Millionaires Get A New Playground In Monaco

The Annual Monaco Yacht Show is around the corner, September 24-27, and of course that means beautiful yachts, beautiful people and some fun parties.  If you are sailing in this year, you may be momentarily confused figuring how a large ocean liner is docked inside Port de Monaco.

PhotoIn reality there is a new land based flagship: the headquarters of the Yacht Club de Monaco and the Nautical Society (right), which opened on June 20, 2014.  Designed by Lord Norman Foster with Monegasque architect Alexandre Giraldi under the supervision of the Public Works Office, the goal was to have “a development and promotional tool to reinforce (Monaco’s) position as the world’s yachting capital.”

 A press release announcing its opening noted, “As sleek as the ocean liners which sailed between Britain and America at the beginning of the twentieth century, the building – the second floor of which is reserved exclusively for Yacht Club members – offers yachting professionals and amateurs alike a dedicated place to meet, and will contribute to the development of Port Hercule as well as the Principality’s reputation on the international stage.

Alongside the Nautical Society and the Sport Section (Youth and Adult) of the Yacht Club de Monaco (Y.C.M.), this nautical hub houses, in the Y.C.M. Club House, an atrium, the heart of the building on account of both its architectural originality and its strategic location. Its majestic helical staircase leads to all of the new spaces, including an exhibition room, a VIP area, a swimming pool and terrace, a library, a sports room and five spacious “cabins” to accommodate guests making a port stop.”

For those who think opening a yacht club is a bit elitist endeavor, take comfort in the findings released last week by WealthInsight and Spear’s Magazine.  Nearly 30 percent of locals are millionaires (not including the value of their principal residences) ranking the Principality as having the densest millionaire population in the world.