I lived in Monaco for years. You have no idea what you are talking about. There are Monegasques who are the true locals who are all on welfare. They get FREE housing and if unemployed a free lifestyle. There are the resident French citizens who pays taxes to France and are also recipients of welfare. Then there are the rich expats who don't pay any direct taxes but pay huge amounts to rent tiny apartments. They also pay 20% VAT on everything they spend, yes even on those Ferraris and Bentleys!
The local municipal government is extremely socialist and the prince is a capitalist for himself and a socialist for everyone else. His father Prince Rainier built Monaco like a long term business for his spoon fed son to squander.