Monaco

Lore & Background

Monaco was first mentioned by the Greek historian Hecataeus of Miletus, who referred to it as 'Monoikos, a Ligurian town'. In 1191, the Holy Roman Empire granted Monaco to the Genoese. The Grimaldi family captured it in 1297 by posing as monks. In 1419, the Grimaldi family purchased Monaco from the Crown of Aragon. In 1612, Honoré II began to style himself 'Prince' of Monaco. The principality was reestablished in 1814 under the Grimaldis after French occupation. Monaco's sovereignty was officially recognised by the Franco-Monégasque Treaty of 1861. The House of Grimaldi has ruled Monaco, with brief interruptions, since 1297.

In Their Own Story

The Mediterranean sun hammered against the white hulls of superyachts bobbing in Port Hercules, their masts forming a chaotic forest against the azure sky. High above on the terrace, the air hung heavy with salt spray and the cloying scent of exclusive perfume as thousands crammed the curbs for the Grand Prix's start. The roar of engines didn't just echo; it shattered the silence, bouncing off the sheer limestone cliffs in a mechanical symphony that has defined this rock for decades. From a private balcony, a figure in a tailored suit watched the chaos below, sipping champagne with detached calm. In that moment, while the world raced at breakneck speed around him, his home remained a timeless sanctuary where dynastic history and ultra-modern luxury moved at their own deliberate, unhurried pace.

Reader's Guide

Monaco is governed under a form of semi-constitutional monarchy, with Prince Albert II as head of state. The prime minister can be either a Monégasque or French citizen. Monaco uses the euro as its sole currency. It is not part of the European Union but participates in certain EU policies. Monaco joined the Council of Europe in 2004 and is a member of the Organisation internationale de la Francophonie. It hosts the annual Monaco Grand Prix. The principality has a club football team, AS Monaco, which competes in French Ligue 1, and a basketball team that plays in the EuroLeague. Monaco is a centre of marine conservation and research.

Did You Know?

• Monaco is the second smallest sovereign state in the world, after Vatican City.
• Monaco has the world's shortest national coastline of any non-landlocked nation, at 3.83 km.
• Fewer than 10,000 of Monaco's residents are Monégasque nationals.
• Monaco is a tax haven with no personal income tax (except for French citizens) and low business taxes.
• Over 30% of residents are millionaires, with real estate prices reaching €100,000 per square metre in 2018.