08 Aug 2008
Thirty years ago I was sitting in the swankiest golf clubhouse I had ever frequented. The gentleman I was with who had been a member for decades told me that they had two types of members – rich millionaires and poor millionaires.
They seem to only have the rich type millionaires here. I have seen more Rolls-Royces and Ferraris here in two days than in my entire life in Beverly Hills, New York and Miami combined. Many of the taxis are Mercedes Benz.
Fact – The Principality of Monaco is only .75 sq. miles with a population of about 35,000.
The industry here is just tourism and gambling. But that is plenty, given that millions of people travel here annually and one family owns the town.
Wealthy people flock here because the weather is great, there are NO income taxes, and other wealthy people come here. That doesn’t hurt the retail or casino industry at all. It seems to work just fine.
I was so amped after the tournament last night I stayed up until 5:45 am having fun with the family and writing the blog. Tomorrow is our last full day on the yacht.