Monaco

This article is about the city-state. For other uses, see Monaco (disambiguation).

Principality of Monaco
Principauté de Monaco (French)
Prinçipatu de Mùnegu (Monégasque)
Motto: "Deo Juvante" (Latin)
(English: "With God's Help")
Anthem: "Hymne Monégasque"
(English: "Hymn of Monaco")
Location of Monaco (green) in Europe (dark grey)
Location of Monaco (green)

in Europe (dark grey)

CapitalMonaco (city-state)
43°43′52″N 07°25′12″E / 43.73111°N 7.42000°E / 43.73111; 7.42000
Largest quarterMonte Carlo
Official languagesFrench[1]
Common languages
Ethnic groups
Religion
  • 11.7% no religion
  • 1.7% Judaism
  • 0.4% Islam
  • 0.2% other[3]
Demonym(s)
GovernmentUnitary parliamentary semi-constitutional monarchy
• Monarch
Albert II
Didier Guillaume
LegislatureNational Council
Independence
• House of Grimaldi (under the sovereignty of the Republic of Genoa)
8 January 1297
• from the French Empire
17 May 1814
• from occupation of the Sixth Coalition
17 June 1814
2 February 1861
5 January 1911
Area
• Total
2.08 km2 (0.80 sq mi) (194th)
• Water (%)
negligible[5]
Population
• 2023 census
Decrease 38,367[6] (190th)
• Density
18,446/km2 (47,774.9/sq mi) (1st)
GDP (PPP)2015 estimate
• Total
$7.672 billion[7] (165th)
• Per capita
Increase $115,700[7]
GDP (nominal)2022[b] estimate
• Total
Increase $8.784 billion[8]
• Per capita
Increase $240,862[9]
CurrencyEuro (€) (EUR)
Time zoneUTC+1 (CET)
• Summer (DST)
UTC+2 (CEST)
Date formatdd/mm/yyyy
Drives onright[10]
Calling code+377
ISO 3166 codeMC
Internet TLD.mc
  1. ^ Government offices are located in the Monaco-Ville quarter.
  2. ^ GDP per capita calculations include non-resident workers from France and Italy.

Monaco,[a] officially the Principality of Monaco,[b] is a sovereign city-state and microstate on the French Riviera a few kilometres west of the Italian region of Liguria, in Western Europe, on the Mediterranean Sea. It is a semi-enclave bordered by France to the north, east and west. The principality is home to 38,682 residents,[11] of whom 9,486 are Monégasque nationals;[12] it is recognised as one of the wealthiest and most expensive places in the world.[13][14] The official language is French; Monégasque, English and Italian are spoken and understood by many residents.[c]

With an area of 2.08 km2 (0.80 sq mi), Monaco is the second-smallest sovereign state in the world, after Vatican City. Its population of 38,367 in 2023 makes it the most densely populated sovereign state. Monaco has the world's shortest coastline: 3.83 km (2.38 mi).[15] The principality is about 15 km (9.3 mi) from the border with Italy[16] and consists of nine administrative wards, the largest of which is Monte Carlo.

The principality is governed under a form of constitutional monarchy, with Prince Albert II as head of state, who wields political power despite his constitutional status. The prime minister, who is the head of government, can be either a Monégasque or French citizen; the monarch consults with the Government of France before an appointment. Key members of the judiciary are detached French magistrates.[17] The House of Grimaldi has ruled Monaco, with brief interruptions, since 1297.[18] The state's sovereignty was officially recognised by the Franco-Monégasque Treaty of 1861, with Monaco becoming a full United Nations voting member in 1993. Despite Monaco's independence and separate foreign policy, its defence is the responsibility of France, besides maintenance of two small military units.

Monaco's economic development was spurred in the late 19th century with the opening of the state's first casino, the Monte Carlo Casino, and a rail connection to Paris.[19] Monaco's mild climate, scenery, and gambling facilities have contributed to its status as a tourist destination and recreation centre for the rich. Monaco has become a major banking centre and sought to diversify into the services sector and small, high-value-added, non-polluting industries. Monaco is a tax haven; it has no personal income tax (except for French citizens) and low business taxes. Over 30% of residents are millionaires,[20] with real estate prices reaching €100,000 ($116,374) per square metre in 2018. Monaco is a global hub of money laundering, and in June 2024 the Financial Action Task Force placed Monaco under increased monitoring to combat money laundering and terrorist financing.[21][22]

Monaco is not part of the European Union (EU), but participates in certain EU policies, including customs and border controls. Through its relationship with France, Monaco uses the euro as its sole currency. Monaco joined the Council of Europe in 2004 and is a member of the Organisation internationale de la Francophonie (OIF). It hosts the annual motor race, the Monaco Grand Prix, one of the original Grands Prix of Formula One. The local motorsports association gives its name to the Monte Carlo Rally, hosted in January in the French Alps. The principality has a club football team, AS Monaco, which competes in French Ligue 1 and been French champions on multiple occasions, and a basketball team, which plays in the EuroLeague. A centre of research into marine conservation, Monaco is home to one of the world's first protected marine habitats,[23] an Oceanographic Museum, and the International Atomic Energy Agency Marine Environment Laboratories, the only marine laboratory in the UN structure.[24][25]

  1. ^ "Constitution de la Principauté". Council of Government. Archived from the original on 22 July 2011. Retrieved 22 May 2008.
  2. ^ ."Constitution de la Principaute". Principaute De Monaco: Ministère d'Etat (in French). Archived from the original on 27 September 2011. Art. 9. - La religion catholique, apostolique et romaine est religion d'Etat.
  3. ^ "The Global Religious Landscape" (PDF). Pewforum.org. Archived from the original (PDF) on 25 January 2017. Retrieved 2 October 2015.
  4. ^ "Frequently Asked Questions". Embassy of Monaco in Washington D.C. Retrieved 9 August 2024.
  5. ^ "Monaco in Figures 2024". monacostatistics.mc. Monaco Statistics. Retrieved 12 October 2024.
  6. ^ "Population census". monacostatistics.mc. Monaco Statistics. Retrieved 12 October 2024.
  7. ^ a b "EUROPE :: MONACO". The World Factbook. Central Intelligence Agency. Archived from the original on 30 December 2021. Retrieved 4 February 2020.
  8. ^ "GDP (current US$) - Monaco". data.worldbank.org. World Bank. Retrieved 12 October 2024.
  9. ^ "GDP per capita (current US$) - Monaco". data.worldbank.org. World Bank. Retrieved 12 October 2024.
  10. ^ "What side of the road do people drive on?". Whatsideoftheroad.com. Archived from the original on 13 April 2012. Retrieved 28 May 2012.
  11. ^ "Population, total". World Bank. Archived from the original on 20 February 2021. Retrieved 18 September 2019.
  12. ^ "Demography / Population and employment / IMSEE - Monaco IMSEE". www.monacostatistics.mc. Archived from the original on 30 October 2020. Retrieved 25 September 2020.
  13. ^ "The 1.25-mile waterfront stretch in Monaco that used to be the world's most expensive street looks no different from the rest of the city". Business Insider. Archived from the original on 12 January 2020. Retrieved 21 July 2022.
  14. ^ "Monaco Is The Most Expensive Place To Buy Property In The World". Archived from the original on 29 May 2022. Retrieved 21 July 2022.
  15. ^ "Monaco Statistics / IMSEE — Monaco IMSEE". Imsee.mc (in French). Archived from the original on 4 March 2016. Retrieved 3 August 2016.
  16. ^ "Ventimiglia - Principato di Monaco". www.distanza.org. Archived from the original on 6 May 2019. Retrieved 8 April 2020.
  17. ^ "Communiqué de la Direction des Services Judiciaires". Government of Monaco (in French). 26 June 2019. Archived from the original on 17 February 2022. Retrieved 7 June 2024.
  18. ^ In fact Francesco Grimaldi, who captured the Rock on the night of 8 January 1297, was forced to flee Monaco only four years after the fabled raid, never to come back. The Grimaldi family was not able to permanently secure their holding until 1419 when they purchased Monaco, along with two neighbouring villages, Menton and Roquebrune. Source: Edwards, Anne (1992). The Grimaldis of Monaco: The Centuries of Scandal – The Years of Grace. William Morrow. ISBN 978-0-688-08837-8.
  19. ^ "Monte Carlo: The Birth of a Legend". SBM Group. Archived from the original on 3 December 2013. Retrieved 23 August 2013.
  20. ^ Beck, Katie. "The country running out of space for its millionaires". www.bbc.com. Archived from the original on 9 November 2020. Retrieved 25 September 2020.
  21. ^ Bourgery-Gonse, Théo (23 January 2023). "Monaco's anti-money laundering system inadequate, risks name-and-shame". Euractiv. Archived from the original on 1 May 2023. Retrieved 7 June 2024.
  22. ^ "Monaco added to money laundering 'gray list'". Deutsche Welle. 28 June 2024. Retrieved 9 October 2024.
  23. ^ "Monaco's Prince Albert II: Oceans are a 'family heritage,' with little time to save them". Los Angeles Times. 13 February 2020. Archived from the original on 25 September 2020. Retrieved 26 September 2020.
  24. ^ "Ocean Acidification International Coordination Centre (OA-ICC)" (PDF). United Nations. Archived (PDF) from the original on 11 April 2021. Retrieved 26 September 2020.
  25. ^ "Division of IAEA Marine Environment Laboratories (NAML)". www.iaea.org. 8 June 2016. Retrieved 18 July 2024.


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