Monaco, officially the Principality of Monaco is a sovereign city-state, country and microstate located on the French Riviera in Western Europe. France borders the country on three sides while the other side borders the Mediterranean Sea. 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. Monaco's most populous Quartier is Monte Carlo and the most populous Ward is Larvotto/Bas Moulins. Monaco is known as a playground for the rich and famous, due to its tax laws. In 2014, it was noted about 30% of the population was made up of millionaires, more than in Zürich or Geneva.
Monaco, situated on the French coast of the Mediterranean Sea, is a popular resort, attracting tourists to its casino and pleasant climate. The Principality has successfully sought to diversify into services and small, high-value-added, nonpolluting industries. The state has no income tax and low business taxes and thrives as a tax haven both for individuals who have established residence and for foreign companies that have set up businesses and offices. The state retains monopolies in many sectors, including tobacco, the telephone network, and the postal service. Though official economic statistics are not published, year 2011 estimates place the national product at $5.748 billion and the per capita income at $188,409. The unemployment rate is 2%, as of 2012.Living standards are high and roughly comparable to those in the prosperous French metropolitan areas. Monaco does not publish national income figures; the estimates below are extremely rough.
|Manufacture||banking, insurance, tourism, construction, small-scale industrial and consumer products|
|Services (Including financial)||86% (2013 EST.)|
|Caroli Group||Real estate|
|Éditions du Rocher||Publishing|
|Compagnie Monégasque de Banque||Bank|
Monaco as well has been marked by the collapse of Lehman Brothers in September 2008 and the subsequent global financial crisis. Of course here, it could come down to someone choosing a smaller yacht rather than losing their home or job. The glitz and glamor of the constitutional monarchy and principality primarily inhabited by wealthy foreigners remains. Yachts, a couple that could rival the Staten-Island Ferry, line the sumptuous Bay of Monte Carlo, surrounded by heaving cafes, restaurants and full hotels. BMWs, Mercedes-Benzs and other luxury cars zip around the tiny roads dotted with labels such as Cartier, Gucci and Bulgari.
Over the next few centuries, Monaco prospered as an important port in major maritime trading routes and as a strategic naval base for European military powers. In 1604, Lord Honore II came to the throne and launched Monaco into its "Great Century". Prince Honore II - Grimaldi rules have proudly held the title of Prince ever since. The French revolution took a heavy toll on European royalty, including the Grimaldis. Monaco was annexed by France and members of the Monegasque royal family were imprisoned. The annexation was cut short with the abdication of Napoleon in 1814, however, and all rights of the Grimadis were restored.In 1861, Monaco relinquished one-half of its territory to France in exchange for cash and independence. On the throne at this time was Prince Charles III.
He realized that most of Monaco's natural resources had been lost with the land and something had to be done to reestablish an economic base in the Principality. He decided that the answer was tourism and gambling. In 1863, he established the Societe des Bains de Mer. The company consisted of a handful of hotels, a theater, and a casino, which would soon flourish and become the foundation of the magnificent district of Monte-Carlo.Prince Rainier III ascended to the throne in 1949 and later caught the world's attention with his storybook marriage to actress Grace Kelly. Today, Monaco still stands as a proud monarchy with their son, H.S.H. Prince Albert II as its head of state. In 1997, the Grimaldi family celebrated the 700th anniversary of its reign in Monaco.
(Prince of Monaco)
(Minister of state)
(First ruler of Monaco)
Monaco, a tiny country in Europe has Euro as its currency. Despite the fact that Monaco currency is Euro, Monaco is not a member of European Union. Currency of Monaco has helped it achieve a distinct position in terms of rich economy. Monaco is having close relation with France through customs union. Till the year 2002 Monaco was minting its coins which were Monegasque coins and Franc coins. But it was after January 1, 2002 that Monaco along with 11 other EU members accepted Euro as official currency and got the right to start minting Euro coins with Monegasque patterns as the national design on the side of the coins. Monaco currency is high in value but Monaco does not impose any income tax on the individuals that is the reason why most of the foreign investors have set up their entrepreneurship in Monaco adding much to this tiny country's economy.
This has made Monaco as one of Tax Havens as declared by International Monetary Fund (IMF). However, Monaco does not show economic figures officially but it is estimated that in 2006 it had GDP at $976.3 million. Ever since Monaco has started minting its own Euro coins two series of coins are being circulated.
These two are: The First Series of Coins: The first series has a double portrait of Prince Rainier III on the €2 coin. The portrait of Prince Albert is depicted on the coin of €1. The coins of 10, 20 and 50 cents bear the seal of the Prince. On the coins of 1, 2 and 5 cents the coat of arms of Monaco Princes is depicted. The Second Series of Coins: The second series has portrait of Prince Albert II on the €1and €2 coins. While a monogram of Prince Albert is shown on the coins of 10, 20 and 50 cents.
|National Song||"Hymne Monégasque"|
|GDP / GDP Rank||7060 Million USD|
|GDP Growth Rate||-|
|GDP Per Captial||$115,700 (PPP)|
< 1.0% Muslims
< 1.0% Hindus
< 1.0% Buddhists
< 1.0% Other Religions
Sovereign Prince – Albert II
Minister of State – Serge Telle
|Website||Go to the web|
|Unemployment Rate||2 Percent|
|Labor Force (Occupation)||-|