Monaco
Monaco, the second smallest independent state in the world after Vatican City, is a sovereign city-state and microstate on the French Riviera. Known for its glamorous casinos, yacht-lined harbor, prestigious Grand Prix, and famous Monte Carlo district, Monaco epitomizes luxury living and high-stakes entertainment.
Monaco, covering just 2.02 square kilometers (0.78 sq mi), packs an extraordinary amount of glamour, history, and culture into its tiny territory. This prestigious principality, ruled by the Grimaldi family since 1297, has transformed from a modest monarchy into a premier luxury destination. The state is divided into traditional quarters: Monte Carlo with its famous casino and hotels; Monaco-Ville, the old city on the Rock featuring the Prince’s Palace; La Condamine, the port area; and Fontvieille, a newer district reclaimed from the sea. Monaco’s Mediterranean location, combined with its tax laws and high-end lifestyle, has made it a magnet for the wealthy, with an estimated one-third of its residents being millionaires. The principality is renowned for its pristine streets, exceptional security, and zero poverty rate. Its famous Monte Carlo Casino, established in 1863, helped transform Monaco from a modest principality into a significant gaming and luxury tourism destination. The state maintains a strong banking sector and has developed into a major business center, particularly in sectors such as biotechnology and environmental technology.
Major Cities
As a city-state, Monaco itself is essentially one city divided into different quarters:
- Monte Carlo: The most famous district, home to the celebrated casino and luxury hotels
- Monaco-Ville: The old town, featuring the Prince’s Palace and Cathedral
- La Condamine: The port area with its local markets and shops
- Fontvieille: The newest district, built on reclaimed land, hosting the stadium and various businesses