Monaco is recognised as one of the wealthiest and most expensive places in the world.[15][16] Its economic development was spurred in the late 19th century with the opening of the state's first casino, theMonte Carlo Casino, and arail connection to Paris.[17] 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 atax haven; it has no personalincome tax (except for French citizens) andlow business taxes. Over 30% of residents are millionaires,[18] 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 theFinancial Action Task Force placed Monaco under increased monitoring to combat money laundering and terrorist financing.[19][20]
Monaco was first mentioned by the Greek historianHecataeus of Miletus, who referred to it as "Monoikos, aLigurian town".[24][25]Strabo referred to it asMonoikonlimen, explaining thatMonoikos (Greek for "the solitary one") was another name forHeracles, who had a temple here;[26] it is likely, however, that it is in fact an alteration of an older Ligurian name.[24]
In 1191, theHoly Roman Empire granted Monaco to theGenoese 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, theGrimaldis, captured it in 1297 by posing as monks, but then had to contest it for a century before gaining official control. Though theRepublic 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 theFrench Revolution at the end of the 18th century, but after the defeat of Napoleon it was put under the care of theKingdom of Sardinia.
In the 19th century, whenSardinia 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 theAxis powers in the 1940s during the Second World War and for a short time was administered by Italy, thenNazi Germany, before being liberated. Although the occupation lasted for just a short time, it resulted in the deportation of theJewish population and execution of severalFrench Resistance members from Monaco. Since then Monaco has been independent. It has taken some steps towardsintegration with the European Union.
Arrival of the Grimaldi family
Rainier I, victor of the naval battle atZierikzee and first sovereign Grimaldi ruler of Monaco
Following a grant of land from EmperorHenry VI in 1191, Monaco was refounded in 1215 as a colony of Genoa.[27][28] Monaco was first ruled by a member of the House of Grimaldi in 1297, whenFrancesco Grimaldi, known as "Malizia" (translated from Italian either as "The Malicious One" or "The Cunning One"), and his men captured the fortress protecting theRock of Monaco while dressed asFranciscanfriars – amonaco in Italian – although this is a coincidence as the area was already known by this name.[29]
Francesco was evicted a few years later by the Genoese forces, and the struggle over "the Rock" continued for another century.[30] The Grimaldi family was Genoese and the struggle was something of a family feud. The Genoese engaged in other conflicts, and in the late 1300s Genoa lost Monaco after fighting theCrown of Aragon overCorsica.[31]Aragon eventually became part of a united Spain, and other parts of the land grant came to be integrated piecemeal into other states. Between 1346 and 1355, Monaco annexed the towns ofMenton andRoquebrune, increasing its territory by almost ten times.[31]
1400–1800
Monaco (as part of the Republic of Genoa) in 1494
In 1419, the Grimaldi family purchased Monaco from the Crown of Aragon and became the official and undisputed rulers of "the Rock of Monaco". In 1612,Honoré II began to style himself "Prince" of Monaco.[32] In the 1630s, he sought French protection against the Spanish forces and, in 1642, was received at the court ofLouis XIII as a "duc et pair étranger".[33]
The princes of Monaco became vassals of the French kings while at the same time remaining sovereign princes. Though successive princes and their families spent most of their lives inParis, and intermarried with French and Italian nobilities, the House of Grimaldi is of Genoese origin. The principality continued its existence as a protectorate of France until theFrench Revolution.[34]
19th century
A map of theCounty of Nice showing the area of theItalian kingdom of Sardinia annexed in 1860 to France (light brown). The area in red had already become part of France before 1860.
In 1793, Revolutionary forces captured Monaco and until 1814 it was occupied by the French (in this period much of Europe had been overrun by the French armies under the command of Napoleon Bonaparte).[33][35] The principality was reestablished in 1814 under the Grimaldis. It was designated a protectorate of theKingdom of Sardinia by theCongress of Vienna in 1815.[35] Monaco remained in this position until 1860 when, by theTreaty of Turin, the Sardinian forces pulled out of the principality; the surroundingCounty of Nice (as well asSavoy) was ceded to France.[36] Monaco became a French protectorate once again. Italian was the official language in Monaco until 1860, when it was replaced by French.[37]
Before this time there was unrest inMenton andRoquebrune, where the townspeople had become weary of heavy taxation by the Grimaldi family. They declared their independence as theFree Cities of Menton and Roquebrune, hoping for annexation by Sardinia. France protested. The unrest continued untilCharles III of Monaco gave up his claim to the two mainland towns (some 95% of the principality at the time) that had been ruled by the Grimaldi family for over 500 years.[38]
These were ceded to France in return for 4,100,000 francs.[39] The transfer and Monaco's sovereignty were recognised by theFranco-Monégasque Treaty of 1861. In 1869, the principality stopped collecting income tax from its residents — an indulgence the Grimaldi family could afford to entertain thanks solely to the extraordinary success of the casino.[40] This made Monaco a playground for the rich and a favoured place for them to live.[41]
In July 1918, a newFranco-Monégasque Treaty was signed, providing for limited French protection over Monaco. The treaty, endorsed in 1919 by theTreaty of Versailles, established that Monégasque international policy would be aligned with French political, military and economic interests. It also resolved theMonaco succession crisis.
In 1943, the Italian Armyinvaded and occupied Monaco, forming afascist administration.[43] In September 1943, after Mussolini's fall from power, the GermanWehrmacht occupied Italy and Monaco, and the Nazi deportation of the Jewish population began.René Blum, the prominent French Jew who founded the Ballet de l'Opéra in Monte Carlo, was arrested in hisParis home and held in theDrancy deportation camp outside the French capital before being transported toAuschwitz, where he was later murdered.[44] Blum's colleagueRaoul Gunsbourg, the director of theOpéra de Monte-Carlo, helped by theFrench Resistance, escaped arrest and fled toSwitzerland.[45] In August 1944, the Germans executed René Borghini, Joseph-Henri Lajoux and Esther Poggio, who were Resistance leaders.
Rainier III, succeeded to the throne on the death of his grandfather, PrinceLouis II, in 1949, and ruled until 2005. On 19 April 1956, Prince Rainier married the American actressGrace Kelly, an event that was widely televised and covered in the popular press, focusing the world's attention on the tiny principality.[46]
A 1962 amendment to the constitution abolished capital punishment, provided forwomen's suffrage and established aSupreme Court of Monaco to guarantee fundamental liberties. In 1963, a crisis developed whenCharles de Gaulle blockaded Monaco, angered by its status as a tax haven for wealthy French citizens.[47]
In 1993, the Principality of Monaco became a member of theUnited Nations, with full voting rights.[36][48]
21st century
In 2002, a new treaty between France and Monaco specified that, should there be no heirs to carry on the Grimaldi dynasty, the principality would still remain an independent nation rather than revert to France. Monaco's military defense is still the responsibility of France.[49][50]
Prince's Palace of Monaco
On 31 March 2005,Rainier III, who was too ill to exercise his duties, relinquished them to his only son and heir, Albert.[51] He died six days later, after a reign of 56 years, with his son succeeding him asAlbert II,Sovereign Prince of Monaco. Following a period of official mourning, Prince Albert II formally assumed the princely crown on 12 July 2005,[52] in a celebration that began with a solemn Mass atSaint Nicholas Cathedral, where his father had been buried three months earlier. His accession to the Monégasque throne was a two-step event with a further ceremony, drawing heads of state for an elaborate reception, held on 18 November 2005, at the historicPrince's Palace inMonaco-Ville.[53] On 27 August 2015, Albert II apologised for Monaco's role during World War II in facilitating the deportation of a total of 90 Jews and resistance fighters, of whom only nine survived. "We committed the irreparable in handing over to the neighbouring authorities women, men and a child who had taken refuge with us to escape the persecutions they had suffered in France," Albert said at a ceremony in which a monument to the victims was unveiled at the Monaco cemetery. "In distress, they came specifically to take shelter with us, thinking they would find neutrality."[54]
In 2015, Monaco unanimously approved a modestland reclamation expansion intended primarily to accommodate desperately needed housing and a small green/park area.[55] Monaco had previously considered an expansion in 2008, but had called it off.[55] The plan is for about sixhectares (15 acres) of apartment buildings, parks, shops and offices to a land value of about 1 billioneuros.[56] The development will be adjacent to theLarvotto district and also will include a small marina.[56][57] There were four main proposals, and the final mix of use will be finalised as the development progresses.[58] The name for the new district isAnse du Portier.[57]
On 3 September 2020, the first Monégasque satellite, OSM-1 CICERO, was launched into space fromFrench Guiana aboard aVega rocket.[61] The satellite was built in Monaco by Orbital Solutions Monaco.
Under the 1962Constitution of Monaco, the prince shares hisveto power with theunicameralNational Council.[64] The 24 members of the National Council are elected for five-year terms; 16 are chosen through a majority electoral system and 8 by proportional representation.[65] All legislation requires the approval of the National Council. Following the2023 Monegasque general election, all 24 seats are held by the pro-monarchistMonegasque National Union.[66] The election system has often resulted in lopsided victories in terms of seats won by parties, well out of proportion with the received votes: In the2013 Monegasque general election, theHorizon Monaco andUnion Monegasque parties got 50.34% and 38.99% of the votes respectively, but got 20 and 3 seats each.Freedom House ranked Monaco 60th of 207 countries in 2024, deducting many points for having both an unelected political head of state and an unelected head of government.[67]
The principality's city affairs are managed by theMunicipality of Monaco. The municipality is directed by theCommunal Council,[68] which consists of 14 elected members and is presided over by amayor.[69]Georges Marsan has been mayor since 2003. Unlike the National Council, communal councillors are elected for four-year terms[70] and are strictlynon-partisan;oppositions inside the council frequently form.[68][71]
Members of the judiciary of Monaco are appointed by the Sovereign Prince. Key positions within the judiciary are held by French magistrates, proposed by the Government of France. Monaco currently has threeexamining magistrates.[72]
The wider defence of the nation is provided by France. Monaco has no navy or air force, but on both a per-capita and per-area basis, Monaco has one of the largest police forces (515 police officers for about 38,000 people) and police presences in the world.[73] Its police includes a special unit which operates patrol and surveillance boats jointly with the military. Police forces in Monaco are commanded by a French officer.[74]
There is also a smallmilitary force. This consists of a bodyguard unit for the prince and hispalace inMonaco-Ville called theCompagnie des Carabiniers du Prince (Prince's Company of Carabiniers);[75] together with the militarised, armed fire and civil defence corps (Sapeurs-Pompiers) it forms Monaco's total forces.[76] The Compagnie des Carabiniers du Prince was created byPrince Honoré IV in 1817 for the protection of the principality and the princely family. The company numbers exactly 116 officers and men; while thenon-commissioned officers andsoldiers are local, the officers have generally served in theFrench Army. In addition to their guard duties as described, the carabiniers patrol the principality's beaches and coastal waters.[77]
Monaco’s foreign policy is conducted by the Department of External Relations and Cooperation, headed by the Minister for Foreign Affairs and Cooperation.[78] Under a treaty dating from 1918 (noted in the Treaty of Versailles), France is responsible for defending the sovereignty of Monaco, and Monaco in turn aligns certain sovereign functions with French interests.[79] Over the decades, the bilateral arrangements have been revised via treaties in 1945, 1963, and a new agreement ratified in 2005.[80] Although Monaco is not a member of the European Union, it participates in certain EU policies through France, particularly customs, VAT, and border controls; it also uses the euro as its currency under agreement with the EU and France.[80]
Monaco acceded to theCouncil of Europe on 4 October 2004.[79][81] Through this membership, Monaco participates in the Council’s mission to protect human rights, strengthen the rule of law, and promote democracy.[81]
Monaco engages in multiple Council of Europe bodies and mechanisms:
In the **Committee of Ministers**, Monaco is represented by its Foreign Minister and Permanent Representative to the Council of Europe (Gabriel Revel).[82]
In the **Parliamentary Assembly**, Monaco sends 2 members and 2 substitutes.[82]
In the **Congress of Local and Regional Authorities**, Monaco similarly has a delegation.[82]
Monaco has a judge at the **European Court of Human Rights** (currently Sébastien Biancheri), and is bound by the Court’s decisions.[82] As of 2024, it had 15 applications before ECHR decision bodies and one finding of violation.[82]
Monaco is party to various Council of Europe conventions, including the anti-money laundering convention (CETS No. 198), and is subject to monitoring by bodies such as GRETA and the Venice Commission.[82]
Monaco’s contribution to the Council budget in 2025 was €506,540.[82]
Monaco’s participation in the Council of Europe helps align its legal framework with European human rights norms and gives it a voice in pan-European governance despite its small size.
Jurassiclimestone is a prominent bedrock which is locallykarstified. It hosts theGrotte de l'Observatoire, which has been open to the public since 1946.[87]
The highest point in the country is at the access to thePatio Palace residential building on theChemin des Révoires (wardJardin Exotique) from the D6007 (Moyenne Corniche street) at 164.4 m (539 ft)above sea level.[88] The lowest point in the country is the Mediterranean Sea.[89]
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.[90] Monaco's most populatedquartier isMonte Carlo, and the most populated ward isLarvotto.[91]
With the inauguration ofLe Portier in 2024, Monaco's total area grew to 2.08 km2 (0.80 sq mi) or 208 ha (510 acres);[91] 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 landreclaimed from the Mediterranean Sea. Land reclamation projects include extending the district of Fontvieille.[92][93][94][95][96] There are twoports in Monaco, Port Hercules and Port Fontvieille.[97] There is a neighbouring French port calledCap d'Ail that is near Monaco.[97] Monaco's onlynatural resource isfishing;[98] with almost the entire country being anurban area, Monaco lacks any sort of commercialagriculture industry.
A small residential expansion,Le Portier was opened in 2024, and additionally a newesplanade was added at Larvatto beach which also had some maintenance.[99]
In the centre isLa Condamine. At the right with the smaller harbour isFontvieille, withThe Rock (the old town, fortress, andPalace) jutting out between the two harbours. At the left are the high-rise buildings ofLa Rousse/Saint Roman.Enlargeable, detailed map of Monaco
Monaco is thesecond-smallest country by area in theworld; onlyVatican City is smaller.[100] Monaco is the mostdensely populated country in the world.[101] The state consists of only onemunicipality (commune), theMunicipality of Monaco. There is no geographical distinction between the State and City of Monaco, although responsibilities of the government (state-level) and of the municipality (city-level) are different.[102] According to the constitution of 1911, theprincipality was subdivided into three municipalities:[103]
Monaco-Ville, the old city and seat of government of the principality on a rocky promontory extending into the Mediterranean, known as theRock of Monaco, or simply "The Rock";
Les Révoires, also created from part of La Condamine.
Most of Saint Michel became part of Monte Carlo again in 2013. La Colle and Les Révoires were merged the same year as part of a redistricting process, where they became part of the largerJardin Exotique ward. An additional ward was planned by new land reclamation to be settled beginning in 2014[105] but Prince Albert II announced in his 2009 New Year Speech that he had ended plans due to the economic climate at the time.[106] Prince Albert II in mid-2010 firmly restarted the programme.[107][108]
Traditional quarters and modern geographic areas
The four traditionalquartiers of Monaco areMonaco-Ville,La Condamine,Monte Carlo andFontvieille.[109] Thesuburb ofMoneghetti, the high-level part of La Condamine, is generally seen today as an effective fifthQuartier of Monaco, having a very distinct atmosphere and topography when compared with low-level La Condamine.[110]
For town planning purposes, a sovereign ordinance in 1966 divided the principality into reserved sectors, "whose current character must be preserved", andwards. The number and boundaries of these sectors andwards have been modified several times. The latest division dates from 2013 and created two reserved sectors and seven wards. A new 6-hectare neighbourhood,Le Portier, has been built by land reclaimed from the sea and was opened in December 2024. It was attached to the ward ofLarvotto.[5]
Note: for statistical purposes, the Wards of Monaco are further subdivided into 178city blocks (îlots), which are comparable to thecensus blocks in the United States.[91]
Another possibility was Fontvieille II Development to commence in 2013[111][112]
Monaco exhibits a wide range of architecture, but the principality's signature style, particularly in Monte Carlo, is that of theBelle Époque. It finds its most florid expression in the 1878–9Casino and theSalle Garnier created byCharles Garnier and Jules Dutrou. Decorative elements include turrets, balconies, pinnacles, multi-coloured ceramics, and caryatids. These were blended to create a picturesque fantasy of pleasure and luxury, and an alluring expression of how Monaco sought and still seeks, to portray itself.[113] Thiscapriccio of French, Italian, and Spanish elements were incorporated into hacienda villas and apartments. Following major development in the 1970s,Prince Rainier III banned high-rise development in the principality. His successor,Prince Albert II, overturned this Sovereign Order.[114] In recent years[when?] the accelerating demolition of Monaco'sarchitectural heritage, including its single-family villas, has created dismay.[115] The principality has no heritage protection legislation.[116]
Climate
Monaco has ahot-summer Mediterranean climate (Köppen climate classification:Csa), with strong maritime influences, with some resemblances to thehumid 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 theMediterranean Basin.[117] 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.[118][119] On 27 February 2018, both Monaco andMonte Carlo experienced snowfall.[120]
Climate data for Monaco (1981–2010 averages, extremes 1966–present)
Hotel de Paris lobby ceiling: Monaco draws tourists with its late 19th- and early-20th-century buildings and glamor.
Monaco has the world's highestnominal GDP per capita at US$185,742,PPP-adjusted GDP per capita at $132,571 andGNI per capita at $183,150.[125][126][127] It has anunemployment rate of 2%,[128] with over 48,000 workers who commute from France and Italy each day.[91] According to theCIA World Factbook, Monaco has the world'slowest poverty rate[129] and the highest number of millionaires and billionaires per capita in the world.[130] 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.[131][132][133] 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.[134] By 2024, Monaco allows Visa-free travel from 86 countries around the world.[135]
The world's most expensive apartment is located in Monaco, a penthouse at theOdeon Tower valued at $335 million according toForbes in 2016.[136]
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 byCable & Wireless Communications (49%) andCompagnie Monégasque de Banque (6%). Living standards are high, roughly comparable to those in prosperous French metropolitan areas.[137]
Monaco is not a member of theEuropean Union, but is very closely linked via a customs union with France. As such, its currency is the same as that of France, theeuro. Before 2002, Monaco minted its own coinage, theMonégasque franc. Monaco has acquired the right to minteuro coins withMonegasque designs on its national side.
Monaco has become a major banking centre, holding over €100 billion worth of funds.[138] Banks in Monaco specialise in providing private banking, asset and wealth management services.[139] The principality has successfully sought to diversify its economic base into services and small, high-value-added, non-polluting industries, such as cosmetics.[failed verification][129]
One of Monaco's main sources of income is tourism. Each year many foreigners are attracted to its casinos and pleasant climate.[86][141] In 2022 there were about 300,000 international tourist arrivals.[142] 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.
The towns ofMenton andRoquebrune, which had been the main sources of income for the Grimaldi family for centuries, were now accustomed to a much-improvedstandard of living and lenient taxation thanks to the Sardinian intervention and clamoured for financial and political concession, even for separation. The Grimaldi family hoped the newly legal industry would help alleviate the difficulties they faced, above all the crushing debt the family had incurred, but Monaco's first casino would not be ready to operate until afterCharles III assumed the throne in 1856.
The grantee of the princely concession (licence) was unable to attract enough business to sustain the operation and, after relocating the casino several times, sold the concession to French casino magnatesFrançois and Louis Blanc for 1.7 million francs.
The Blancs had already set up a highly successful casino (in fact the largest in Europe) inBad-Homburg in the Grand Duchy ofHesse-Homburg, a small German principality comparable to Monaco, and quickly petitioned Charles III to rename a depressed seaside area known as "Les Spelugues (Den of Thieves)" to "Monte Carlo (Mount Charles)."[143] They then constructed their casino in the newly dubbed "Monte Carlo" and cleared out the area's less-than-savoury elements to make the neighbourhood surrounding the establishment more conducive to tourism.
Atrium in Monte Carlo Casino
The Blancs openedLe Grand Casino de Monte Carlo in 1858 and the casino benefited from the tourist traffic the newly built French railway system created.[144] Due to the combination of the casino and the railroads, Monaco finally recovered from the previous half-century of economic slump and the principality's success attracted other businesses.[145] In the years following the casino's opening, Monaco founded itsOceanographic Museum and theMonte Carlo Opera House, 46 hotels were built and the number of jewellers operating in Monaco increased by nearly five-fold. In an apparent effort not to overtax citizens, it was decreed that the Monégasque citizens were prohibited from entering the casino unless they were employees.[146] By 1869, the casino was making such a vast sum of money that the principality could afford to end tax collection from the Monegasques—a masterstroke that was to attract affluent residents from all over Europe in a policy that still exists today.
Monte-Carlo Bay Hotel & Resort overlooks the Mediterranean Sea
Today,Société des bains de mer de Monaco, which owns Le Grand Casino, still operates in the original building that the Blancs constructed and has since been joined by several other casinos, including the Le Casino Café de Paris, the Monte Carlo Sporting Club & Casino and the Sun Casino. The most recent[when?] addition in Monte Carlo is theMonte Carlo Bay Casino, which sits on 4 hectares of the Mediterranean Sea; among other things, it offers 145 slot machines, all equipped with "ticket-in, ticket-out" (TITO). It is the first Mediterranean casino to use this technology.[147]
Low taxes
Boulevard des Moulins meets Avenue Saint-MichelPedestrian crossing on Avenue de la Costa
Monaco has a 20% VAT plus high social-insurance taxes, payable by both employers and employees. The employers' contributions are between 28% and 40% (averaging 35%) of gross salary, including benefits, and employees pay a further 10% to 14% (averaging 13%).[148]
Monaco has never leviedincome tax onindividuals,[92] and foreigners are thus able to use it as a "tax haven" from their own country's high taxes, because as an independent country, Monaco is not obliged to pay taxes to other countries.[149][150]
The absence of a personal income tax has attracted many wealthy "tax refugee" residents from European countries, who derive the majority of their income from activity outside Monaco.Celebrities, such asFormula One drivers, attract most of the attention but the vast majority are lesser-known business people.[151]
Per a bilateral treaty with France, French citizens who reside in Monaco must still pay income and wealth taxes to France.[152] The principality also actively discourages the registration of foreign corporations, charging a 33 per centcorporation tax on profits unless they can show that at least three-quarters of turnover is generated within Monaco. Unlike classic tax havens, Monaco does not offer offshore financial services.[92]
In 1998, theCentre for Tax Policy and Administration, part of theOrganisation for Economic Co-operation and Development (OECD), issued a first report on the consequences of the financial systems of knowntax havens.[153] Monaco did not appear in the list of these territories until 2004, when the OECD became indignant regarding the Monegasque situation and denounced it in a report, along withAndorra,Liechtenstein,Liberia, and theMarshall Islands. The report underlined Monaco's lack of co-operation regarding financial information disclosure and availability.[154][155] Later, Monaco overcame the OECD's objections and was removed from the "grey list" of uncooperative jurisdictions. In 2009, Monaco went a step further and secured a place on the "white list" after signing twelve information exchange treaties with other jurisdictions.[92]
In 2000, theFinancial Action Task Force on Money Laundering (FATF) stated: "The anti-money laundering system in Monaco is comprehensive. Difficulties have been encountered with Monaco by countries in international investigations on serious crimes that appear to be linked also with tax matters. In addition, the FIU of Monaco (SICCFIN) suffers a great lack of adequate resources. The authorities of Monaco have stated that they will provide additional resources to SICCFIN."[156]
Tall buildings in Monaco
Also in 2000, a report by French politiciansArnaud Montebourg andVincent Peillon stated that Monaco had relaxed policies with respect to money laundering including within its casino and that the Government of Monaco had been placing political pressure on the judiciary so that alleged crimes were not being properly investigated.[157] In its Progress Report of 2005, theInternational Monetary Fund (IMF) identified Monaco, along with 36 other territories, as atax haven,[158] but in itsFATF report of the same year it took a positive view of Monaco's measures against money-laundering.[159][160]
TheCouncil of Europe also decided to issue reports naming tax havens. Twenty-two territories, including Monaco, were thus evaluated between 1998 and 2000 on a first round. Monaco was the only territory that refused to perform the second round, between 2001 and 2003, whereas the 21 other territories had planned to implement the third and final round, planned between 2005 and 2007.[161]
In June 2024, the FATF added Monaco to its "grey list", which includes countries needing "increased monitoring" due to statewide issues of money laundering and terrorist financing.[20]
Monaco issued its own coins in various devaluations connected to theécu already in the seventeenth century, but its first decimal coins of the Monégasque franc were issued in 1837 continued until 2001.
Although Monaco is not aEuropean Union member, it is allowed to use theeuro as its currency by arrangement with theCouncil of the European Union; it is also granted the right to use its own designs on the national side of theeuro coins, which was introduced in 2002.[162] In preparation for this date, the minting of the new euro coins started as early as 2001. Like Belgium, Finland, France, the Netherlands, and Spain, Monaco decided to put the minting date on its coins. This is why the first euro coins from Monaco have the year 2001 on them, instead of 2002, like the other countries of theEurozone that decided to put the year of first circulation (2002) on their coins.[163] Three different designs were selected for the Monégasque coins.[164] The design was changed in 2006 after Prince Rainier's death to feature the effigy of Prince Albert.[164]
Monaco's total population was 38,400 in 2015, and estimated by theUnited Nations to be 36,297 as of 1 July 2023.[165][166] 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%).[167] According to 2019 studies, 31% of Monaco's population is reported to bemillionaires equalling up to 12,248 individuals
Citizens of Monaco, whether born in the country or naturalised, are calledMonégasque. Monaco has the world's highestlife expectancy at nearly 90 years.[168][169]
The main and official language of Monaco isFrench, whileItalian is spoken by the principality's sizeable community from Italy. French and Italian are in fact more spoken in the principality today thanMonégasque, its historic vernacular language. A variety ofLigurian, Monégasque is not recognised as an official language; nevertheless, some signage appears in both French and Monégasque, and the language is taught in schools. English is also used.
Italian was the official language in Monaco until 1860, when it was replaced by French.[37] This was due to the annexation of the surroundingCounty of Nice to France following theTreaty of Turin (1860).[37]
TheGrimaldi,princes of Monaco, are of Ligurian origin; thus, the traditional national language isMonégasque, a variety ofLigurian, now spoken by only a minority of residents and as a common second language by many native residents. InMonaco-Ville, street signs are printed in both French and Monégasque.[170][171]
Christians comprise a total of 86% of Monaco's population.[3]
According to Monaco 2012 International Religious Freedom Report, Roman Catholics are Monaco's largest religious group, followed by Protestant Christians. The Report states that there is a Greek Orthodox church and two Protestant churches, an Anglican church and a Reformed church. There are also various otherEvangelical Protestant communities that gather periodically.[citation needed]
The official religion isCatholicism, with freedom of other religions guaranteed by the constitution.[2] There are five Roman Catholic parish churches in Monaco and onecathedral, which is the seat of thearchbishop of Monaco.[citation needed]
The diocese, which has existed since the mid-19th century, was raised to a non-metropolitan archbishopric in 1981 as theArchdiocese of Monaco and remains exempt (i.e. immediately subject to the Holy See). Thepatron saint isSaint Devota.[172]
Monaco's 2012 International Religious Freedom Report states that there is oneGreek Orthodox church in Monaco. The Russian Orthodox Parish of theHoly Royal Martyrs meets in the Reformed Church's Rue Louis Notari building.[citation needed]
There is oneAnglican church (St Paul's Church), located in the Avenue de Grande Bretagne in Monte Carlo. The church was dedicated in 1925. In 2007 this had a formal membership of 135 Anglican residents in the principality but was also serving a considerably larger number of Anglicans temporarily in the country, mostly as tourists. The church site also accommodates an English-language library of over 3,000 books.[173] The church is part of the AnglicanDiocese in Europe.
There is one Reformed church, which meets in a building located in Rue Louis Notari. The building dates from 1958 to 1959. The church is affiliated with theUnited Protestant Church of France (Église Protestante Unie de France, EPUF), a group that incorporates the former Reformed Church of France (Église Réformée de France). Through this affiliation with EPUF, the church is part of theWorld Communion of Reformed Churches. The church acts as a host church to some other Christian communities, allowing them to use its building.[citation needed]
TheMuslim population of Monaco consists of about 280 people, most of whom are residents, not citizens.[174] The majority of the Muslim population of Monaco areArabs, though there is aTurkish minority as well.[175] Monaco does not have any officialmosques.[176]According to the Monaco Statistics database (IMSEE), there are around 100 Hindus living in the country.[177]
The Association Culturelle Israélite de Monaco (founded in 1948) is a converted house containing a synagogue, a community Hebrew school, and akosher food shop, located in Monte Carlo.[178] The community mainly consists of retirees from Britain (40%) andNorth Africa. Half of the Jewish population isSephardic, mainly from North Africa, while the other half isAshkenazi.[179]
Monaco's team competes in the two-man bobsled at the 2014 Olympics.
Two important sports for Monaco are football and motor racing, but there are a number of other sports played; sports are also a part of Monaco's economy and culture. Monaco has competed in the Olympic Games, and also hosted competitive athletic sporting events.
Since 1911 the ending portions of theMonte Carlo Rally has been held in the principality, originally held at the behest ofPrince Albert I. For most of the 20th century, it was a "concentration rally", a format where drivers started in different cities far away from the country and then competed to get to Monte Carlo first. From 1991 onwards it has been a strictly stage-based rally, with the stages held in the mountainsides in eastern Provence-Alpes-Côte d'Azur and southeasternAuvergne-Rhône-Alpes in France. As of October 2025, the last edition to have had a competitive stage inside Monaco that wasn't the final ceremonies was in2008. The rally has been on theWorld Rally Championship calendar for most years after its founding in 1973,[183] and was on theInternational Rally Championship calendar while that series operated.
Among motor racing teams,Maserati MSG Racing, formerly namedROKiT Venturi Racing from 2014 to 2022, is the only team based in the principality, headquartered in Fontvieille.[184] The marque competes in Formula E and was one of its founding teams. The team is led by Co-Managing Partners Scott Swid and José M Aznar Botella, and Team Principal Cyril Blais.[185] The outfit holds 21 podiums under the ROKiT Venturi Racing title, including 8 race wins, and to date has 6 podiums, including 2 race wins, in the series under the Maserati MSG Racing title.1997 Formula One World ChampionJacques Villeneuve and eleven-time Formula One race winnerFelipe Massa have raced for the team previously.[186][187]Jake Hughes andSeason 8 Formula E championStoffel Vandoorne currently race for the team.
From 10 to 12 July 2014 Monaco inaugurated the Solar1 Monte Carlo Cup, a series of ocean races exclusively for solar-powered boats.[188][189]
OS Monaco plays in the French local regional leagues, deep down in the league system. It once played in theDivision 1 Féminine, in the 1994–95 season, but was quickly relegated.[citation needed]
Stade Louis II hosts the annualDiamond League eventHerculis intrack and field. Monaco also forms part of theMonaco Marathon, the only marathon in the world to pass through three countries (Monaco, France, and Italy) before the finish inStade Louis II, as well as of the MonacoIronman 70.3triathlon race with over 1,000 athletes competing and which attracts top athletes from around the world. The race includes a 1.9 km (1.2 mi) swim, 90 km (56 mi) bike ride and 21.1 km (13.1 mi) run.
Monaco has a nationalDavis Cup team, which plays in the European/African Zone.
Monaco has also staged part of theGlobal Champions Tour (Internationalshow jumping).[203] In 2009, the Monaco stage of the Global Champions tour took place between 25 and 27 June.
The cuisine of Monaco is aMediterranean cuisine shaped by the cooking style of Provence and the influences of nearby northern Italian and southern French cooking, in addition to Monaco's own culinary traditions.[206]
Espresso at Café de Paris, Monte Carlo
Two famous restaurants in Monaco include theLe Louis XV, currently with three Michelin stars, and theCafé de Paris. The Café de Paris is next to the Casino and first opened in 1868, though it has been renovated several times over its lifetime.
Monaco has a national museum of contemporary visual art at theNew National Museum of Monaco. In 1997, theAudiovisual 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 (seelist of public art in Monaco).
There is one university located in Monaco, namely theInternational University of Monaco (IUM), an English-language university specialising in business education and operated by theInstitut des hautes études économiques et commerciales (INSEEC) group.
The flag of Monaco is one of the world's oldest national flag designs.[216] Adopted by Monaco on 4 April 1881, it is based on the Monaco Royal colors going back to the 14th century.[217] The ISO code for the Flag is MC, which produces: 🇲🇨
One of the most important modes of local transportation is walking, and the city is expanding its pedestrian network in the 2020s to be more pedestrian friendly. This includes plans for a new pedestrian bridge in Fontvieille that connects to the new Wurtembergfootbridge.[219][220]
TheMonaco-Monte Carlo station on theMarseille–Ventimiglia railway is served by theSNCF, the French national rail system. The train station is the only one in Monaco, and connects the City-State by rail to French cities along the Riveria such asNice (and itsNice Côte d'Azur Airport a little under an hour away from Monaco),Cannes, andMarseille (and to a transit point just east of theFrance-Italy border atVentimiglia) and high-speedTGV trains connect to more distant locations such asParis: a gateway to the rest of Europe. The current station is built partly underground and was opened in 1999.[221]
TheMonaco Heliport provides helicopter service to the closest airport, Côte d'Azur Airport in Nice, France. The heliport its located in the southwestern edge of Monaco.
There are about 77 km (48 miles) of roads in Monaco, many sections of which are also used for automotive and other races.[223] The nearest 4-lane majormotorway, theEuropean route E80, passes well clear to the north of the border, and curvy mountain roads connect its ramps to Monaco.
Honoré II, Prince of Monaco secured recognition of his independentsovereignty fromSpain in 1633, and then fromLouis XIII of France by theTreaty of Péronne (1641).[citation needed] Monaco made a special agreement with France in 1963 in which French customs laws apply in Monaco and its territorial waters.[152] Monaco uses theeuro but is not a member of the European Union.[152] Monaco shares a 6 km (3.7 mi) border with France but also has about 2 km (1.2 mi) of coastline with the Mediterranean sea.[224] Two important agreements that support Monaco's independence from France include theFranco-Monégasque Treaty of 1861 and theFrench Treaty of 1918 (see alsoKingdom of Sardinia). The United States CIA Factbook records 1419 as the year of Monaco's independence.[224]
Embassy of Monaco, Paris, France
France and Italy have embassies within Monaco, while most other nations represented viaoperations in Paris.[225][226] There are about another 30 or soconsulates.[225] By the 21st century Monaco maintained embassies in Belgium (Brussels), France (Paris), Germany (Berlin), the Vatican, Italy (Rome), Portugal (Lisbon),[227] Spain (Madrid), Switzerland (Bern), United Kingdom (London) and the United States (Washington).[225]
As of 2000[update], nearly two-thirds of the residents of Monaco were foreigners.[228] In 2015, the immigrant population was estimated at 60%[224] It is reported to be difficult to gain citizenship in Monaco, or at least in relative number there are not many people who do so. In 2015, an immigration rate of about 4 people per 1,000 was noted, or about 100–150 people a year.[229] The population of Monaco went from 35,000 in 2008 to 36,000 in 2013, and of that about 20 per cent were native Monegasque[230] (see alsoNationality law of Monaco).
A recurring issue Monaco encounters with other countries is the attempt by foreign nationals to use Monaco to avoid paying taxes in their own country.[224] Monaco actually collects a number of taxes including a 20% VAT and 33% on companies unless they make over 75% of their income inside Monaco.[224] Monaco does not allow dual citizenship but does have multiple paths to citizenship including by declaration and naturalisation.[231] In many cases the key issue for obtaining citizenship, rather than attaining residency in Monaco, is the person's ties to their departure country.[231] For example, French citizens must still pay taxes to France even if they live full-time in Monaco unless they resided in the country before 1962 for at least 5 years.[231] In the early 1960s there was some tension between France and Monaco over taxation.[232]
There are no border formalities entering or leaving France. For visitors, a souvenirpassport stamp is available on request at Monaco's tourist office. This is located on the far side of the gardens that face the Casino.
^French:Principauté de Monaco; Monégasque:Prinçipatu de Mùnegu;Ligurian:Prinçipato de Mónego;Occitan:Principat de Mónegue;Italian:Principato di Monaco.
^ab."Constitution de la Principaute".Principaute De Monaco: Ministère d'Etat (in French). Archived fromthe original on 27 September 2011.Art. 9. - La religion catholique, apostolique et romaine est religion d'Etat.
^In factFrancesco Grimaldi, who capturedthe Rock on the night of 8 January 1297, was forced to flee Monaco only four years after the fabled raid, never to come back. The Grimaldi family was not able to permanently secure their holding until 1419 when they purchased Monaco, along with two neighbouring villages,Menton andRoquebrune. Source:Edwards, Anne (1992).The Grimaldis of Monaco: The Centuries of Scandal – The Years of Grace.William Morrow.ISBN978-0-688-08837-8.
^La justice à MonacoArchived 2 December 2021 at theWayback Machine: "Les deux chefs de la cour d'appel, le premier président et le procureur général, sont des magistrats français."
^Highest point at ground level (Access to Patio Palace on D6007)"Monaco Statistics pocket – Edition 2014"(PDF). Monaco Statistics – Principality of Monaco.Archived(PDF) from the original on 17 December 2014. Retrieved30 March 2015.
^"Monaco's Heritage In Danger?"(PDF).L'Observateur de Monaco. April 2015. pp. 60–67.Archived(PDF) from the original on 12 August 2016. Retrieved26 July 2021.
^"Monaco (99)"(PDF).Fiche Climatologique: Statistiques 1981–2010 et records (in French). Meteo France. Archived fromthe original(PDF) on 27 February 2018. Retrieved26 February 2018.
^Katya Wachtel (28 March 2012)."The Wealth Report 2012"(PDF). Citi Private Bank.Archived(PDF) from the original on 20 August 2012. Retrieved6 March 2013.
^Declaration of 18 April 2004, by the representative of theOECD Centre for Tax Policy and Administration Gabriel Makhlouf regarding the list of allegedtax havens non-cooperative countries comparable
^Stage Report 2004: Project ofOECD on the detrimental tax practices,OECD, Paris, 2004
^Financial Centres with Significant Offshore Activities in Offshore Financial Centres. The Assessment Program. A Progress Report Supplementary Information, IMF, Washington, 2005
^Review to Identify Non-Cooperative Countries or Territories: Increasing the Worldwide Effectiveness of Anti-Money Laundering Measures,FATF, Paris, 2005
^Review to Identify Non-Cooperative Countries or Territories: Increasing the Worldwide Effectiveness of Anti-Money Laundering Measures, FATF, Paris, 2006
^First Mutual Evaluation Report on the Principality of Monaco, Moneyval, Strasbourg, 2003
^"Monaco Euro Coins". Eurocoins.co.uk. 1 January 2002.Archived from the original on 20 July 2019. Retrieved11 May 2017.
^"ECB: Monaco". Ecb.int.Archived from the original on 27 March 2012. Retrieved22 March 2012.
^John J. B. Anderson and Marilyn C. Sparling,The Mediterranean Way of Eating: Evidence for Chronic Disease Prevention and Weight Management (Florida: CRC Press, 2015) 16.
The Monaco TimesArchived 25 April 2012 at theWayback Machine – A regular feature inThe Riviera Times is the English language newspaper for the French–Italian Riviera and the Principality of Monaco provides monthly local news and information about the business, art and culture, people and lifestyle, events and also the real estate market.
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