His race helmet has been decorated with a line of diamonds and Lewis Hamilton confessed that he has a new 14-carat diamond ring, worth, they say, a cool £25,000, courtesy of one of his sponsors. His bling, he called it. But for the first time the diamonds are the only things sparkling in the life of a young driver whose fame and riches seemed to come in an avalanche.

Life as a tax exile in Switzerland has lost its lustre and Hamilton pines for the close-knit family he left behind when he chose to live in a plush apartment on the shores of Lake Geneva to save some of his massive new fortune.

His relatives are here in Monaco - Anthony, his ever-present father, Linda, his stepmother, and Nicholas, the brother on whom he dotes - all hoping to see Hamilton wipe away some of the nastier memories of an explosive first season in Formula One.

It was here last year that Hamilton learnt the hard facts of Formula One life, denied a maiden victory in the Monaco Grand Prix, the most famous race of all, when his McLaren Mercedes team told him not to try to beat Fernando Alonso, his team-mate at the time. For the first time in his decade-long apprenticeship with Ron Dennis, the McLaren team principal, Hamilton bit back, his outburst overshadowing a McLaren one-two finish. It was also the first sign that Hamilton was a driver with a mind of his own.

At that time he was the learner Formula One driver and No2 to Alonso. But it all seemed to come so easily as Hamilton almost landed the World Championship title in his first season. This year, the 23-year-old is the No1 McLaren driver, the man who carries all the expectations, and the superstar with the Miss World contestant for a girlfriend and a home 1,000 miles from where he wants to be.

As he surveyed the Monte Carlo harbour, bathed in warm sunshine, the white yachts lined up to receive their multimillionaire owners for the weekend, Hamilton expressed his love for a unique grand prix. But he admitted that he would not want to live in this tax haven, which is home to David Coulthard and Jenson Button, his British Formula One counterparts. But then there do not seem to be many attractions in his adopted home city of Geneva.

“Monaco is a nice place on a grand prix weekend,” Hamilton said. “It's no less boring here than it is in Geneva. I miss my friends being around. I miss coming home and having home cooking, my mum cooking for me, doing my washing and all that stuff. Catching up with friends, going out, going to London and out to restaurants. I don't do that anywhere near as much as I did because there is hardly anyone in Geneva I really know. But being at home is great.”

It was a wistful moment for the young man who has everything, except what he really wants. If anything could put a smile on Hamilton's face it would be a win here on Sunday, not only because it is Monaco and there would be revenge for the victory he believes was denied him last season, but because it would reignite his challenge to the threatening dominance of the twin Ferraris of Kimi Raikkonen and Felipe Massa.

Hamilton will not want to start today's practice sessions as he did last year, when he was caught out for the first time in his fledgeling Formula One career, crashing heavily at Sainte Dévote. His recovery, though, was remarkable, finishing second in qualifying and second in the race to Alonso, his team-mate. “We have to try to repeat that,” he said. “We have a great chance and we have to make the most of it and get the win.”

A win that Hamilton would happily take in exchange for all his diamond rings and glittering race helmet.