Many in history probably coveted such a small strip of land by the sea. However, grace to the legendary cunningness of Francois Grimaldi, sculpted in the palace square dressed as a monk with a sword under his frock, Monaco was established in its present form in 1297. Grimaldi’s quick victory did not last, and it took more than 100 years till the same family was able to purchase the rock and enthroned themselves as princes, a title that they started to carry in 1612. With ups and downs, the principality resisted till these days, the Grimaldi family making the first-page news in the tabloids world-wide.

The financial success of the principality came first with the construction of the famous casino of Monte Carlo in 1846. Later they converted the principality into a tax haven. The residents of Monaco do not pay taxes, and as a result, a lot of high earners, like sportspeople, switch their fiscal residence in the principality.