Monaco (
/ˈmɒnəkoʊ/); French pronunciation:
[mɔnako]), officially the
Principality of Monaco (
French:
Principauté de Monaco),
[a] is a sovereign
city-state,
country, and
microstate on the
French Riviera in
Western Europe.
Franceborders the country on three sides while the other side borders the
Mediterranean Sea. Monaco is also located close to
Italy, although it has no direct border.
Monaco has an area of 2.020 km2 (0.780 sq mi), making it the
second-smallest country in the world after the
Vatican. Its population was about 38,400 based on the last census of 2016.
[6] With 19,009 inhabitants per km², it is the
most densely-populated sovereign state in the world. Monaco has a land border of 5.47 km (3.40 mi),
[6] a coastline of 3.83 km (2.38 mi), and a width that varies between 1,700 and 349 m (1,859 and 382 yd). The highest point in the country is a narrow pathway named
Chemin des Révoires on the slopes of
Mont Agel, in the
Les Révoires Ward, which is 161 metres (528 feet)
above sea level. Monaco's most populous
Quartier is
Monte Carlo and the most populous
Ward is
Larvotto/Bas Moulins. Through
land reclamation, Monaco's land mass has
expanded by 20 percent; in 2005, it had an area of only 1.974 km2 (0.762 sq mi). Monaco is known as a playground for the rich and famous, due to its tax laws. In 2014, it was noted about 30% of the population was made up of millionaires.
[10] Monaco is a
principality governed under a form of
constitutional monarchy, with
Prince Albert II as
head of state. Although Prince Albert II is a constitutional monarch, he wields immense political power. The
House of Grimaldi has ruled Monaco, with brief interruptions, since 1297.
[11] The official language is French, but
Monégasque, Italian, and English are widely spoken and understood.
[b] The state's sovereignty was officially recognized by the
Franco-Monegasque Treaty of 1861, with Monaco becoming a full
United Nations voting member in 1993. Despite Monaco's independence and separate foreign policy, its defense is the responsibility of France. However, Monaco does maintain two small
military units.
Economic development was spurred in the late 19th century with the opening of the country's first casino,
Monte Carlo, and a railway connection to Paris.
[12] Since then, Monaco's mild climate, scenery, and gambling facilities have contributed to the principality's status as a tourist destination and recreation centre for the rich. In more recent years, Monaco has become a major
banking centre and has sought to diversify its economy into the services sector and small,
high-value-added, non-polluting industries. The state has no
income tax,
low business taxes, and is well known for being a
tax haven. It is also the host of the annual street circuit motor race
Monaco Grand Prix, one of the original Grands Prix of
Formula One. The principality has a club football team;
AS Monaco, who have become
French champions on multiple occasions.
Monaco is not formally a part of the
European Union (EU), but it
participates in certain EU policies, including customs and border controls. Through its relationship with France, Monaco uses the
euro as its sole currency (prior to this it used the
Monégasque franc). Monaco joined the
Council of Europe in 2004. It is a member of the
Organisation Internationale de la Francophonie (OIF).
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