It is easy to dismiss Monte Carlo as just a tax haven and an overpriced millionaire's posing ground, but there is far more to this compelling city than its wealthy reputation suggests.

For a start it enjoys a spectacular setting as part of Monaco, a tiny principality smaller than London's Hyde Park that clings spectacularly to the rocky shores of the Mediterranean.

At the city's spiritual heart is Monaco-Ville where the Place du Palais houses the grand palace that the legendary Grimaldi family still hold so dear. Their turbulent history, awash with glamour, tragedy and drama, colours Monte Carlo and only helps add to its mystique.

Below the palace the skyline is more Manhattan than Mediterranean as Europe's movers and shakers scramble to snatch a precious piece of real estate and ridiculously expensive yachts cram the marinas.

The good news is that a taste of Monte Carlo living is not just reserved for those with seven digits in their euro accounts as there are public parks and jogging tracks that can be enjoyed for free and alongside some of Europe's most expensive hotels and restaurants there are some cheaper, almost good value, options.

The Formula 1 Grand Prix and the Monte Carlo Rally may be the city's two most famous events, glitzy extravaganzas that seem to sum up the spirit of flash and showy Monte Carlo, but beneath the hype there is real substance supporting the style with a lively cultural scene and layers of history well worth exploring.