Video: Prince Albert of Monaco Talks About the Future of the Wealthy Principality

Posted on June 29, 2011

Long known as a tax haven, Monaco has one of the highest per capita incomes in the world. Prince Albert wants to change some of the perceptions of Monaco. Residents will still live here income tax free. But Monaco will now cooperate with international authorities on tax and financial issues. That may not make some wealthy residents happy, but the prince is relying on popular events to bring in visitors.

Next month, Prince Albert will wed commoner Charlene Wittstock in what is expected to be a very lavish royal wedding. CNN's Jim Bittermann reports on the future of Monaco: