Uncharitable Wealth? At Least Until Things are Back to Normal.

Monte Carlo, a haven for the rich, the famous, and the rich and not-so-famous, seems like the last place in Europe where the recession should matter. Wandering down the sun-drenched streets on a Saturday morning, I realise that Friday night's revelry in Monaco is not marked by the odd broken beer bottle and grime but rather by forgotten and shattered champagne glasses on the bricked sidewalk. Some things haven't changed in the downturn. But after digging under the surface of summer parties and expansive yachts puffing in and out of the famous marina, there are some cracks of uncertainty appearing in unexpected places.

Michael Folsom and family have made Monaco their home for the last 10 years. He and his wife have one daughter, Hannah age 9, and a miniature dog named Flirt.

Hannah has been sent to summer camp in America. Mom Michelle, who grew up moving between exclusive boarding schools in Europe, thinks an outdoor, fun-and-games summer camp is the best thing she can do for her daughter given the glitzy lifestyle that imbues even the primary schools of Monaco with the feel of a glossy magazine.

"You can’t believe these girls. 9 years old and carrying around the latest £10,000 handbag. And Hannah doesn’t even go to the poshest school. She doesn’t really care about any of that, but I do get the feeling that girls don’t get the chance to be kids anymore. No one can be sure what the future is going to hold and we want her to have a 'normal' perspective."

Of course, normal is a sliding scale. Even the bag carrying the wet beach towels lying at our feet is a Louis Vuitton, and we've started every meal except breakfast with Moet or a similarly delectable bubbly. But when we start talking about how things have changed back in Monaco since last summer, there is no question that people are spending differently.

"We're a big supporter of a certain charity. Michael worked for his money so he’s generous. In 2008 they threw the most incredible event- it launched the summer scene and raised tons of money. The bidding during the live auction just went skyward. People got really into it, out-bidding one another, showing off, and of course agreeing that it was all for a good cause. This year, it’s as if people with private jets are counting pennies. It was almost embarrassing how few tickets sold. Given last year’s success, the party was being covered by a number of magazines and news channels, but no one wanted their picture taken. Most items for auction went for, like, half of their actual value. I’m sure people have lost a bit-we certainly have- but it’s not as if anyone is struggling. The recession is just a really good excuse to be stingy."

So does this stinginess or insecurity spill into life outside of the charity balls?

At one point Michelle asked me, "[h]ave you ever been to the charity shop in Monaco? It’s nothing like your average high street Oxfam. I think I’m the only mom who would admit to checking out the charity shop. We’re expected to donate to charity, not buy from it! But you can find the latest, even one-offs, from the top designers. You can also find amazing vintage. This year it is either picked through or people aren’t donating as much. It’s probably both. It’s become chic to shop for vintage. Of course, you have to say you’re shopping for vintage, not that you’re willing to wear someone’s cast-off. But people must be holding onto their designer clothes longer. Maybe even wearing them twice…" She says the last statement with a bit of a snicker.

So while champagne is still flowing and school girls accessorise with the latest Hermes handbag, in one of Europe's wealthiest enclaves, people may be holding onto their cocktail dresses a little longer, keeping their paddles down at the auction, and staying away from the flashy fundraisers. Perhaps ensuring that 'normal' remains a summer experience for future generations.