Introduction
Monaco, officially the Principality of Monaco, is a sovereign city-state and microstate in Western Europe. Situated on the French Riviera, it is a semi-enclave bordered by France to the north, east, and west, with the Mediterranean Sea to the south; the Italian region of Liguria is about 15 km (9.3 mi) east. With a population of 38,423 living in an area of 2.08 km2 (0.80 sq mi), Monaco is the second smallest sovereign state in the world, after Vatican City, as well as the most densely populated. It also has the world's shortest national coastline of any non-landlocked nation, at 3.83 km (2.38 mi). Fewer than 10,000 of its residents are Monégasque nationals. Although French is the official language of Monaco, Italian and Monégasque are also widely spoken and understood. Monaco is governed under a form of semi-constitutional monarchy, with Prince Albert II as head of state, who holds substantial political powers. 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. The House of Grimaldi has ruled Monaco, with brief interruptions, since 1297. 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, notwithstanding two small military units. Monaco is recognised as one of the wealthiest and most expensive places in the world. Its 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. The country's mild climate, scenery, and gambling facilities contributed to its status as a tourist destination and recreation centre for the wealthy. 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, 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. Monaco is among the 46 Member States which constitute the Council of Europe. It is not part of the European Union, 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. 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 has been French champions on multiple occasions, as well as a basketball team, which plays in the EuroLeague. Monaco is a centre of marine conservation and research, being home to one of the world's first protected marine habitats, an Oceanographic Museum, and the International Atomic Energy Agency Marine Environment Laboratories, the only marine laboratory in the UN system.
History & Origins
Monaco was first mentioned by the Greek historian Hecataeus of Miletus, who referred to it as "Monoikos, a Ligurian town". Strabo referred to it as Monoikon limen, explaining that Monoikos (Greek for "the solitary one") was another name for Heracles, who had a temple here; it is possible, however, that it is an alteration of an older Ligurian name. In 1191, the Holy Roman Empire granted Monaco to the Genoese in return for cracking down on pirates. By the early 1200s, the Genoese had built a castle on the rock and were utilizing the port. An ousted branch of a Genoese family, the Grimaldis, captured it in 1297 by posing as monks, but then had to contest it for a century before gaining official control. Though the Republic of Genoa would last until the 19th century, it allowed the Grimaldi family to keep Monaco. Likewise, both France and Spain left it alone for hundreds of years due to agreements with either of them, especially for defense. France annexed it in the French Revolution at the end of the 18th century, but after the defeat of Napoleon it was put under the care of the Kingdom of Sardinia. In the 19th century, when Sardinia became a part of Italy, the region came under French influence but France allowed it to remain independent and it escaped being incorporated into Italy. However, it shrank considerably when it traded two nearby towns in exchange for sovereignty from France. Monaco relied on tourism from the late 19th century to remain financially solvent, and it was at this time the famous casino and hotels were established. Monaco was overrun by the Axis powers in the 1940s during the Second World War and for a short time was administered by Italy, then Nazi Germany, before being liberated. Although the occupation lasted for just a short time, it resulted in the deportation of the Jewish population and execution of several French Resistance members from Monaco. Since then Monaco has been independent. It has taken some steps towards integration with the European Union.
Geography & Climate
Monaco is a sovereign city-state, with five quarters and ten wards, located on the French Riviera in Western Europe. It is bordered by France's Alpes-Maritimes department on three sides, with one side bordering the Mediterranean Sea. Its centre is about 16 km (9.9 mi) from Italy and only 13 km (8.1 mi) northeast of Nice. It has an area of 2.1 km2 (0.81 sq mi), or 208 ha (510 acres), and a population of 38,400, making Monaco the second-smallest and the most densely populated country in the world. The country has a land border of only 5.47 km (3.40 mi), a coastline of 3.83 km (2.38 mi), a maritime claim that extends 22.2 km (13.8 mi), and a width that varies between 1,700 and 349 m (5,577 and 1,145 ft). Jurassic limestone is a prominent bedrock which is locally karstified. It hosts the Grotte de l'Observatoire, which has been open to the public since 1946. The highest point in the country is at the access to the Patio Palace residential building on the Chemin des Révoires (ward Jardin Exotique) from the D6007 (Moyenne Corniche street) at 164.4 m (539 ft) above sea level. The lowest point in the country is the Mediterranean Sea. Saint-Jean brook is the longest flowing body of water, around 0.19 km (190 m; 0.12 mi; 620 ft) in length, and Fontvieille is the largest lake, approximately 0.5 ha (1.2 acres) in area. Monaco's most populated quartier is Monte Carlo, and the most populated ward is Larvotto. With the inauguration of Le Portier in 2024, Monaco's total area grew to 2.08 km2 (0.80 sq mi) or 208 ha (510 acres); subsequently, new plans were approved to extend the district of Fontvieille by 0.08 km2 (0.031 sq mi) or 8 ha (20 acres), with land reclaimed from the Mediterranean Sea. Land reclamation projects include extending the district of Fontvieille. There are two ports in Monaco, Port Hercules and Port Fontvieille. There is a neighbouring French port called Cap d'Ail that is near Monaco. Monaco's only natural resource is fishing; with almost the entire country being an urban area, Monaco lacks any sort of commercial agriculture industry. A small residential expansion, Le Portier was opened in 2024, and additionally a new esplanade was added at Larvatto beach which also had some maintenance. Many neighbourhoods are shared between Monaco, the immediately uphill French town of Beausoleil, the northeast parts of Cap-d'Ail, and the Figuièra area in Roquebrune-Cap-Martin, forming a transborder agglomeration with approximately 55,000 residents.
Monaco has a hot-summer Mediterranean climate (Köppen climate classification: Csa), with strong maritime influences, with some resemblances to the humid subtropical climate (Cfa). As a result, it has balmy warm, dry summers and mild, rainy winters. The winters are very mild considering the city's latitude, being as mild as locations located much further south in the Mediterranean Basin. Cool and rainy interludes can interrupt the dry summer season, the average length of which is also shorter. Summer afternoons are infrequently hot (indeed, temperatures greater than 30 °C or 86 °F are rare) as the atmosphere is temperate because of constant sea breezes. On the other hand, the nights are very mild, due to the fairly high temperature of the sea in summer. Generally, temperatures do not drop below 20 °C (68 °F) in this season. In the winter, frosts and snowfalls are extremely rare and generally occur once or twice every ten years. On 27 February 2018, both Monaco and Monte Carlo experienced snowfall.
Demographics & Culture
Monaco's total population was 38,400 in 2015, and estimated by the United Nations to be 36,297 as of 1 July 2023. As of 2024, Monégasques make up 24.1% of residents, followed by French (21.8%), Italian (19.5%), British (7.6%), Swiss (3.1%), Russian (3.1%), Belgian (2.7%), and German nationals (2.5%). According to 2019 studies, 31% of Monaco's population is reported to be millionaires equalling up to 12,248 individuals Citizens of Monaco, whether born in the country or naturalised, are called Monégasque. Monaco has the world's highest life expectancy at nearly 90 years.
Monaco has a national museum of contemporary visual art at the New National Museum of Monaco. In 1997, the Audiovisual Institute of Monaco was founded aimed to preserve audiovisual archives and show how the Principality of Monaco is represented in cinema. The country also has numerous works of public art, statues, museums, and memorials (see list of public art in Monaco).
Economy & Government
Monaco has the world's highest nominal GDP per capita at US$185,742, PPP-adjusted GDP per capita at $132,571 and GNI per capita at $183,150. It has an unemployment rate of 2%, with over 48,000 workers who commute from France and Italy each day. According to the CIA World Factbook, Monaco has the world's lowest poverty rate and the highest number of millionaires and billionaires per capita in the world. For the fourth year in a row, Monaco in 2012 had the world's most expensive real estate market, at $58,300 per square metre. Although the average price went down in 2020, to an average price of $53,378 per square metre, Monaco remains one of the most expensive places in the world to buy property. By 2024, Monaco allows Visa-free travel from 86 countries around the world. The world's most expensive apartment is located in Monaco, a penthouse at the Odeon Tower valued at $335 million according to Forbes in 2016. The state retains monopolies in numerous sectors, including tobacco and the postal service. The telephone network (Monaco Telecom) used to be fully owned by the state. Its monopoly now comprises only 45%, while the remaining 55% is owned by Cable & Wireless Communications (49%) and Compagnie Monégasque de Banque (6%). Living standards are high, roughly comparable to those in prosperous French metropolitan areas. Monaco is not a member of the European Union, but is very closely linked via a customs union with France. As such, its currency is the same as that of France, the euro. Before 2002, Monaco minted its own coinage, the Monégasque franc. Monaco has acquired the right to mint euro coins with Monegasque designs on its national side. Monaco has become a major banking centre, holding over €100 billion worth of funds. Banks in Monaco specialise in providing private banking, asset and wealth management services. The principality has successfully sought to diversify its economic base into services and small, high-value-added, non-polluting industries, such as cosmetics.
Landmarks & Attractions
One of Monaco's main sources of income is tourism. Each year many foreigners are attracted to its casinos and pleasant climate. In 2022 there were about 300,000 international tourist arrivals. Monaco is the only place in Europe where credit card points are not redeemable. Hotel points are not able to be accumulated nor are transactions recorded, allowing for an increase in privacy that is sought by many of the locals.
Key Facts
- Monaco is the capital of Monaco
- Population: approximately 975
- Area: 0.2 km²
- Located in the Western Europe region
- Microstate in Western Europe
Fun Facts
- With a population of only 975, Monaco is one of the smallest capitals in the world
- The lowest point in the country is the Mediterranean Sea.
- Monaco serves as the political, economic, and cultural center of Monaco
Quick Facts About Monaco
- Country: Monaco
- Continent: Europe (Western Europe)
- Country population: approximately 38 thousand
- Capital city status: Monaco is the capital of Monaco, the seat of national government, and the location of foreign embassies, parliament, and the head of state's official residence.
Frequently Asked Questions
What is the capital of Monaco?
The capital of Monaco is Monaco. Monaco is the seat of national government, hosts most foreign embassies and consulates, and is typically where the head of state and parliament are located.
What continent is Monaco in?
Monaco, the capital of Monaco, is located in Europe, in the Western Europe region. As Monaco's capital, Monaco serves as the country's primary connection to the broader Europen political, economic, and cultural sphere.
Why is Monaco the capital of Monaco?
Monaco was chosen as the capital of Monaco for reasons that typically combine geography, history, and politics. Capital city selections often reflect a desire for centrality (being accessible from across the country), historical importance (being a longstanding seat of government or culture), or neutrality (being acceptable to multiple regions or ethnic groups within the country). The specific reasons for Monaco's designation are detailed in the city's history above.
What is Monaco known for?
As the capital of Monaco, Monaco is best known for housing the country's central government institutions — parliament, presidential or royal residences, supreme court, and key ministries. It is also typically a major cultural and economic center within Monaco, hosting national museums, embassies, and signature monuments. The introduction and history sections above provide detailed coverage of the city's specific notable institutions and landmarks.
Related Pages
- Monaco Country Guide — full geography, climate, economy, and culture overview
- Flag of Monaco — meaning, history, and design of Monaco's national flag
