Monaco

Introduction

Background
The Genoese built a fortress on the site of present-day Monaco in 1215. The current ruling GRIMALDI family first seized control in 1297 but was not able to permanently secure its holding until 1419. Economic development was spurred in the late 19th century with a railroad linkup to France and the opening of a casino.

Geography

Area
total : 2 sq km
land: 2 sq km
water: 0 sq km

Climate
Mediterranean with mild, wet winters and hot, dry summers

Natural resources
none

People and Society

Population
total: 31,813 (2024 est.)

Ethnic groups
Monegasque 32.1%, French 19.9%, Italian 15.3%, British 5%, Belgian 2.3%, Swiss 2%, German 1.9%, Russian 1.8%, American 1.1%, Dutch 1.1%, Moroccan 1%, other 16.6% (2016 est.)

Languages
French (official), English, Italian, Monegasque

Religions
Roman Catholic 90% (official), other 10%

Population growth rate
0.71% (2024 est.)

Government

Government type
constitutional monarchy

Capital
name: Monaco

Executive branch
chief of state: Prince ALBERT II (since 6 April 2005)
head of government: Minister of State Christophe MIRMAND (since 21 July 2025)

Diplomatic representation in the US
chief of mission: Ambassador Maguy MACCARIO DOYLE (since 3 December 2013)

Economy

Economic overview
high-income European economy; non-EU euro user; considered a tax haven; tourism and banking are largest sectors; negatively impacted by COVID-19; major oceanographic museum; among most expensive real estate; major state-owned enterprises

Real GDP (purchasing power parity)
$8.924 billion (2024 est.)
$8.749 billion (2023 est.)
$8.329 billion (2022 est.)

Real GDP per capita
$270,100 (2024 est.)
$256,600 (2023 est.)
$226,100 (2022 est.)

Exports - partners
Italy, Switzerland, Germany, Belgium, Spain

(2021)

Exports - commodities
jewelry, perfumes, watches, packaged medicines, cars (2021)

Imports - partners
Italy, Switzerland, United Kingdom, Germany, China (2021)

Imports - commodities
jewelry, cars and vehicle parts, recreational boats, plastic products, artwork (2021)