00:00The Principality clearly demonstrated that for a country to prosper,
00:04it is not at all necessary to impose compulsory taxes on its citizens' incomes.
00:09Instead of fiscal pressure, Monaco built a model that can be called
00:13a publicly traded corporation in the form of a state.
00:16The Principality does not take away what people have earned,
00:19but creates such a high level of security, privacy, infrastructure, and prestige
00:24that make the richest people on the planet eager to come here and spend billions.
00:30The state is funded not by coercion, but by luxury and pleasure.
00:35Monaco has turned its greatest physical disadvantage,
00:37an extreme shortage of land, into a gold mine.
00:41The economics of the world's most expensive square meter
00:44and the creation of new artificial eco-districts, such as Meriterror,
00:49generate budget revenue without any investment spending by taxpayers.
00:53The historical myth that roulette feeds Monaco has long been shattered.
