MONACO is the second-richest country in the world, and an estimated one in three people living there are millionnaires.

So just where is this glitzy sovereign state, and what A-list names does Monaco attract?

Is Monaco in France?

Geographically, Monaco is situated in France, and surrounded by France on its three land borders – but it is not part of France politically or financially.

Monaco is its own sovereign city-state on the French Riviera, near hot spots such as Cannes, St Tropez and Saint Jean Cap Ferrat, and just a mile from the colourful cliff towns of the Italian Riviera.

Monaco used to be part of France, and was briefly a colony of Genoa, Italy, from 1215 to 1297, then the Grimaldi family settled and took over.

The Grimaldis remain the current ruling family of Monaco to this day, and are the longest-running royal family in Europe.

Monaco spent a little time belonging to Spanish rulers, and an odd year belonging to Sardinia around the early 1600s.

Is Monaco a country?

Yes, Monaco is the second smallest country in the world, with a population of 39,511 – second only to the Vatican, which is home to just 800 people.

It is a constitutional monarchy which has been a sovereign nation since the end of the 13th century.

At 0.75 square miles, Monaco is smaller than New York’s Central Park, or the Washington DC mall.

The current ruler of Monaco is Albert II, and it has a 24-seat elected parliament. France is responsible for its defence.

Monaco has no natural resources, arable land, or income tax.

The flag of Monaco is four red and white, equal horizontal bands, starting with red at the top.

They are the official colours of the House of Grimaldi, who rule Monaco. The red apparently represents human flesh, while the white represents purity.

The Monegasque national anthem was first composed in 1841, and the official language in Monaco is French.

Monaco became an official nation in a treaty in the late 1800s, and the Grimaldi family monarchy is now safe, even if they have no official heir.

What currency does Monaco use?

Monaco has used the Euro as its official currency since 2002 – but it is not a member state of the European Union.

The Euro replaced the Monegasque Frank, which had existed only since 1987.

Charles de Gaulle made an agreement with then-Monegasque ruler Rainier, in 1963, that French citizens living in Monaco have to pay income tax to Paris.

De Gaulle had threatened to cut off the currency supply to Monaco a year earlier because the French Government was fed up with not receiving the tax.

Is Monaco the richest country in the world?

Monaco has the second-highest GDP per capita in the world, at $165, 420.

This is second only to Liechtenstein, which boasts a GDP per capita of $166,021 – but is also 80 times larger in area than Monaco.

Monaco is the wealthiest part of the French Riviera, and is famous for being a tax haven, as well as for luxury lifestyles.

The economy is mostly driven by tourism to casinos in Monte Carlo, which are so successful that Monaco doesn't have income tax.

Monaco is also famous for its Michelin-star restaurants, and spectacular shopping centre with marble floors, crystal chandeliers, and top designer shops.

Monaco hosts many events associated with extreme wealth, such as the Monaco Yacht Show and the Grand Prix.

Culturally, it has a state-of-the-art interactive Oceanographic Museum, the Rose Ball, and the Monte Carlo Philharmonic Orchestra.

Monaco is officially dedicated to protecting the environment and promoting sustainable development.

What famous people live in Monaco?

The lack of income tax and luxury lifestyles have drawn wealthy people to buy property in Monaco, and many A-listers visit for significant chunks of the year.

Hollywood star Grace Kelly famously married Prince Rainier III of Monaco in 1956, becoming Princess of Monaco.

The Beatles' singer Ringo Starr has a flat in Monaco, and Dame Shirley Bassey lives in Monte Carlo.

Tennis star Novac Djokovic owns a house and vegan restaurant in Monaco.

The most famous royals include Prince Albert II and his older sister Caroline of Hanover – two of Grace Kelly's three children – as well as Prince Albert's wife, Charlene – a South African former Olympic swimmer.

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Princess Caroline's daughter, Charlotte Casiraghi – granddaughter of Grace Kelly – has also carved out a successful career as a champion showjumper.

Lots of Formula 1 stars have also made Monaco their home, including Lewis Hamilton, Jenson Button, and David Coulthard – and Olivier Beretta can make the unusual claim of being born there.

Many other celebrities live near Monaco, such as Bono in his seafront mansion, Julian Lennon, Elton John and David Furnish, and Joan Collins.

Leonardo Dicaprio often holidays near Monaco on his yacht, as do Kate Moss and Naomi Campbell, Rihanna, Roger Moore, and Beyonce and Jay-Z.

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