Monaco, officially the Principality of Monaco, is a sovereign city-state and micro-state on the French Riviera. It is bordered by the Mediterranean Sea to the south. The principality is widely recognised for being one of the most expensive and wealthiest places in the world. The official language is French, although Monégasque (a dialect of Ligurian), Italian and English are spoken and understood by a sizeable group.
It is the second smallest sovereign state in the world, and it the most densely-populated sovereign state in the world. Through land reclamation, Monaco's land mass has expanded by 20 percent.
Economic development was spurred in the late 19th century with the opening of the state's first casino, the Monte Carlo Casino, as well as a railway connection to Paris. Since then, Monaco's mild climate, scenery and gambling facilities have contributed to the principality's status as a tourist destination and recreation centre for the rich. In more recent years, Monaco has become a major banking centre and has sought to diversify its economy into the services sector and small, high-value-added, non-polluting industries. The state has no income tax, low business taxes and is well known for being a tax haven. Over 30% of the resident population are millionaires, with real estate prices reaching €100,000 ($142,000) per square metre in 2018. Monaco is not formally a part of the European Union (EU), but it participates in certain EU policies, including customs and border controls. Through its relationship with France, Monaco uses the euro as its sole currency. Monaco joined the Council of Europe in 2004 and is a member of the Organisation internationale de la Francophonie (OIF).
It is also the host of the annual street circuit motor race Monaco Grand Prix, one of the original Grands Prix of Formula One. A centre of research into marine conservation, Monaco is home to one of the world's first protected marine habitats, an Oceanographic Museum and the International Atomic Energy Agency Environment Labs, which is the only marine laboratory in the United Nations structure.
Monaco is the #75 city in the world according to the Global Financial Centres Index (GFCI) which evaluates and ranks the competitiveness of the major financial centres of the world according to a wide range of criteria – Human Capital, Business, Finance, Infrastructure and Reputation.
Monaco was ranked #1100 by the Nomad List which evaluates and ranks remote work hubs by cost, internet, fun and safety. Monaco has a population of over 38,964 people.