Monaco: The World's Second Smallest Country and Its Unlikely Glamour
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Monaco is 2.02 square kilometres — smaller than Central Park in New York — and contains 36,000 people, making it the most densely populated country on earth. It has no income tax, no significant natural resources, and has been ruled by the Grimaldi family since 1297 — the longest-reigning monarchy in the world. The combination of tax advantages, Mediterranean climate, and royal tradition attracted the wealthy of Europe in the 19th century and has never lost them.
The Monaco Grand Prix is the most prestigious race in Formula One and one of the most demanding circuits in motor racing. The streets of Monte Carlo — the hairpin at Loews, the tunnel section, the chicane at the swimming pool — were not designed as a racing circuit. They are the actual streets of an actual principality, temporarily closed and lined with barriers. The circuit is so narrow that overtaking is nearly impossible, making qualifying position critically important and every race a lesson in the consequences of context.
The Casino de Monte-Carlo, built in 1863, was designed by Charles Garnier, who also designed the Paris Opéra. The intention was to save the Grimaldi family from bankruptcy: revenue from the casino was to stabilise the principality's finances. It worked. The casino still operates, still occupies the Belle Époque building, and still funds a portion of Monaco's budget. The citizens of Monaco are not permitted to enter and gamble — the casino exists primarily for visitors. A monarchy sustained by the gambling losses of the wealthy is one of history's more unusual financial arrangements.
