Born and raised in Monaco here. The article paints a very incomplete picture, told from the minority standpoint of mostly wealthy socialites and residents. There are also about 50K people commuting into Monaco daily from neighboring cities (Nice, Cannes, La Turbie, Beausoleil, etc.) who are just middle-class wage workers, and who form the bulk of Monaco's active population. In the daytime, Monaco is mostly alive from their presence, as they outnumber residents. At night, well, Monaco isn't very much alive at all.

Many if not most of the wealthy residents who can afford the insane real estate prices also own multiple properties worldwide (London, NYC, Lugano, Singapore, etc.), and shuttle between them all year round, so they aren't even there permanently. Monaco is only a fiscal residence for many of them.

Beyond the surface-level glitz, e.g. the Formula 1 and the fancy cars parked in front of the Casino, what's interesting is that the little old unassuming lady in sweatpants walking her dog in the morning may actually be a multi-billionaire, and you wouldn't be able to tell. Lot of old money that likes to keep to itself, as opposed to nouveaux riches who like to flaunt.