Monaco THIS PAGE IS UNDER CONSTRUCTION Monaco the Principality of Monaco, located at the French Riviera bordered by France and just a few kilometres away from the Italian border. It is widely recognised for being one of the most expensive and wealthiest places in the world. Around 38500 residents of which 9500 are true Monegasque nationals. After Vatican City it is the smallest sovereign state in the world, with land border of just 5.5 kilometre and the shortest coastline in the world of just 3.7 kilometres. Economic development started in the late 19th century with the opening of the Monte Carlo Casino, as well as a railway connection to Paris. 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. 30 % of the population is millionaire and with no income tax and low business taxes it is famous as a tax haven