Monaco: Expert recalls Charles III's 'genius' gambling idea

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Monaco is one of the richest places on Earth. Only slightly bigger than London’s Hyde Park, the principality has become famous for its high-life: some 30 percent of the population millionaires. Many are enticed with the promise of no income tax – a golden ticket for the world’s wealthiest.

This exemption is only afforded to a few not born in the principality, by Monaco’s present ruler Prince Albert.

Some of Monaco’s most famous billionaire residents include Sir Philip Green and the Barclay brothers.

According to Frank Knight’s 2019 wealth report, the principality is home to 12,000 millionaires in a population of 38,000.

Many have questioned how this tiny nation has become so rich, hemmed in by France from the north, and the Mediterranean Sea in the south.

The mystery was answered during the BBC documentary, ‘Inside Monaco: Playground of the Rich’.

Here, the programme traced Monaco’s roots back to Prince Charles III who ruled from 1856 until his death in 1889.

The royal is most famous for founding the renowned Monte Carlo casino.

As documentary presenter Fred Sirieix explained, the casino, “is the place where Monaco’s financial miracle began in 1863”.

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Lieutenant Colonel Philippe Rebaudengo, Prince Albert’s quarry, said: “Prince Charles III had this genius idea to allow gambling.

“It was forbidden in Italy, forbidden in France.

“Before, we were just peasants with oranges, clementines and lemons.

“The principality, in 40 years, became terribly rich.

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“And after, the people of Monaco became very used to seeing and welcoming very rich people.”

Archive news footage from 1953 shows just how pivotal Monte Carlo Casino was as a spot of culture in the mid-20th century, and how it contributed to society at large.

The newsreader said: “This gambling casino is actually part of the principality of Monaco, an independent state with its own rulers and its own laws.

“It is interesting to know that none of the citizens pays any taxes in this small but prosperous community.

“It is also interesting to know that none of the citizens of Monaco are allowed to gamble in the casino – only visitors.”

To this day, the Monte Carlo Casino – or Casino de Monte Carlo – remains world famous.

It is run by general manager, Pascal Camia.

He revealed a hidden quirk about the casino in the past that helped to keep gamblers indoors for longer so more revenue was created.

He said: “In every casino in the world you don’t have clocks.

“People have to lose control of the time.”

This changed, however, when Monaco’s railway station was constructed below the casino.

Mr Camia said: “People who had to go back to Nice now needed to know that the last spin was at midnight in order for them to take the last train home.

“Otherwise, they would be stuck here in Monaco.

“That’s why now we put some clocks in every room.”

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