Why Monaco Captivates

Ali Rakib on Business, Culture, and the Unique Charm of the Principality.

Global citizen Ali Rakib fell in love with the Principality of Monaco, a place so unique as no other in the world.

You grew up in London, one of the biggest financial capitals in the world, and then moved to Dubai to pursue a career. What attracts you to Monaco?

“I think Monaco is a very multicultural and diverse society, much like Dubai. It’s a very close-knit community.

First, because of its small size, the relationships you build are very intimate and strong. People are friendly, open, and willing to talk.

Secondly, I’ve found that doing business in Monaco is easy. People are very open and approachable.

When you are marketing to ultra-high-net-worth clientele, there is no place in the world like Monaco. The Principality of Monaco offers unique business opportunities and is the perfect market for them. As I mentioned before, the friendly small community and the openness of the people you meet are extraordinary. In other parts of the world, this can be quite challenging.”

How do you compare business people in Dubai versus Monaco?

“Dubai is quite different, more like London or New York. People have wealth, but they are very busy and less open to conversation. It was even ranked as the most overworked city in the world.

In contrast, spending time in Monaco, I’ve noticed how genuinely open people are. Everyone I’ve met, including very wealthy individuals and even billionaires, is inclusive, down-to-earth, and humble.”

Ali also met the Sovereign Prince of Monaco on multiple occasions.

“Having the opportunity to meet a royal family member or the sovereign of a country is truly special. It also shows what kind of person Prince Albert is — the ruler of Monaco knows the people and genuinely seems to care about them. Think about any global elections right now: do people usually get the chance to meet their presidents or prime ministers for a private 1-2-1?”

Ali currently works with an advisory firm Elite Wealth Management, an affiliate company of Lattice Capital Management. Together, they offer an investment vehicle that requires no commitment of capital, as the strategy utilises existing assets as collateral. 

It is a highly unorthodox way to invest with a no-capital commitment strategy. Clients maintain full control over their existing asset allocation. Ideal for investors seeking an absolute return with low correlation to the equity markets and generating additional yield from an existing portfolio.

“It’s not surprising, but many high-net-worth individuals often have wealth tied up in non-liquid assets. Instead of holding physical cash in banks, they typically invest in corporate shares, bonds, and various stocks like Apple and Tesla through trading or brokerage platforms. The value of these investments fluctuates, and they may receive dividends annually. 

Additionally, top executives often receive stock options as bonuses or part of severance packages, which they may hold onto for the long term without immediate need for access.

I first encountered a strategy like this with Parametric, a Morgan Stanley company, where clients can enhance their returns by wrapping a strategy around their existing investments, generating additional returns without needing to liquidate their holdings. 

A true example of making your money work harder. This innovative approach to wealth management is both unique and appealing.”

As a boutique firm, Ali and his team take pride in historically achieving strong performance, especially during years with negative returns. When comparing their track record with that of their competitors, Elite Wealth Management’s strategy consistently demonstrates robust performance, outperforming even the returns offered by Morgan Stanley.

Interested to know more? 

Ali Rakib will be hosting a cocktail Q&A event on March 27th from 5:30 PM to 9:30 PM at Le Deck, located at Marius Restaurant & Bar.

RSVP: ali.rakib@elitewm.com