Country Profile: Monaco
Monaco, a small yet prominent principality located along the Mediterranean coast, boasts a highly developed economy primarily driven by tourism and banking. With a population of about 31,813, it is one of the most densely populated countries in the world. Governed as a constitutional monarchy since the 14th century, Monaco exemplifies lavish living and is known for its mild Mediterranean climate, making it a global destination for tourists seeking recreation and luxury.
Geography
Monaco is situated in Western Europe, bordered by the Mediterranean Sea and France, with a very limited land area of just 2 square kilometers. The terrain is hilly and rugged, adding to its urban character as nearly the entire population resides within this small space. Its climate is Mediterranean, featuring mild, wet winters and hot, dry summers.
- 2 sq km: Total area of Monaco
- 4.1 km: Length of coastline
- 6 km: Total land boundaries, all with France
- 162 m: Highest point at Chemin des Revoires on Mont Agel
- 0%: Percentage of agricultural land (2022 estimate)
People and Society
As of 2024, Monaco's population is estimated to be 31,813, comprised mainly of Monegasque, French, and Italian ethnic groups. The principality’s official language is French, reflecting its proximity to France, while Italian and English are also widely spoken. Monaco exhibits one of the highest life expectancies globally, at nearly 90 years, and has an aging population with a median age of 56.9 years.
- 89.8 years: Life expectancy at birth (2024 estimate)
- 31,813: Total population (2024 estimate)
- 6.5 births/1,000: Birth rate (2024 estimate)
- 100%: Urban population (2023)
- 85.9: Total dependency ratio (2024 estimate)
Economy
Monaco operates a high-income economy characterized by its status as a tax haven, making it attractive for residents and businesses alike. The economy is significantly influenced by tourism and banking, with real GDP estimated to reach $8.924 billion in 2024. Despite being impacted by COVID-19, the economy exhibited substantial growth rates in recent years, rebounding impressively since 2021.
- $270,100: Real GDP per capita (2024 estimate)
- 5%: Real GDP growth rate (2023 estimate)
- 88.5%: Service sector contribution to GDP (2023 estimate)
- 11.5%: Industry sector contribution to GDP (2023 estimate)
- $10.434 billion: GDP at official exchange rate (2024 estimate)
Government
The Principality of Monaco is a constitutional monarchy ruled by Prince Albert II, with its governance deeply rooted in traditions dating back to the 14th century. The legal framework follows a civil law system influenced by French law. The National Council, which is unicameral, consists of 24 members and handles legislative duties, while the prince has significant authority over the executive branch.
- 18 years: Minimum voting age
- 24: Total seats in the National Council
- 45.8%: Percentage of women in the National Council (2023)
- 1419: Year marking the beginning of permanent rule by the House of Grimaldi
- 5 years: Term for elected National Council members
Military and Security
Monaco maintains no regular military forces, relying primarily on the Prince’s Company of Carabiniers for security and public order. France is treaty-bound to protect Monaco’s sovereignty, allowing the principality to focus on its civilian needs without military obligations.
- 2024: Year when the Compagnie des Carabiniers is staffed by French nationals
- 3: Heliports (2025)
- 0: Regular military forces; reliant on French defense treaty
Energy
Monaco boasts 100% electrification among its population, reflecting its advanced infrastructure and commitment to modern energy solutions.
- 100%: Total population with electricity access (2022 estimate)
Environment
Monaco actively engages in various international environmental agreements, focusing on issues such as climate change and biodiversity. With its comprehensive waste management policy, the principality aims to recycle a notable portion of its municipal waste.
- 5.4%: Percentage of municipal solid waste recycled (2012)
- 10 million cubic meters: Total municipal water withdrawal (2020)
Transportation
Monaco's transportation system, though limited by its small size, is well-integrated with that of France, featuring a railway operated by the French SNCF. The principality has one port and several heliports, serving both local and international travel.
- 1: Total ports (2024)
- 43,000: Fixed telephone line subscriptions (2023 estimate)
- 41,000: Mobile cellular subscriptions (2023 estimate)
Communications
A robust communications infrastructure supports Monaco's connectivity, with a high percentage of its population having internet access. The media landscape includes local television and extensive radio networks.
- 99%: Internet users as a percentage of the population (2023 estimate)
- 22,000: Fixed broadband subscriptions (2023 estimate)
Key Metrics
| Metric | Value | Note |
|---|---|---|
| Population | 31,813 | 2024 estimate |
| Area | 2 sq km | Total area |
| GDP (PPP) | $8.924 billion | 2024 estimate |
| Real GDP per capita | $270,100 | 2024 estimate |
| Life expectancy at birth | 89.8 years | 2024 estimate |
| Birth rate | 6.5 births/1,000 | 2024 estimate |
| Urban population | 100% | 2023 |
| Electricity access | 100% | 2022 estimate |
| Total municipal waste recycled | 5.4% | 2012 estimate |
| Heliports | 3 | 2025 estimate |
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