The country of Monaco is located in the southwestern part of Europe and shares its land borders with the only one country France. It has a land area of 1.95 square kilometer and is a home to 31,700 people. Monaco is an autonomous city-state and the world's second smallest country. The city of Monaco is the capital city. French is the official language; however, English, Monegasque, and Italian are also widely spoken. Euro is the currency of Monaco. The climate is mild and damp. Winters are stormy, summers are hot and dry, and forest fires are common. This country is governed under a form of Constitutional Monarchy, where the Prince, the Serene Highness is the chief of the state. Each individual citizen of Monaco enjoys a tax-free lifestyle and earns more than any country in the World. This tiny independent principality derives its income from sales tax, tourism, and banking. It has close ties with France.