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, a sovereign city-state on the French Riviera, is known for its lavish wealth.
• One study estimated that nearly one in three people who live there are millionaires.
• Its famous Monte Carlo district is home to world-famous casinos where high-rollers and VIPs go to gamble.

A few things come to mind when most people think of Monaco: gambling, yachts, and the ultra-wealthy.

Indeed, one study estimated that nearly one in three people who reside in Monaco is a millionaire. And one in every 56 residents has assets totaling at least $30 million, according to the study by wealth tracking firm Wealth-X.

Monaco is arguably a playground for the wealthy, partially thanks to its reputation as a tax haven. It also draws millionaires and celebrities from all over the world to its prestigious Monaco Yacht Show each year. Its famed Monte Carlo district is known for being the gambling spot of choice for the world's high rollers.

Here's a peek inside life in Monaco. 

SEE ALSO: This $145 million superyacht just won a major award for its ultra-luxurious interior at the Monaco Yacht Show – here's a look inside

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

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

Source: IMSEE Monaco Statistics

Locals enjoy mild weather year-round in Monaco, which has an average temperature of 75 degrees in July and 50 degrees in January.

Source: Holiday Weather