Monaco

Monaco ( (listen); French pronunciation: ​[mɔnako]), officially the Principality of Monaco (French: Principauté de Monaco), is a sovereign city-state, country, and microstate on the French Riviera in Western Europe. It is bordered by France to the north, east and west, and by the Mediterranean Sea to the south. The principality is home to 38,682 residents and is widely recognised for being one of the most expensive and wealthiest places in the world. The official language is French, although Monégasque, English and Italian are spoken and understood by a sizeable group.With an area of 2.1 km2 (0.81 sq mi), it is one of the smallest sovereign states in Europe and the second-smallest in the world, after the Vatican City. Its 19,009 inhabitants per square kilometre (49,230/sq mi), make it the most densely-populated sovereign state in the world. Monaco has a land border of 5.47 km (3.40 mi), the world's shortest coastline of approximately 3.83 km (2.38 mi), and a width that varies between 1,700 and 349 m (5,577 and 1,145 ft). 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. The principality is about 15 km (9.3 mi) from the state border with Italy. Its 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).
The principality is 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. The state's sovereignty was officially recognised 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 defence 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. 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. In 2014, it was noted that about 30% of the population was made up of millionaires.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, and is a member of the Organisation Internationale de la Francophonie (OIF). It is also the host of the annual street circuit motor race Monaco Grand Prix, one of the original Grands Prix of Formula One and birthplace of Scuderia Ferrari driver Charles Leclerc. The principality has a club football team, AS Monaco, who have become French champions on multiple occasions.