The very small principality of Monaco (the second smallest
independent state in the world) is located on the southern coast of France near
the border with Italy.
It has been a constitutional monarchy and principality since 1911. The
total surface area of the country is 485 acres and approximately 100
of those are land which has been recovered from the Mediterranean Sea
in the last 20 years.
The Grimaldi family has ruled Monaco since 1292. Prince Rainier III took the throne in 1949. His son Prince Albert II is currently the head of state. In 1997 the principality celebrated 700 years of the Grimaldi dynasty.
The principality has approximately 32,000 inhabitants, many millionaires from foreign countries. It is one of the world’s most densely populated countries. The entire state is one municipality or commune. The primary languages are French and Monégasque, although English and Italian are also spoken. The official religion is Roman Catholicism, 90%, but the constitution guarantees freedom of religion.
Tourism provides the main source of income in Monaco, but the principality has also become a major banking center and it is considered a tax haven for both famous individuals who have established residency and foreign companies who have set up business.
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