Monaco is located on the French Riviera in Western Europe. Bordered by France on three sides, with one side bordering the Mediterranean Sea, its center is about 16 km (9.9 mi) from Italy, and is only 13 km (8.1 mi) north east of France.
It has an area of 1.98 km2 (0.76 sq mi), and a population of 36,371, making Monaco the most densely populated country in the world. Monaco has a land border of only 4.4 km (2.7 mi), a coastline of 4.1 km (2.5 mi), and a width that varies between 1.7 km (1.1 mi), and 349 metres (382 yards). After a recent expansion of Port Hercules, Monaco's total area is 2.05 km2 (0.79 sq mi), with new plans to extend the district of Fontvieille, with land reclaimed from the Mediterranean Sea.
Economically the principality's mild climate, splendid scenery, and gambling facilities have made Monaco a destination for the rich and famous. However, in more recent years Monaco has become a major banking center holding over €100 billion worth of funds and has successfully sought to diversify its economy. The state has no income tax and low business taxes, and is well known for being a tax haven. Monaco boasts the world's highest GDP nominal per capita at $153,177 GDP per capita at $132,571, GNI per capita at $183,150, and over 48,000 workers who commute from France and Italy each day. For the third year in a row, Monaco in 2011 had the world's most expensive real estate market, at $65,600 per square metre. Monaco also has the highest number of millionaires and billionaires per capita in the world.