Monaco and its Residential Market – what about the workers who make Monaco work for the super-rich?

I have just had a quick scan of this report from Savills on Monaco’s residential market:

The following section, to me, really stood out:

“Monaco is unusual in that almost all of its residential stock could be considered ‘prime’. The ‘mainstream’ housing stock, in which many of its workers live is found in bordering
French towns”.

I can’t help thinking that a detailed exploration of this section would be really interesting.

  • What sort of homes, and in what conditions, do the ‘normal’ people who enable the tax-haven to function on a day-to-day basis live?
  • What sort of incomes are they on?
  • They may live in near-by French towns but are they indigenous to these places or have they been imported from elsewhere?
  • What sort of hours do they work and on what sort of incomes?
  • How do they travel to and from Monaco and who has paid for the connecting infrastructure?
  • What effect does having a tax-haven, designed to function mainly for the world’s super-rich have on the sustainable development and economics of the surrounding French towns?

As London seems to be in danger of segregating into areas for the world’s ultra-rich and the rest of us, the answers to these and other related questions may be useful in deciding on, and planning for, how we really want the London of the future to be.

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