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

MD Staff

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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.  

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Travel & Leisure

Gift Giving Traditions Around the World

Newsroom

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Giving gifts is a tradition as old as mankind itself. It has always been a part of our society. When you give a gift to someone, it tells them that they are special in some way to you. We give and receive gifts for many occasions, like birthdays, mothers days, Christmases, on our anniversary, etc. In fact, gift-giving is so integral to our world that many nations developed interesting traditions around it. Here are some of the most interesting ones.

Japan

When giving a gift in Japan you should be very careful. The Japanese people attach great importance to gifts and consider them something that is mandatory, not just a kind gesture. It is not desirable to surprise them, as they will be embarrassed if they cannot immediately return something to the gift giver. Therefore, it is a good idea to discreetly advise them that you will give them a small memento of your meeting. The gift is given exclusively in private, and it is not common to open it immediately.

South Korea

In Korea, it is extremely rude to give or receive a gift using only one hand, especially if it is the left hand. You must always use both hands at once if doing so. Korean New Years greeting cards or gifts are never with a predominantly red color, as it is used for announcing funerals. Also, avoid gifts that come in sets of four as they symbolize death in Korea.

India

When giving a gift in India, you should always use your right hand. Using the left hand can cause offense as that hand is considered unclean. If giving money in India, try to give a sum that ends with 1. Odd numbers are considered very lucky in India. The number 1 is especially lucky as it signifies a new beginning. Because of this, giving a sum that ends with 1 is believed to grant prosperity to the gift recipient.

Arabs

Gifts are not as important to the Arabs as to other people. They represent something that “gives hospitality a wider dimension”. When someone comes to dinner, small gifts such as flowers and candy are common, and as a sign of special affection, silver, crystals, porcelain, and famous brand items are very appreciated. Handkerchiefs of any kind associate them with parting and tears and should be avoided.

Europe

As far as Europeans are concerned, every nation is a story for itself. The French are quite reserved with gift-giving, the Germans are especially rigid and formal, and the Dutch are a little bit more relaxed. For Italians or Spaniards, the exchange of appropriate gifts is quite acceptable. Russians and people from Eastern European countries appreciate something from your own culture, for example, a CD with your national music or some other kind of token from your country.  Also, in Russia, you should never give someone yellow tulips as they are the symbol of ending a relationship or betrayal.

Ireland

Don’t be surprised if your gift is refused a couple of times in Ireland. This tradition comes from a time when they had the potato famine, and because of this, the recipients are making sure that you can really part from the item that you are offering. It will also show great humility if you refuse the gift they are offering you a couple of times. The standard reply in Ireland when someone receives a gift is “you shouldn’t have gone through all that trouble.”

Kenya

In Kenya, the Maasai people spit on a gift before giving it to someone. This is considered a sign of blessing and with this, they wish the recipient great fortune. Spiting is a very important tradition in Kenya. It is customary to spit on the head of a newborn child and on a hand before shaking it with someone.

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Top 10 Cheap Vacation Destinations in Spring 2020

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This is going to be a nice, long, relaxing spring. You will get some sun, explore a new destination, and use the awakening force of Nature to recharge your batteries.

What’s your plan for spring break? How about something different this year? You don’t have to choose the nearest beach again. There are wonderful places you can explore. Don’t worry; they won’t be expensive!

You can have a great adventure with a limited budget, only if you plan it well.

We’ll list 10 impressive destinations that give you the feel of luxury travel without eating up your entire savings.

Best Cheap Spring Vacation Destinations for 2020

1. Marrakech, Morocco

Spring is the perfect time for seeing Morocco. You can find affordable accommodation in Marrakech and have day trips from there. The street food is lovely, but most travelers can also afford the cozy restaurants.

Make sure to check the calendar, since Ramadan is in spring. Many restaurants will be closed during the day over that period of time.

 2. Alaska

You can hardly think of something more beautiful than Alaska in spring.

Large ship cruises will cost from $100L per day, but keep in mind that food is included so you won’t spend much more than that.  Late May belongs to the so-called shoulder seasons, so the prices will be lower than usual.

3. Sonoma, California

Napa doesn’t seem like a place we’d feature in a top list for budget travelers. It’s known for its luxurious restaurants and hotels. But Sonoma, Napa’s neighbor, is much more affordable. You can still enjoy exploring Napa, but you won’t spend too much money.

Calistoga is a small town that’s breathtaking in spring. You can search for accommodation there. But hey; camping is also an option.

4. San Juan, Puerto Rico

San Juan is a well-known spring break destination. Mid-April is the best time to go to Puerto Rico. you’ll avoid the summer rains and winter crowds.

The beaches are so beautiful and the food is so cheap that you’ll consider staying longer. That’s always an option! You can hire a service that writes research papers to complete some of your work, and you’ll extend the vacation a bit. In Puerto Rico, it seems like time takes another dimension. Everyone is cool and relaxed.

5. Turkey

Go ahead and google this: Cappadocia. Can you already visualize yourself in one of those balloons?

But that’s not the only important sight to see in Turkey. Istanbul is a story of itself. It’s a beautiful blend between Eastern and Western culture. The food is out of this world. The restaurants are not expensive, but with so much food on the streets and markets, you won’t even think about getting into a restaurant.

Turkey also has beautiful beaches, which are ready for you during the spring months.  

 6. Budapest, Hungary

Budapest is quite possibly the most beautiful European city. Forget Paris; it’s expensive, crowded, and overestimated. Budapest is full of museums and mesmerizing architecture. You’ll love the nightlife, too! If you like Budapest and you would like to write an essay about it, you could use topicsmill to generate a good and suitable topic.

7. Amsterdam, The Netherlands

It’s not about the weed. You don’t have to be high to experience Amsterdam as the most exciting city, ever. The parties are out of this world, and they make Amsterdam the best destination for young people during spring break.

But you’ll also enjoy the cultural tours, parks, and art museums. TripAdvisor offers a great list for Super Savers in Amsterdam. Check it out!

8. Puerto Vallarta, Mexico

The fact that many students choose it as their spring break destination is no coincidence. Puerto Vallarta attracts with beautiful weather, affordable accommodation, and great food. Make sure you plan your vacation during April or early May, so you’ll avoid the hurricane season.

9. Hawaii

Can you imagine the breathtaking Kahului without the crowds?

That’s what your spring break in Hawaii will be like. Spring is awesome because it turns your vacation into a budget-friendly experience. The accommodation will be more affordable when compared to high season. But you can also consider activities labeled as “luxury,” such as scuba diving.

10. Thailand

It’s beautiful and affordable throughout the entire year. Koh Samui and Phuket are great with their fancy resorts, but those are not the only places where you can stay. Even backpackers travel to Thailand. They can still experience the fun in Phuket, but they choose Koh Chang or Koh Phayam for affordable accommodation.

Are You Ready for the Best Spring Ever?

The first thing you need to do is identify your budget.

Then, explore the destinations listed above. Find information about flights, accommodation, food, and all other expenses related to trips. Some of them will probably fit in your budget. Choose the one that attracts you the most!

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Travel & Leisure

Is it safe to travel to Iran as a solo female traveler?

Anna Karsten

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Before I started reading more into Iran, all I heard about this country were stories about its politics. In the media, Iran seemed like a place where no one would ever want to visit. Can you imagine solo female travel in Iran?

After my trip to Iran, I can tell you now that Iran has the most hospitable people and great architecture. Traveling to Iran as a solo female traveler has been safe, rewarding and fun.

Iran is safe, accessible and totally easy to navigate as a solo female traveler. Sure, you might experience some inconveniences, but for every annoying man you get 3 nice ones, just like anywhere else. Iran is a destination you must see for yourself to see what I mean.

While organized tours are still dominating Iran’s tourism, it’s not uncommon to find another person traveling solo. Backpackers and hostels can be found anywhere on a tourist route from Tehran to Shiraz and Yazd.

Plus, if you can’t find a hostel, a cheap guesthouse is also an option. No matter which way you travel in Iran, you can always find an affordable place to stay for less than $30 a night for a double room.

Iran in Western media

Traveling to Iran or anywhere in the Middle East independently, especially as a woman, isn’t perceived well these days. Some time ago an article about a woman cycling through the Middle East alone went viral. People were wondering whether it’s safe for a woman to cycle alone across the Middle East? The comments weren’t pleasant:

‘It’s foolish and she was very lucky not to get herself raped or killed or both. I hope this article won’t encourage other solo female travelers to visit these countries alone’ – 400 upvotes

‘Not impressed. Putting oneself in harm’s way, which then puts potential rescuers in harm’s way makes little sense.’ – 170 upvotes

But how can we talk about media coverage of safety in Iran when BBC, that published the article, doesn’t even bother to check the facts. The article states: ‘In Iran, I was given more freedom. Yet foreigners are not permitted to stay with locals without permission, and several of my hosts endured an intense grilling by police.’ None of the above is true.

Staying with locals is only forbidden for British, Canadian and American citizens. Anyone else can stay with locals wherever whenever and no police will come and check on you.

U.S. government currently warns against travel to Iran for obvious reasons, these two countries don’t get along. It says that U.S. citizens may be subject to harassment or arrest while traveling in the country.

Again, I’d say that this statement is very exaggerated. Especially after Argo – the film exaggerating the seizure of the American Embassy in Tehran won the Academy Award for Best Picture.

My Advice is: don’t believe what you hear on the news. Explore the place, talk to locals and come to your own conclusions. Come to Iran with an open mind and I guarantee you’ll make many great friends in Iran.

Is it safe to travel to Iran in 2020?

Many travelers, including myself, describe it as one of the ‘safest countries I’ve ever been to’. You’ll be much more likely to get mugged in Europe than in Iran.

Violent crimes against foreigners are extremely rare and, indeed, if you do your best to fit in with local customs (read more on the dress code and how local women fight it), you are unlikely to be treated with anything.

In fact, I’ll be returning to Iran in 2020 to explore even more of its natural beauty.

My experience of traveling solo in Iran

I traveled to Iran solo and later teamed up with another girl whom I met at the hostel. I traveled around the country, in the same way, I would anywhere else in the world.

Wandering around in the evening, taking the metro, using local taxis and buses, going to markets etc.

I met many women whose lives didn’t seem very different from the women I know at home. At the birthday party, it was actually men who had to clean after, not women.

Young girls told me they date the same way people date in the Western world, they just don’t announce it anywhere and keep it to themselves.

I only felt uncomfortable twice in Iran – once in Esfahan (Isfahan) and once in Kashan. In Esfahan a man in a car started driving next to me and my friend in the evening. Every time we moved, he moved. It scared my friend and me for a bit, but the moment we approached another traveler the car left.

Another unpleasant situation I encountered was while walking around the narrow streets of Kashan. I was filming with my DJI gimbal with my iPhone attached to it when I fell someone approaching me on a scooter.

To me, being uncomfortable once or twice doesn’t mean that the place is dangerous. I never once felt physically threatened, unsafe, or at risk, even when I was wandering the streets of Iran.

I felt safer in Iran than if I was walking around in NYC. Even the tap water was safe in Iran!

People believe that Iran is full of moral police watching your every step, ready to arrest Westerners at the slightest provocation. In my experience, this couldn’t be further from the truth.

While cases or reporting and arrests occur, it’s not as common as it’s being portrayed outside of the country.

Everyone I met was extremely helpful and treated me like I was an expensive piece of jewelry. Escorting from one place to the other, while feeling responsible for me. And that’s the people I met on the street for 5 minutes! So unless you’re planning on running around naked with a bottle of smuggled vodka in hand, don’t be afraid.

From our partner Tehran Times

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