Monaco is a sovereign city-state and microstate in Western Europe, situated on the French Riviera. France encircles the nation on three sides and shares a border with the Mediterranean Sea on the fourth. Monaco has an area of 2.02 km2 (0.78 sq mi) and has a population of about 37,800; it is the world’s second smallest and densestly inhabited nation. Monaco has a land boundary of 4.4 kilometers (2.7 miles), a coastline of 4.1 kilometers (2.5 miles), and a breadth ranging from 1,700 to 349 meters (1,859 and 382 yd). The country’s highest point is 161 metres (528 feet) above sea level, on the slopes of Mont Agel in the Les Révoires Ward.
Monte Carlo is Monaco’s most populated Quartier, whereas Larvotto/Bas Moulins is its most populous Ward. Monaco’s land mass has increased by 20% as a result of land reclamation. Monaco, despite its little size, is very ancient and well-known, particularly for its position as a playground for the wealthy and famous, who serve as a spectacle for visitors and an economic engine for the Mediterranean. In 2014, it was estimated that about 30% of the population was millionaires, comparable to Zürich or Geneva.
Monaco is a principality administered by a type of constitutional monarchy under the leadership of Prince Albert II. Despite the fact that Prince Albert II is a constitutional monarch, he has enormous political influence. Since 1297, the House of Grimaldi has governed Monaco with short intervals. Although French is the official language, Monégasque, Italian, and English are commonly spoken and understood. Monaco’s sovereignty was formally acknowledged in 1861 by the Franco-Monegasque Treaty, with Monaco becoming a full voting member of the United Nations in 1993. Despite Monaco’s independence and distinct foreign policy, France is responsible for its defense. Monaco does, however, retain two minor military forces.
Economic growth was accelerated in the late nineteenth century with the establishment of the country’s first casino, Monte Carlo, and the establishment of a railway link to Paris. Monaco’s warm temperature, magnificent landscape, and premium gaming facilities have all contributed to the principality’s reputation as a major tourist destination and leisure center for the wealthy and famous throughout the years. Monaco has developed into a significant financial center in recent years and has effectively diversified its economy towards services and small, high-value-added, non-polluting businesses. The state has no personal income tax, minimal corporate taxes, and is well-known as a tax haven. It is also the site of the annual Monaco Grand Prix, one of Formula One’s original Grands Prix.
Monaco is not an official member of the European Union (EU), although it does participate in certain EU regulations, such as customs and border controls. Monaco utilizes the euro as its only currency as a result of its connection with France (before, it used the Monégasque franc). Monaco became a member of the Council of Europe in 2004. It is a member of the Francophonie Internationale Organisation (OIF).