Monaco is the second smallest country in the world, at around 3 miles (4.8 km) long and a half mile (0.8 km) wide with a population of around 32,000. It is approximately the same size as famed New York City landmark Central Park. The European country is located on the southern coast of France between the Mediterranean Sea and the French Alps. Monaco is a monarchy and is well-known for having had American film actress Grace Kelly marry Prince Rainier III in 1956 to become Princess of Monaco. Monaco serves as a tourist destination for its wide assortment of casinos, which has been the country’s main source of economic income since the late 19th century.
More about Monaco:
- Monaco is the smallest country with a coastline and is nearly 100% urban.
- Over 60% of Monaco’s population are immigrants, according to 2013 findings from the United Nations (UN).
- There is no income-tax in Monaco, making it a leading “tax haven” for high-earning individuals who set up residency to save on tax payments. It has one of the lowest business tax rates in the world too, drawing in foreign companies.