In 2015, Monaco unanimously approved a modest land reclamation expansion intended primarily to accommodate desperately needed housing and a small green/park area. Monaco had previously considered an expansion in 2008, but had called it off. The plan is for about six hectares of apartment buildings, parks, shops and offices to a land value of about 1 billion euros. The development will be adjacent to the Larvotto district and also will include a small marina. There were four main proposals, and the final mix of use will be finalized as the development progresses. The name for the new district is Anse du Portier.
On 3 September 2020, the first Monégasque satellite, OSM-1 CICERO was launched into space from French Guiana aboard a Vega rocket. The satellite was built in Monaco by Orbital Solutions Monaco.
Geography:
Monaco is a sovereign city-state, with five quarters and ten wards, located on the French Riviera in Western Europe. It is bordered by France’s Alpes-Maritimes department on three sides, with one side bordering the Mediterranean Sea. Its center is about 16 km (9.9 mi) from Italy and only 13 km (8.1 mi) northeast of Nice.
It has an area of 2.1 km2 (0.81 sq mi), or 208 hectares (510 acres), and a population of 38,400, making Monaco the second-smallest and the most densely populated country in the world. The country has a land border of only 5.47 km (3.40 mi), a coastline of 3.83 km (2.38 mi), a maritime claim that extends 22.2 kilometers (13.8 mi), and a width that varies between 1,700 and 349 m (5,577 and 1,145 ft).
The highest point in the country is at the access to the Patio Palace residential building on the Chemin des Révoires (ward Les Révoires) from the D6007 (Moyenne Corniche street) at 164.4 meters (539 feet) above sea level. The lowest point in the country is the Mediterranean Sea.
Saint-Jean is the longest flowing body of water, around 0.19 km (190 meters; 0.12 miles; 620 feet) in length, and Fontvieille is the largest lake, approximately 0.5 ha (5,000.00 m2; 1.24 acres; 53,819.55 sq ft) in area. Monaco’s most populated quartier is Monte Carlo, and the most populated ward is Larvotto/Bas Moulins.
After a recent expansion of Port Hercules, Monaco’s total area grew to 2.02 km2 (0.78 sq mi) or 202 hectares (500 acres); consequently, new plans have been approved to extend the district of Fontvieille by 0.08 km2 (0.031 sq mi) or 8 hectares (20 acres), with land reclaimed from the Mediterranean Sea. Land reclamation projects include extending the district of Fontvieille. There are two ports in Monaco, Port Hercules and Port Fontvieille. Monaco’s only natural resource is fishing; with almost the entire country being an urban area, Monaco lacks any sort of commercial agriculture industry. There is a neighboring French port called Cap d’Ail that is near Monaco.
Economy:
Monaco has the world’s highest GDP nominal per capita at US$185,742 GDP PPP per capita at $132,571 and GNI per capita at $183,150. It also has an unemployment rate of 2%, with over 48,000 workers who commute from France and Italy each day. According to the CIA World Factbook, Monaco has the world’s lowest poverty rate and the highest number of millionaires and billionaires per capita in the world. For the fourth year in a row, Monaco in 2012 had the world’s most expensive real estate market, at $58,300 per square meter. The world’s most expensive apartment is located in Monaco, a penthouse at the Odeon Tower valued at $335 million according to Forbes in 2016.