World Happiness Report for Monaco 2024
- Overall Happiness Rank Monaco: na
- Happiness Score Monaco:na
Happiness is a subjective concept that has long been debated by philosophers, psychologists, and economists alike. However, in recent years, there has been a growing interest in quantifying happiness and using it as a measure of a nation’s overall well-being. This is where the concept of the Happiness Index comes into play.
What is the Happiness Index?
The Happiness Index is a measure that attempts to quantify the overall happiness and life satisfaction of a country’s population. It is based on the idea that traditional economic indicators, such as Gross Domestic Product (GDP), do not fully capture the overall well-being of a society. The Happiness Index takes into account various factors that contribute to an individual’s sense of happiness and life satisfaction, including social support, freedom to make life choices, healthy life expectancy, and perceptions of corruption.
How is the Happiness Index Calculated?
The Happiness Index is calculated through a combination of subjective and objective data. The primary source of data is the Gallup World Poll, which is a survey conducted in over 160 countries. The survey asks respondents to rate their overall life satisfaction on a scale of 0 to 10, with 0 being the worst possible life and 10 being the best possible life.
In addition to the life satisfaction score, the Happiness Index also takes into account the following factors:
- GDP per capita: This is a measure of a country’s economic output and standard of living.
- Social support: This factor measures the extent to which individuals have supportive relationships and love in their lives.
- Healthy life expectancy: This is a measure of the number of years an individual is expected to live in good health.
- Freedom to make life choices: This factor measures the extent to which individuals are able to make decisions about their lives without external constraints.
- Generosity: This factor measures the extent to which individuals engage in charitable activities and donate to others.
- Perceptions of corruption: This factor measures the extent to which individuals perceive their society to be free from corruption.
These factors are weighted and combined to produce an overall Happiness Index score for each country.
What Does the Happiness Index Affect?
The Happiness Index has significant implications for policymaking and societal well-being. Countries with higher Happiness Index scores are generally considered to have better overall quality of life and well-being for their citizens. This can have positive impacts on various aspects of society, including:
- Economic productivity: Happier individuals tend to be more productive and engaged in their work, which can contribute to a country’s economic growth.
- Public health: Higher levels of happiness and life satisfaction are associated with better physical and mental health outcomes, which can reduce healthcare costs and improve overall well-being.
- Social cohesion: Societies with higher levels of happiness tend to have stronger social bonds and lower levels of conflict and crime.
- Environmental sustainability: Happier individuals may be more likely to engage in environmentally-friendly behaviors and support policies that promote sustainability.
By focusing on the factors that contribute to happiness and well-being, policymakers can develop strategies to improve the overall quality of life for their citizens. The Happiness Index provides a valuable tool for measuring progress and identifying areas where improvements can be made.
Short information
- Abbreviation of Monaco. MC.
Monaco is a small independent city-state located in Western Europe.
It is known for being a constitutional monarchy, with Prince Albert II as the current head of state.
Monaco is famous for its luxurious casinos, the annual Formula One Grand Prix, and its status as a tax haven.
- Monaco has the highest population density in the world.
- The official language of Monaco is French.
- Monaco has a thriving tourism industry and is a popular destination for the rich and famous.
Monaco – A Comprehensive Overview
History and Overview
Early History: Monaco’s history can be traced back to the 6th century BC when Phoenicians established settlements in the area. The area has been inhabited since ancient times, with the Ligurian tribes occupying the region before the arrival of the Phoenicians.
Kingdoms and Empires: In the 13th century, Monaco came under the rule of the House of Grimaldi, a Genoese family who seized control of the region. The Grimaldi dynasty has ruled Monaco ever since, making it one of the longest-reigning monarchies in the world.
Colonial Period: Monaco was never officially colonized, but it was strategically aligned with various powers throughout its history, including France, Spain, and the Kingdom of Sardinia.
Independence and Modern Era: While Monaco has been a sovereign state since the 13th century, it has maintained close ties with France. In 1861, a treaty was signed establishing Monaco as a protectorate of France, which has shaped the country’s modern political and economic landscape.
Current Political Situation: Monaco is a constitutional monarchy, with Prince Albert II as the current Head of State. The country has a parliamentary system of government, with a National Council serving as the legislative body.
International Relations: Monaco maintains close ties with France and other European nations. It is a member of various international organizations, including the United Nations, the Council of Europe, and the Organization for Security and Co-operation in Europe.
Human Development and Economy: Monaco has a highly developed economy, with a focus on services, particularly finance, tourism, and real estate. It has one of the highest GDP per capita in the world and a high standard of living.
Cultural Highlights: Monaco is known for its rich cultural heritage, including the Monte Carlo Casino, the Monaco Grand Prix, and the Opéra de Monte-Carlo. French and Monégasque are the official languages, with French being widely spoken.
Summary: Monaco faces challenges in maintaining its economic growth and addressing issues related to its small size and limited resources. However, its strategic location, stable government, and strong economy provide opportunities for continued prosperity.
Travel Tips for Monaco
– Best times to visit: Spring and fall offer mild temperatures and fewer crowds, making it an ideal time to visit Monaco.
– Cultural etiquette: Monaco has a formal and sophisticated culture, so dress modestly and observe proper etiquette when visiting religious sites or attending formal events.
– Safety precautions: Monaco is generally a safe destination, but visitors should exercise caution and be aware of their surroundings, especially in crowded areas.
– Must-see landmarks: The Prince’s Palace, Monte Carlo Casino, Monaco Cathedral, and the Monaco Grand Prix circuit are among the top attractions.
– Culinary experiences: Try traditional Monégasque dishes like Barbagiuan (fried ravioli) and Fougasse (a sweet bread), and indulge in the high-end dining scene.
Living in Monaco
– Cost of living: Monaco has a high cost of living, with housing and everyday expenses being significantly higher than in neighboring countries.
– Housing: Finding affordable housing can be challenging due to the limited space and high demand in Monaco.
– Healthcare: Monaco has a universal healthcare system, and residents have access to high-quality medical facilities.
– Education: Monaco has a well-regarded education system, with schools offering instruction in French and English.
– Lifestyle: Monaco offers a luxurious and cosmopolitan lifestyle, with a wealth of cultural events, upscale dining, and high-end shopping.
– Cultural norms: Monaco has a formal and sophisticated culture, and residents are expected to observe proper etiquette in social and professional settings.
Doing Business in Monaco
– Business culture: Monaco has a formal business culture, with a emphasis on punctuality, professionalism, and respect for hierarchies.
Main facts
Location
Monaco is a sovereign city-state and microstate located on the French Riviera in Western Europe. It is situated along the Mediterranean coast, bordered by France to the north, east, and west, with a small coastline of approximately 4.1 km (2.5 mi) on the Mediterranean Sea to the south.
Map References
Monaco is located in Southern Europe, on the French Riviera.
Area – Comparative
With an area of approximately 2.02 square kilometers (0.78 square miles), Monaco is the second-smallest sovereign state in the world, after Vatican City.
Land Boundaries and Border Countries
Monaco shares a total land border of 6.3 kilometers (3.9 miles) with France.
Coastline
Monaco has a coastline of approximately 4.1 kilometers (2.5 miles) along the Mediterranean Sea.
Maritime Claims
Monaco claims a territorial sea of 12 nautical miles.
Climate
Monaco enjoys a Mediterranean climate, with mild, wet winters and hot, dry summers.
Terrain
Monaco’s terrain is hilly and rocky, with the highest point being the Le Rocher (Rock) promontory, where the old town is situated. The landscape is dominated by the Alpes Maritimes mountain range.
Elevation Extremes
The highest point in Monaco is the Chemin des Révoires, at 163.9 meters (537.7 feet) above sea level. The lowest point is the Mediterranean Sea, at 0 meters (0 feet).
Natural Resources
Monaco has no significant natural resources.
Major Bodies of Water
The only major body of water in Monaco is the Mediterranean Sea, which borders the country to the south.
Natural Hazards
Monaco is not prone to significant natural hazards, except for occasional coastal flooding due to its low-lying coastal areas.
Geography – Notes
Despite its tiny size, Monaco is a densely populated urban area, with no natural land borders or boundaries. The country’s economy is heavily reliant on tourism, banking, and services.
- Forest Area (% of land area): . This is the percentage of a country’s total land area that is covered by natural or planted forests.
- Co2 Emissions: . CO2 emissions refer to the release of carbon dioxide gas into the atmosphere, primarily from the burning of fossil fuels (coal, oil, and natural gas) for energy production, transportation, and industrial processes.
- Agricultural Land( %). 0%. Agricultural land refers to the share of land area that is arable and used for cultivating crops or raising livestock.
- Geographic Coordinates: 43.73841767.4246158.
- Capital: The capital of Monaco is Monaco City
- Major Cities:
City Population Monaco 38,000 - Population: 38,964
- Area(Km2): 2
- Population Density( P/Km²):26337. This is the number of people living per square kilometer of land area in a given region or country.
- Calling Code:377
- Official Language(s):Monaco is French (100%).
- Currency: EUR
Main Economic Indicators
Monaco has a wealthy economy driven by tourism, finance, and luxury goods. Despite its small size, Monaco has a highly diversified economy and one of the highest per capita incomes in the world. The country faces challenges related to economic diversification and reliance on foreign labor. Monaco has pursued policies to attract foreign businesses and investments.
Inflation Rate (Consumer Prices)
2.7% (2022 est.)
1.8% (2021 est.)
Source: CIA World Factbook
Credit Ratings
Moody’s: Aa2 (Stable)
Standard & Poor’s: AA (Stable)
Fitch: AAA (Stable)
GDP – Composition by Sector of Origin
Agriculture: Negligible
Industry: 13.2%
Services: 86.8% (2015 est.)
Key Agricultural and Industrial Products
Agricultural Products: None
Industrial Products: Rubber, plastic, minerals, food products, precision instruments
Labor Force
Total Labor Force: 55,000 (2015 est.)
Ranking: N/A
Current Account Balance
$1.17 billion (2022 est.)
$890 million (2021 est.)
Ranking: N/A
Exports and Imports
Exports: $1.25 billion (2022 est.)
Key Partners: France, Italy, Germany
Main Commodities: Rubber manufactures, mineral fuels, electricity, precision instruments
Imports: $1.5 billion (2022 est.)
Key Partners: France, Italy, Germany
Main Commodities: Mineral fuels, vehicles, machinery, agricultural products
Reserves of Foreign Exchange and Gold
$1.05 billion (31 December 2021 est.)
- GDP (Current US$):$7,184,844,193. It represents a country’s gross domestic product measured in current US dollars. Higher values indicate a larger economy and economic output.
- Tax Revenue (% of GDP): . It refers to the amount of tax revenue collected by the government, expressed as a percentage of the country’s gross domestic product (GDP). Higher values indicate a higher tax burden relative to the size of the economy.
- Total Tax Rate (% of commercial profits): . This is the sum of all taxes payable by businesses, expressed as a percentage of their commercial profits. Higher values indicate a higher tax burden on businesses.
- Gasoline Price. $2.00. It refers to the cost of one liter or gallon of gasoline/petrol. Higher values indicate more expensive gasoline prices for consumers and businesses.
- Minimum wage. $11.72. It refers to the lowest legally mandated hourly wage that employers must pay their workers. Higher values indicate a higher minimum level of pay for low-wage workers.
- Unemployment Rate (%): . It represents the percentage of the labor force that is unemployed and actively seeking employment. Higher values indicate more joblessness in the economy.
Social Indicators
National Identity
Noun: Monegasque(s)
Adjective: Monegasque
Ethnic Groups
French 16.6%, Monegasque 16.6%, Italian 16%, other 50.8%
Religions
Roman Catholic 83.2%, other Christian 5.4%, other 0.7%, none 10.7%
Age Structure
0-14 years: 11.76%
15-64 years: 63.13%
65 years and over: 25.11%
Dependency Ratios
Total dependency ratio: 58.2
Youth dependency ratio: 18.6
Elderly dependency ratio: 39.6
Median Age
Total: 44.8 years
Male: 43.4 years
Female: 46.3 years
Lifestyle Indicators
Obesity rate: 23.5%
Alcohol consumption per capita: 10.9 liters
Tobacco use: 16% of adults
- Life Expectancy at Birth: . Life Expectancy at Birth refers to the estimated average number of years a newborn is expected to live based on current mortality rates. Higher values indicate better health outcomes and living conditions in a country or region.
- Literacy Rate (% of adults): 99%. It refers to the percentage of the population aged 15 and above who can read and write with understanding of a short simple statement about their everyday life. Higher literacy rates indicate better educational attainment within a population.
- Birth Rate:5.9. Birth Rate is the total number of live births per 1,000 population in a given year. Higher birth rates indicate a larger share of the population being born each year.
- Death Rate:7. Death Rate is the number of deaths per 1,000 population in a given year. Higher death rates indicate more people dying annually within a population.
- Fertility Rate: na. Fertility Rate is the average number of children a woman would have over her reproductive years based on current birth rates. Higher fertility rates indicate larger family sizes and population growth.
- Internet Users (% of population): 100%. Internet Users (% of population) refers to the percentage of the total population in a country or region that has access to and uses the internet. Higher values indicate greater internet penetration and connectivity among the population.
- Urban Population: 38,964. Urban Population refers to the percentage or number of people living in urban areas or cities within a country or region. Higher urban population values indicate greater urbanization and concentration of people in cities compared to rural areas.
- Out of Pocket Health Expenditure (% of total health expenditure):6.10%. Out of Pocket Health Expenditure (% of total health expenditure) represents the portion of total health care costs that individuals pay directly out of their own pockets, rather than being covered by insurance or government programs. Higher values indicate greater personal financial burden for health care expenses.
Infrastructure and Services
Military and Security Forces
The Principality of Monaco does not maintain any independent military forces. Its security is provided by France, with whom it maintains close relations. The Sûreté Publique (Public Security Force) is responsible for law enforcement and internal security.
Military Expenditures
Monaco does not have a dedicated military budget or expenditures as it relies on France for its defense.
Personnel Strengths
Monaco does not have any active-duty military personnel. The Sûreté Publique has around 500 officers responsible for law enforcement and public safety.
Military Equipment Inventories and Acquisitions
As a small city-state without an independent military, Monaco does not maintain any military hardware or have plans for future acquisitions.
Military Service Age and Obligation
There is no military service requirement or obligation for Monégasque citizens.
Military Deployments
Monaco does not have any overseas military deployments or participate in international peacekeeping missions.
Strategic Military Notes
Monaco’s national security is primarily maintained through its close relationship with France. The two nations have signed multiple treaties that ensure French protection and defense of Monaco’s sovereignty and territorial integrity. Monaco does not have any independent military alliances or strategic partnerships.
- Armed Forces Size: . Armed Forces Size refers to the total number of active personnel serving in a country’s military forces, including the army, navy, air force, and other branches. Higher values indicate a larger military presence and personnel.
- Physicians per Thousand: Number of doctors per 1,000 people is 6.56
- Population: Labor Force Participation (%): . This is the percentage of the total population aged 15 and older that is economically active, meaning they are either employed or actively seeking employment. Higher values indicate a greater proportion of the working-age population engaged in the labor force.