at Infinity Beach and Oceanwalk, showcasing glass bridges above water.

Harry Sommer, president and chief executive officer of Norwegian Cruise Line, said: “Norwegian Viva sets the standard in the premium segment, illustrating our commitment to pushing boundaries in four main areas: wide open space, service that puts guests first, thoughtful design and experiences beyond expectation. We have taken everything our guests love to the next level with this brand-new class of ships designed with them in mind.”

Norwegian Viva will boast eye-catching hull art designed by Italian graffiti and sculpture artist Manuel Di Rita, commonly known as “Peeta,” who also illustrated the exceptional hull design on Norwegian Prima. World-class architects who helped design Norwegian Prima including Rockwell Group, SMC Design and Miami-based Studio Dado, also have returned to influence the aesthetic of various restaurants, staterooms and public areas.

“Norwegian Viva, the second of six Prima Class vessels being built with us, reinforces the great collaboration between Norwegian Cruise Line and Fincantieri,” said Luigi Matarazzo, General Manager Merchant Ships Division at Fincantieri. “We were extremely satisfied that Norwegian Prima, the first of the new class, earned record-breaking bookings and we are excited to see how Norwegian Viva will live up to her sister ship. As we proved our resilience during these challenging times, this announcement represents another testament to Fincantieri´s global leadership role in the cruise sector.”

The first two Prima Class vessels, Norwegian Prima and Norwegian Viva, will feature cutting-edge alternative technologies, such as a NOx reduction system (SCR), that reduce the ship’s overall environmental impact.  SCR catalysts filter out sulfur oxides up to 98% and nitrogen oxides up to 90%, ensuring the vessels meet Tier III NOx compliance. Further, they will be equipped with an Exhaust Gas Cleaning System (EGCS), an Advanced Wastewater Treatment System to treat and clean all wastewater to meet stringent international standards and Cold Ironing functionality to connect to onshore power grids to further reduce emissions while in port.

Continue Reading

Travel & Leisure

Surprise Your Family with These 3 Memorable Gifts

Published

on

Finding the perfect gift for your family can be a challenge, especially when you’re not quite sure where to start. And since chances are everyone in your family has different tastes, you might be wondering which types of gifts will appease everyone. Fortunately, there’s a long list of gifts that will cover all of your family’s bases. 

Narrowing down your list will ensure you’ve given plenty of thought to each idea, ideally ending up with your family being beyond thrilled with what you’ve chosen. Here are three memorable gifts to consider giving your family. 

1. An Unforgettable Travel Experience 

Traveling with your family is one of the best ways to spend quality time together away from it all. It’s a way to explore, experience new things and make plenty of memories. Surprising your family with the trip of a lifetime would be a wonderful gift for everyone, so why not add one to your list this year? 

One of the best parts about traveling as a family is that there are so many options for where to go and what to do. And when your goal is to give the perfect gift, choosing a trip that will go down in the books as one of the best family memories ever is a good place to start. 

Let a Europe cruise immerse your family in gorgeous scenery, amazing food and rich history. A ski trip would be a fun way for everyone to enjoy the great outdoors together. Imagine your whole family enjoying the relaxing atmosphere of a tropical island, maybe snorkeling or even giving parasailing a try. 

2. Family Heirloom Pieces 

One of the nicest gifts you can give anyone is something that comes from the heart. Investing in a personalized, one-of-a-kind piece for your family will add a wonderful touch to your home for years to come. What’s great about this is that there are so many directions you can take it.  

Depending on your home decor style, you may find that some types of art are better suited than others. Getting creative and making a thoughtful decision will ensure you choose the best piece for your family.

A wrought iron or hand-carved wooden namesake sign could grace your front entrance for years, bringing a sense of home each time you pass it by. A family constellation print would not only be beautiful to look at, but a fun activity to do together time after time (try pairing it with a telescope!). There are so many other options for other personalized items, including DIY projects as well. 

3. A Home Improvement Project

Is there something in your home that everyone can agree needs updating? Is there something you’ve always wanted to add to your home but haven’t gotten around to doing? Now’s the perfect time to take action. What better way than to make it a surprise for the rest of your family?

It could be that your kitchen is outdated and cramped, but it’s also the place where your family spends the most time. While a full kitchen renovation is certainly an investment, it’s also something that will pay you back in no time. Or maybe your family has always dreamed of a backyard pool, so you decide to make that a reality. It could also be something like finishing off an area of the basement and creating a game room.

Since home is where your family spends the most time, it only makes sense to do all you can to make it the best possible space for everyone. Presenting it as a gift will make whatever you do that much more special and heartfelt. 

Surprising your family with a gift can be approached in so many different ways. Remember that a gift can be anything — an experience, a material item, or a project of some sort. Spend time thinking about what would best benefit your family and bring the most joy and get ready to give the best gift ever.

Continue Reading

Travel & Leisure

Pakistan – A Wonderful Destination For Adventurous Sports

Published

on

Pakistan is famous for its exciting cities, historical sites, hospitality, great cuisines across the world. However, most of the international states are not aware of the fact that it is an excellent destination to enjoy adventurous sports as well as cultural festivities. The variety of adventure sports in Pakistan is enormous. There are a number of adventurous destinations for extracurricular activities in Pakistan, which anybody can travel to. From fishing to river rafting, skiing to camping and jeep safari to mountaineering, Pakistan is gifted with such vibrant geographical landscapes that makes it outstanding tourist destination.

The northern areas of Pakistan are known as hub of Adventure sports and open to tourists and sportsman’s wonderful opportunities. Its rivers falling down from the snowcapped mountains and glaciers are great for water sports like river rafting, canoeing, sailing and kayaking. Horse and Camel safaris are other two exciting activities to enjoy. There are various destinations in northern Pakistan that provide wonderful opportunities for jeep safaris. Some of the destinations that can be visited for jeep safari include Gilgit, Hunza, Shandur, Sust and Skardu. Rivers Chitral, Indus, Gilgit, Swat, Hunza, Kunar and the Neelum offer exciting opportunities for water sports. There are mountains that offer wonderful trekking trails that lead to some beautiful spots.

Likewise, Swat is being called as Switzerland of Pakistan. Pakistan also offers beautiful spots for skiing. Swat’s Malam Jabba is one of the best skiing resorts. If Jeep Safari is what gives one thrill, perhaps there is hardly any destination as exciting as the Northern Areas: hence one should come here without any fear and must enjoy the adventure.  

Mountaineers from all over the world continue to test their minds and bodies by ascending some of toughest terrains in the world. Mountaineering is a highly specialized sport, especially on the 8,000-meter high mountain peaks, five of which are located in Gilgit-Baltistan (GB) region of Pakistan. These include K-2, Nangaparbat, G-I & II and Broad peak. Besides, 70% of mountain peaks above 7,000 meters are also located in Pakistan. An elite group of mountaineers, some of the best in the world, challenge the limits of what is thought to be humanly possible by attempting every winter to climb these summits.

Pakistan has produced wonderful legends in the field of mountaineering like Nazir Sabir, the first Pakistani to summit Mount Everest; Muhammad Ali Sadpara, the first Pakistani to summit Nanga Parbat in winter; and his son Hasan Sadpara. Muhammad Ali Sadpara has put Pakistan’s mountaineering in limelight at the cost of his own life.

Pakistan also has a lot of scope in the field of rock climbing. Unlike mountaineering, rock climbing is not an exciting sport in popular perception. Rock climbing is probably one of the toughest and most dangerous forms of extreme sports.

The season, which attracts mountain climbers from all parts of the world, creates a hoard of opportunities for mountaineering-related businesses in the country and helps Pakistan generate millions in lieu of taxes and fees every year. The life of common people is very tough in Northern areas of Pakistan due to extreme weather conditions specially winter. Pakistan govt has built various lodges along the whole routes, and has offered more services, this step has enticed more people to come. Visa process for foreigners to get tourist visas for Pakistan has been made very easy.

There are few suggestions which can help in bringing more charm in these games. International federations must contribute funds which assist in making the life of public better in the northern areas of Pakistan. The doors of President and PM houses should be opened for national and international mountaineers who summit main peaks and those success stories should be highlighted on international media as well. This adventure sport should be made top priority by government. There is a need to establish an international level professional mountaineering school and a trained rescue team of experts.

The Alpine Club of Pakistan (ACP) should be given more strength. The ACP needs thorough professionals on board to make it more vibrant organization to promote and mainstream mountaineering in Pakistan and attract foreign mountaineers and trekkers. Government and state departments should make more focus to check the bottlenecks and facilitate the trekking expeditions. It is suggested that Mountaineers and High Altitude Porters (HAPs) have no insurance schemes, proper training and sponsorships, they should be facilitated at all levels.  

Continue Reading

Publications

Latest

Trending