Overview
The Genoese built a fortress on the site of present-day Monaco in 1215. The current ruling GRIMALDI family first seized control in 1297 but was not able to permanently secure its holding until 1419. Economic development was spurred in the late 19th century with a railroad linkup to France and the opening of a casino. Since then, the principality's mild climate, coastal Mediterranean scenery, and gambling facilities have made Monaco world-famous as a tourist and recreation center.
Geography
- Location
- Western Europe, bordering the Mediterranean Sea on the southern coast of France, near the border with Italy
- Total Area
- 2 sq km
- Climate
- Mediterranean with mild, wet winters and hot, dry summers
- Terrain
- hilly, rugged, rocky
- Natural Resources
- none
- Coastline
- 4.1 km
- Land Borders
- 6 km
People & Society
- Population
- 32,047 (2025 est.)
- Religions
- Roman Catholic 90% (official), other 10%
- Ethnic Groups
- Monegasque 32.1%, French 19.9%, Italian 15.3%, British 5%, Belgian 2.3%, Swiss 2%, German 1.9%, Russian 1.8%, American 1.1%, Dutch 1.1%, Moroccan 1%, other 16.6% (2016 est.)
- Life Expectancy
- 89.8 years (2024 est.)
- Urbanization
- 100% of total population (2023)
Government
- Government Type
- constitutional monarchy
- Capital
- Monaco
- Independence
- 1419 (beginning of permanent rule by the House of GRIMALDI)
- Constitution
- previous 1911 (suspended 1959); latest adopted 17 December 1962
- Legal System
- civil law system influenced by French legal tradition
- Executive Branch
- Prince ALBERT II (since 6 April 2005)
Economy
- Economic Overview
- high-income European economy; non-EU euro user; considered a tax haven; tourism and banking are largest sectors; negatively impacted by COVID-19; major oceanographic museum; among most expensive real estate; major state-owned enterprises
- GDP (Official Rate)
- $10.434 billion (2024 est.)
- Major Industries
- banking, insurance, tourism, construction, small-scale industrial and consumer products