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

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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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Best Restaurants and Bars of Downtown Calgary

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Located on the prairies, Calgary receives the most sunlight of all of Canada’s major cities. Summers can be hot and humid, while winters are generally mild especially in contrast to the rest of Canada. The city receives so much sunshine throughout the year, even during the winter months, that living there is a desirable option for many looking to relocate.

Although this expanding metropolis is wealthy, living expenditures in Calgary are lower than in its coastal neighbor Vancouver. Calgary Homes for Sale are selling at an all-time high, with individuals migrating from townhouses and condominiums to single-family homes, and those who already own a home are choosing to upgrade.

Calgary has achieved significant progress in the culinary business during the last decade. The city is presently thriving with a rich restaurant culture that rivals that of any other big metropolis. Below are some of the best restaurants and bars of downtown Calgary.

Ten Foot Henry

Healthy eaters typically develop a big craving for Ten Foot Henry. They provide a fresh veggie menu and family-style eating, and they’re open until 11 p.m. every day to accommodate those who might have a late-night yearning for really tasty (and healthy) cuisine. Also, if you’re in a hurry, you can stop by the Little Henry café for a quick bite.

Holy Grill

Holy Grill is a must-visit if you’re in the downtown area and searching for a decent lunch spot. They understand that your lunch break is limited with work or personal obligations, but that you don’t want to trade outstanding taste for convenience. Customers can order hot meals from the grill, which are cooked using fresh ingredients. Meals are carefully prepared and the service is generally quick so you can return to work or get back to touring Calgary’s streets as soon as possible.

Betty Lou’s Library

Betty Lou’s Library is considered Calgary’s best kept local secret because discovering the library’s entrance is half the pleasure. You’ll need to remember the password given to you while making a reservation to get through the concealed doorway. Once inside, you’ll be transported to the Prohibition Era of the 1920s, where you’ll be able to relax on classic furniture while sipping cocktails named after notable 20s-era icons such as Zelda Fitzgerald. When you’re here, you can snack on little dishes of wonderful cuisine while reading The Great Gatsby, or enjoy stimulating conversation with members of your party.

Taste

Taste Restaurant serves tapas and specialty cocktails in a trendy and modern setting. The cozy and low-lit atmosphere is ideal for a date night. Visitors have the opportunity to observe their cuisine being prepared in the open kitchen. The tiny plates of food are designed to be shared and are brought to the table on a regular basis throughout the night. Taste’s menu changes seasonally to reflect the availability of local and seasonal products, ensuring that you always receive something new every time you visit.

The Lake House

The Lake House is a beautiful restaurant perched above Lake Bonavista with large glass windows lining the building’s façade, providing panoramic views of the lake and surrounding landscape. The menu features distinct rocky mountain cuisine, reflecting Western Canada’s regional tastes that are so flavorful that you’ll certainly return for seconds. 

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The future of travel – an all-hands-on-deck effort

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The COVID-19 pandemic has undoubtedly shaken up the world, with travel and tourism, a major global growth driver accounting for 10 per cent of the world’s economy, one of the hardest-hit industries. The outbreak has in its wake created severe domino effects in the ecosystem; not only the major airlines or chain hotels affected, but also the 80% of the tourism sector made up of smaller accommodation providers plus the peripheral services associated with tourism, including food and beverage, cleaning service providers, local tour guides and transportation. With World Travel and Tourism Council’s latest forecast that up to 75 million jobs will be at risk, it begets the question: Is the industry going to recover?

The answer is yes, but it will take all hands on deck, and a strong collaboration among all parties.

Government support is crucial

The travel industry supports one in 10 jobs within the global workforce in Asia Pacific, the Americas and Europe, and rising to 13.3% of total employment in Southeast Asia. Governments can and are playing a critical role in supporting the industry to protect individuals’ livelihoods and in turn lead to economic recovery. Several governments have already announced stimulus packages to cushion the impact of the outbreak. This funding is proving crucial for the travel industry to maintain business continuity in the short term, but further to that, collaboration and cooperation with key industry players is important to help drive sustainable recovery within this sector. And the industry has not waited for smoke to clear to commence such conversations. For example, governments have already started working with key players and SMEs to develop and promote new, transparent safety and hygiene standards across tourism-related businesses, which will be crucial in driving traveler confidence again. Tourism ministries and destination marketing organizations (DMOs) can partner with online travel agents (OTAs) to inspire desire to travel and attract travelers to destinations right across their markets in a sustainable way, which supports communities outside of key tourist destinations that were also impacted by COVID-19. These digital travel platforms, with their expansive reach and marketing tools, act as a bridge to help DMOs reach domestic and international travel audiences, while DMOs can encourage future travel planning by funding traveler incentives, while properties offer flexible cancellations.

 Role of industry players

Agile travel players can take the opportunity to improve their offering and build new capabilities, preparing for when travel picks up again. In fact, the recent guidelines from the United Nations World Tourism Organization (UNWTO) to help the global tourism sector re-open smoothly and safely, emphasised the importance of innovation and technology in building the industry’s resilience. Accommodation providers, airlines and tour operators need to be attuned to changing travelers’ expectations, which may look quite different post-pandemic. Innovation to anticipate these evolving needs is essential and identifying solutions that prioritize safety and flexibility now during travel downtime, will go a long way to rebuilding confidence.

Research from Agoda.com shows that travelers expect more from their travel experience in the 2020s with advances in technology improving the efficiency and ease of booking and traveling. In fact, aside from improving payment options and booking processes, one in two South East Asians anticipate that mobile app check-in will become the norm at hotels or holiday accommodation this decade. This desire may be even more prevalent for travel post-COVID, as people may demand contactless processes as far as possible.

In addition, hoteliers and airlines for example, are reviewing and updating their cancellation policies and procedures to align with travelers’ new expectations. These updates will likely to include more flexible booking options, making use of data analytics to better review occupancy levels and pricing strategies according to demand, as well as working with different distribution channels to reach travelers with their accommodation offers or flight deals. Other players, such as credit card networks and banks, have a role to play as well and can support by promoting safe travel campaigns.

Most importantly, across the travel ecosystem, all parties should work in tandem to not only align the conditions for such new policies and strategies, but also coordinate on campaign themes and periods, making it easier and more attractive for travelers to plan and book their travel. OTAs are well positioned and equipped to connect these players, from DMOs, hotels, airlines, activity providers, and other supporting partners, to a wider consumer audience.

Travelers also have a part to play

Last but not least, travelers fuel the sector. People will want to travel again, to explore the beauty of the world on their doorstep and further afield, though we expect the pace of travel industry recovery will differ across the world. However, without the collective understanding for responsible travel once governments begin to lift travel restrictions, the recovery process will be a slow and arduous one.

Agoda’s Next Decade Survey found that more than 25% of people want to make more eco-friendly travel choices in the next decade.  The pandemic may make us reflect even more on sustainable travel; travelers may become more aware of the impact of their decisions and habits, which may lead to seeking out more environmentally friendly hotels, or picking destinations in less visited secondary cities to help spread tourism dollars and rebuild local communities.

Travel was one of the fastest-growing industries and over the years we have seen that the industry is resilient in bouncing back from crises. People’s desire to travel will not be quelled. However, bringing back tourists and re-building confidence in travel is going to take new approaches and collaboration. Like the story of the bundle of sticks, where a single stick can be easily broken but not when held in a bundle, it will take a collaborative effort from all players to pull through this together and reinvigorate the travel sector in a safe and sustainable manner.

Agoda.com

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Travel & Leisure

Sea Adventures: Athens Riviera

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Athens may be known for its archaeological attractions, but it’s also one of few European capitals blessed with a swimmable coastline of EU-designated Blue Flag beaches and idyllic coves.

For those yearning for adventures on the water, you’ll feel spoiled for choice. Greece is home to some of the world’s most desirable sailing grounds, so there’s plenty of boating fun to be had, starting with the Athens Riviera. And there’s no better jump-off point than Four Seasons Astir Palace Hotel Athens, which sits at the edge of a secluded peninsula that juts out into the Saronic Gulf.

Choose between the slow and steady rhythm of a sailing yacht and the adrenaline rush of slicing through the water in a high-powered RIB. Whatever it is that floats your boat, a private yachting trip is the best way to reach the nearby islands of the Saronic.

Greece’s culture and way of life is inextricably tied to the sea, therefore, adventures on the water are a signature resort experience. Here, water therapy comes in all sorts of forms, from scuba diving and kayaking to open water swimming and beyond. Consult our concierge, who can tailor the experience to your specific interests.

Sail Your Way to Serenity

Few moments in life invoke a sense of freedom and serenity like casting along the water in a sailboat, the wind rushing through your hair. There’s something about being on the water and relying on the wind to chart your course that allows you to rediscover your spontaneous side. You’ll set off from Astir Marina for a half-day skippered sunset catamaran cruise around the islets of Hydrousa and Fleves, whose crystalline waters are ideal for swimming. Raise a toast to the generosity of Mother Nature with a glass of prosecco along with finger food, traditional Greek delicacies and fresh fruit. Make the experience even more memorable with a candlelit dinner at anchor in a sheltered bay.

Reach Remote Coves in a RIB Boat

Not only are RIB boats the fastest mode of marine transport, they also allow you to reach the most remote coves located along the Riviera and off the Saronic islands, many of which are inaccessible by land. Hop aboard and, in no time, your skipper will have you flying across the water, jetting between secret bays and inlets. You’ll be surprised to find aquamarine waters reminiscent of the Aegean, in locations such as tiny, pine-dotted Agistri island, situated a relatively brief boat ride away from the resort. All you need do is drop anchor and take a soul-reviving dip. As late afternoon rolls around, dock outside casual seaside taverna Apónēssos at the southwest tip of Agistri and sample grilled sardines and tuna carpaccio, the house specialty.

Take to the Sea on a Traditional Caique

One of the most unique ways to sail the Saronic is aboard a traditional Greek caique, or trehandiri, with a captain who knows these waters like the back of their hand. Powered by motor and, in some cases, sails, these boats are renowned for wide wooden hulls that are specifically designed for navigating Greece’s waters in safety and comfort. Guests can choose between lovingly-refitted wooden motor sailing boats such as the 48 foot (15 metre) Faneromeni, which was built from pine on the Sporades island of Skiathos in 1945. Like most of these hardy vessels, there’s a story behind each one: Faneromeni originally transported food and other goods to the islands. Today, many caiques feature cabins, dining facilities, deck lounges and water toys such as SUPs and snorkelling gear. Ask our concierge about packing a Four Seasons picnic basket filled with culinary delights. You may prefer one of our chefs to join you on the trip to prepare a delectable menu on board.

Scuba Diving for Everyone

Newbie scuba divers often find it hard to paint a picture of what it is like to see the underwater world for the first time. Below the sea surface, the world falls beautifully silent. Looking at the delicate marine ecosystem up close, one feels a deep sense of peace, wonder and delight. For those wanting to try scuba diving during their stay in Athens, the calm, protected waters of the Saronic make for ideal conditions. Our expert team can provide a one-hour taster lesson in the basics of diving close to shore, whereas private dive sessions further out at sea can be arranged for the more advanced.

Kayak to Cape Sounion

Test your form and explore the spectacular coastline around Cape Sounion, at the southeastern tip of greater Athens, on a guided sea kayak tour. Our kayak experts will show you rugged cliffs, take you to hidden caves and introduce you to Archi islet and the sand dunes of wild Legrena beach. You’ll have the opportunity to swim in refreshingly cool seas and fuel up with a snack before you continue to Cape Sounion. There, you’ll park your kayak on the shore and take a wander around the painstakingly-preserved fifth-century BC Temple of Poseidon, dedicated to the Olympian god of the sea. British poet and philhellene Lord Byron was so impressed that he carved his name on the white marble structure when he visited in the 19th century.

Swim Freely in the Open Sea

Recruit our professional swim coach, who is also a trained lifeguard, for an open water swimming session in the exceedingly safe, shallow Blue Flag waters of Vouliagmeni Bay. Treat it as a training session as part of your regular program or make it a leisurely swim in the sunshine, taking in sweeping views of the verdant peninsula. Your coach will wear a floatable safety device for the duration of your swim to ensure added peace of mind.

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