<Li> ^ GDP per capita calculations include non-resident workers from France and Italy . </Li> <Li> ^ Monacan is the term for residents . </Li> <P> Monaco (/ ˈmɒnəkoʊ / (listen); French pronunciation: ​ (mɔnako)), officially the Principality of Monaco (French: Principauté de Monaco), is a sovereign city - state, country and microstate on the French Riviera in Western Europe . France borders the country on three sides while the other side borders the Mediterranean Sea . Monaco has an area of 2.02 km (0.78 sq mi) and a population of about 38,400, according to the last census of 2016 . With 19,009 inhabitants per km2, it is the second - smallest and most densely populated sovereign state in the world . Monaco has a land border of 5.47 km (3.40 mi), a coastline of 3.83 km (2.38 mi), and a width that varies between 1,700 and 349 m (1,859 and 382 yd). The highest point in the country is a narrow pathway named Chemin des Révoires on the slopes of Mont Agel, in the Les Révoires Ward, which is 161 metres (528 feet) above sea level . Monaco's most populous Quartier is Monte Carlo and the most populous Ward is Larvotto / Bas Moulins . Through land reclamation, Monaco's land mass has expanded by 20 percent; in 2005, it had an area of only 1.974 km (0.762 sq mi). Monaco is known as a playground for the rich and famous, due to its tax laws . In 2014, it was noted about 30% of the population was made up of millionaires, more than in Zürich or Geneva . </P> <P> Monaco is a principality governed under a form of constitutional monarchy, with Prince Albert II as head of state . Although Prince Albert II is a constitutional monarch, he wields immense political power . The House of Grimaldi have ruled Monaco, with brief interruptions, since 1297 . The official language is French, but Monégasque, Italian, and English are widely spoken and understood . The state's sovereignty was officially recognized by the Franco - Monegasque Treaty of 1861, with Monaco becoming a full United Nations voting member in 1993 . Despite Monaco's independence and separate foreign policy, its defense is the responsibility of France . However, Monaco does maintain two small military units . </P>

Is monaco a country in its own right