( CNN ) -- Put simply , there is no other Formula One race to match the glamor and sophistication of the Monaco Grand Prix . It comprises 78 pulsating laps around the principality 's tight streets , with the region 's wealthy inhabitants taking in the action from expensive yachts moored at the Mediterranean port which provides the circuit with its unique , picturesque backdrop . For one weekend each May , Monte Carlo 's customary chic and class is replaced with screeching brakes and the smell of burned rubber as drivers bid to write their names in the history books . `` It 's always been a special race , '' F1 supremo Bernie Ecclestone told CNN . `` It 's a street race . People are right near the action and it 's happening right in front of them , so it 's a little bit special . '' Latest Formula One standings . The Monaco Grand Prix was first held in 1929 when safety was not as prevalent in the minds of organizers as it is today . Seven-time world champion Michael Schumacher won in Monaco five times between 1994 and 2001 . The Mercedes driver explained how Monaco 's unique layout sets it apart from other , more spacious , tracks . `` Honestly , it is crazy to drive there because if you look at the safety aspect you think why are we racing here ? '' said the 43-year-old . `` At the same time if you go through these roads and tunnels it is fascinating . '' How sponsor 's exit aided Lotus . Schumacher 's record in Monaco is only bettered by the legendary Brazilian Ayrton Senna , who won the race six times before his tragic death at the 1994 San Marino Grand Prix . The German puts his own success down to feeling at home on the course , having lived there . `` I lived in Monaco for quite a few years together with my wife , '' he explained . `` Enjoyed the time , It was a kind of home race for me and I still feel very passionate about going there . '' The large sums of money on offer to Formula One 's top drivers means many can afford to base themselves in Monte Carlo , a location with a reputation as a millionaire 's playground . `` You can see the big boats arriving and the small fishing boats getting moved out of the way , '' said former McLaren driver David Coulthard . `` It 's the race track that the CEOs want to be at and where all the big parties are held . '' Britain 's Coulthard won in Monaco in 2000 and 2002 , and he described how being handed the trophy by Monaco 's head of state is one of the biggest honors in F1 . `` I am really proud to have a picture with Prince Rainier after winning the grand prix knowing that he had sat next to so many of the better drivers than me , the greats of the sport . That 's what makes it so special . '' Stirling Moss is widely regarded as one of the finest racers to have never won a world championship . But the Briton , who raced between 1951 and 1961 , won at Monaco three times . `` I think amongst the drivers they 'd like to say they 've won Monaco , that is the pearl , '' said the 82-year-old . And it is a view supported by Moss 's modern counterparts . Schumacher 's teammate Nico Rosberg enjoyed the first grand prix victory of his career early this season in China , but the German said a win on Sunday would be extra special . `` Monaco is the history , the track itself , the atmosphere . It is the highlight of the F1 season , '' said the 26-year-old . `` It 's spectacular . ''
Formula One 's Monaco Grand Prix will take place in the principality on between 1994 and 2001 . The race around the narrow , winding street circuit is one of F1 's most famous . six -time Michael Schumacher won the race on five occasions Sunday . The German can equal the late Monaco record of six Monaco wins between 1994 and 2001 .