Monaco — the infamous yachting destination on the French Riviera — has banned its millionaire residents from taking out their superyachts under coronavirus lockdown

• Monaco is a wealthy city-state on the French Riviera that's home to 38,000 people — an estimated one-third of whom are millionaires.
• It's also a major global yachting destination.
• Each year, it hosts the Monaco Yacht Show, which drew 30,000 yachting enthusiasts $4.3 billion worth of superyachts to its glitzy port in 2019.
• As Monaco locks down to battle the coronavirus pandemic, its millionaire yacht owners have been banned from taking out their superyachts.
• The yachting industry has been a hot-button topic during the outbreak, as reports have surfaced of billionaires chartering yachts for months at a time to ride out the pandemic.
• Visit Business Insider's homepage for more stories.

Monaco, a tiny yet prosperous city-state on the French Riviera, is a global yachting destination.

Of its 38,000 residents, an estimated one-third are millionaires, and some of the biggest and most famous yachts in the world have docked at its glitzy Port Hercules. Each year, Monaco hosts the Monaco Yacht Show, an event that drew 30,000 yachting industry insiders, buyers, and $4.3 billion of superyachts in 2019. Yachts belonging to the likes of Wynn Resorts cofounder Steve Wynn and Russian billionaire Dmitry Pumpyansky have been spotted at port in Monaco in recent years.

But as Monaco, like the rest of the world, deals with the coronavirus pandemic, its wealthy residents have been mandated to stay in their homes except for essential activities — and cruising on a multimillion-dollar superyacht is not considered essential, even in Monaco.

What lockdown is like in Monaco under lockdown

Monaco's government has temporarily banned all leisure boating activities and barred entry to cruise ships. Port Hercules now requires yachts larger than 78 feet to fill out a mandatory Declaration of Health before entering the port.

Raphael Sauleau, the CEO of Fraser Yachts, a yacht brokerage with offices in Monaco, told Business Insider that residents fully support the lockdown.

"Many captains and crew remain on board yachts, so on lockdown but in good spirits, keeping the yachts (and themselves) in good shape and preparing for the eventual rollback of restrictions which is currently set to start in Monaco in May," Sauleau said. "Yachts sound their horns each night to thank the frontline and essential workers."

Ignat Bondarchuk, a trader from Belarus who has lived in Monaco since 2018, told Business Insider he goes jogging near Port Hercules a few times per week and that it was "strange not to see boats coming in and out of the port."

Monaco's lockdown is currently set to end on May 3. Until then, residents are only allowed to leave their homes for essential activities including essential work, visits to grocery stores and pharmacies, travel for critical family reasons, and brief outings for individual physical exercise and taking care of pets.

The police are patrolling the country with drones to ensure there are no social gatherings and handing out fines of up to €200 ($217) for those who break the rules, according to Monaco's official government website. Monaco claims to be one of the most high-security cities in the world, with one police officer for every 100 residents and a 24-hour video surveillance system that covers the entire town.

The principality had 94 confirmed cases of the virus at the time of publication. The nation's ruler, Prince Albert II, the son of American actress Grace Kelly, became the first head of state known to be infected with the virus on March 19. The monarch has since recovered and reunited with his wife and their two children, according to local newspaper Monaco-Matin.

The yachting industry around the world has ground to a halt

While the lack of activity in the port may be particularly apparent in a place like Monaco, it's not only in Monaco that the yachting industry has ground to a halt. Almost all private boating has been shut down in the Mediterranean region, and around the world, charters have been canceled and boats are locked in marinas, The New York Times reported. Major international boat shows have been postponed or canceled, as Business Insider's Hillary Hoffower reported.

For now, the 2020 Monaco Yacht Show is still set to take place from September 23 to 26 as planned.

"Time will tell how this evolves and if it does take place, what changes are made and how many people attend," Sauleau said. "The local authority may also require a different set up allowing social distancing and other requirements to be seen."

Like many other brokerages, Fraser Yachts has been holding virtual yacht tours, he said.

"But of course, nothing can substitute the experience of physically stepping on board a yacht to really appreciate the craftwork, space, facilities and performance each vessel uniquely has to offer," Sauleau said.

The yachting industry has been a hot-button topic during the coronavirus outbreak. Reports have surfaced of billionaires chartering yachts for months at a time to ride out the pandemic. And entertainment mogul David Geffen, who's worth $7.7 billion, was blasted for posting Instagram photos last month that showed him "self-isolating" on his $590 superyacht in the Caribbean.

Do you live in Monaco and have a story to share about how the pandemic is affecting you? Email the reporter at kwarren@businessinsider.com.