What it's like living in Monaco, the glamorous city-state on the French Riviera that's home to a glitzy annual yacht show and where an estimated 1 in 3 people is a millionaire

Monaco is known for its yachts, gambling, and lavish wealth.

About 38,300 people live in the compact city-state.

Source: IMSEE Monaco Statistics

The official language of Monaco is French, but English is also widely spoken, especially in restaurants, bars, and hotels.

Source: See Monaco

Each year, celebrities and billionaires come from all over the world to see the latest luxury yachting innovations at the Monaco Yacht Show.

Many of the yachts cost hundreds of millions of dollars and are owned by celebrities such as Ringo Starr and Formula One driver Lewis Hamilton.

Source: Boat International

It also hosts the Formula One Grand Prix.

One of the reasons the 1% are attracted to be Monaco could be its identity as a popular banking destination and a known tax haven — it has no income tax.

Source: Money

Monaco's location, close to France and Italy, is a draw for wealthy residents more than other offshore tax havens, Yolande Barnes, a director at real estate consultancy Savills World Research, told CNN Money. "People don't want to feel exiled," she said. "It's the right location for a significant number of the world's wealthy."

Source: CNN Money

Monaco has one of the most expensive real estate markets in the world. The average property price was $5.2 million in 2017.

Source: Soma International Realty, IMSEE Monaco Statistics Office

Monaco residents have access to fresh, local produce and plenty of seafood.

Source: Every Culture, See Monaco

Open-air markets are open every day of the week, year-round.

Source: See Monaco

The people of Monaco can shop at one of the 80 stores found in the luxurious Metropole Shopping Center ...

Source: Metropole Shopping Center

... or hit the streets to find luxury boutiques that include Hermès, Chanel, and Cartier.

Residents are usually in close proximity to royalty. The Monaco royal family lives at the Prince's Palace, a fortified palace that began as a fortress in 1191.

Source: Palais Princier de Monaco

The royal family includes Prince Albert II, Princess Charlene, and their twins, Prince Jacques and Princess Gabriella of Monaco.

Source: Palais Princier de Monaco

At the heart of Monaco's gambling district, Monte Carlo, is the world-famous Monte Carlo casino, where high-rollers and VIPs go to gamble.

Source: Business Insider

In the main gaming room, Salle Europe, you can find Blackjack, Texas hold-em poker, and English and European roulette. The slot machines can be found in the Salle Renaissance and Salle Amérique, while the other two rooms are open to the general public for gambling. And don't think you'll get in wearing a t-shirt and jeans; jackets and ties are strongly recommended for men in the evening.

Source: Lonely Planet

Luxury cars are a common sight in Monaco, with the sounds of drivers loudly revving their engines often heard around town.

Source: CNN Money

Monaco's old town is full of beautiful architecture and charming narrow alleyways.

Source: Visit Monaco

The rest of the city, however, is not entirely so picturesque. Many of the views are dominated by high-rise hotels and apartment blocks.

Source: Lonely Planet

On Instagram, she posts photos of herself posing in front of yachts and luxury boutiques.

U2 singer Bono is also a common sight in Monaco.

Source: See Monaco

Monaco is known for being one of the safest areas in the world, with a 24-hour video surveillance system that covers the entire town. It also has one of the largest police forces per capita, according to Money magazine.

Source: Money