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Monaco, officially referred to as the Principality of Monaco, is a sovereign city-state and microstate located on the French Riviera. This small but enchanting country is located on the Mediterranean Sea, mere moments from the Italian region of Liguria in Western Europe. Monaco’s distinctive geographical location renders it a semi-enclave, bordered by France on three sides: north, east, and west.
This small principality is home to a diverse population of 38,682 residents, among whom 9,486 proudly hold Monégasque nationality. Monaco has established itself as one of the globe’s most luxurious and costly locales, drawing in wealthy individuals and travelers from around the world. Although French is the official language, Monaco boasts a rich and diverse linguistic landscape. A significant number of residents speak Monégasque, the local dialect, alongside English and Italian, showcasing the cosmopolitan character of this Mediterranean jewel.
Monaco is recognized as the second-smallest sovereign state in the world, following Vatican City. Covering just 2.08 square kilometers (0.80 square miles), it boasts a remarkable population density. In 2023, Monaco has a population of 38,367, which makes it the most densely populated sovereign state in the world. Monaco’s coastline is perhaps even more intriguing, measuring just 3.83 kilometers (2.38 miles), making it the shortest in the world.
Monaco is located around 15 kilometers (9.3 miles) from the border with Italy. The principality consists of nine administrative wards, with Monte Carlo being the largest and most famous among them. This renowned district embodies luxury, glamour, and high-stakes gambling, capturing the enchanting appeal that Monaco offers to the world’s elite.
Monaco’s governance is characterized by a constitutional monarchy, with Prince Albert II acting as the head of state. Even with the constitutional framework in place, the Prince holds significant political influence. The position of prime minister, which leads the government, is available to either a Monégasque or French citizen. The appointment process entails a thorough consultation between the monarch and the Government of France, highlighting the distinctive relationship shared by these two nations. It is important to recognize that significant roles within the judiciary are occupied by impartial French magistrates, which further emphasizes the interconnectedness of Monaco’s governance with that of its larger neighbor.
The esteemed House of Grimaldi has governed Monaco since 1297, experiencing only brief interruptions during its extensive history. The sovereignty of the principality was officially recognized with the signing of the Franco-Monégasque Treaty in 1861. In a notable achievement for its global presence, Monaco attained full voting membership in the United Nations in 1993. Monaco upholds its sovereignty and manages its own foreign relations, yet the responsibility for its defense lies with France. The principality maintains merely two small military units, mainly for ceremonial functions.
Monaco’s path to economic prosperity truly commenced in the late 19th century. Two significant developments fueled this growth: the inauguration of the renowned Monte Carlo Casino and the creation of a rail link to Paris. The developments established the groundwork for Monaco’s evolution into a haven for the affluent and a center of global finance.
The principality boasts a mild Mediterranean climate, stunning scenery, and renowned gambling facilities, solidifying its reputation as a top tourist destination and recreation hub for the global elite. Nevertheless, Monaco’s economy is quite multifaceted. Throughout the years, it has transformed into a significant banking hub and has proactively aimed to broaden its economic foundation. The emphasis has been placed on enhancing the services sector and drawing in small, high-value-added, non-polluting industries, in accordance with contemporary sustainability principles.
Monaco is distinguished by its reputation as a tax haven. The principality exempts its residents from personal income tax, except for French citizens. Furthermore, it upholds minimal business taxes, fostering an appealing atmosphere for affluent individuals and corporations. This fiscal policy has played a significant role in Monaco’s remarkable concentration of wealth, with more than 30% of its residents identified as millionaires. The real estate market in Monaco is truly exceptional, with prices soaring to an astonishing €100,000 ($116,374) per square meter in 2018, positioning it as one of the priciest property markets in the world.
Monaco’s financial policies have certainly played a role in its prosperity, yet they have also drawn attention and scrutiny. The principality has been recognized as a significant center for money laundering operations. In 2023, Monaco was subject to scrutiny by the intergovernmental Financial Action Task Force, confronting the potential of being added to its ‘grey list’ because of perceived shortcomings in financial oversight and insufficient reforms aimed at addressing criminal activities and terrorism financing.
Monaco’s connection with the European Union (EU) is distinctive. The principality, although not a member state, engages in specific EU policies, especially concerning customs and border controls. Monaco has adopted the euro as its sole currency due to its close ties with France, which has further integrated its economy with the broader European financial system.
Monaco has aimed to enhance its diplomatic presence and interact with global institutions on the international stage. In 2004, it became a member of the Council of Europe and is also part of the Organisation internationale de la Francophonie (OIF), highlighting its dedication to the French-speaking community.
In addition to its financial and diplomatic pursuits, Monaco is famous for its sporting events and cultural attractions. The Monaco Grand Prix, an annual Formula One race taking place on the streets of the principality, is regarded as one of the most esteemed and demanding events in motorsports. The local motorsports association is also associated with the Monte Carlo Rally, a winter event held in the nearby French Alps. AS Monaco, the football club of the principality, competes in the French Ligue 1 and has secured multiple French championships in the world of team sports. The principality is home to a competitive basketball team that competes in the EuroLeague.
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