The microstate Monaco is situated by the Mediterranean Sea in the eastern corner of the French Riviera, close to the Italian border. Monaco is the second smallest country in the world, but also one of the countries with the highest population density. This fascinating principality is a popular goal for tourists, and lots of tourists visit the old town and the famous casino in Monte Carlo during the season. Monaco thrives as a tax haven and is one of the richest countries in the world, measured by income per capita. Monaco consists mostly of a metropolitan area with a well-protected harbor in the middle. Monte Carlo with its fashionable shops, casinos and restaurants are located on a hill on one side of the harbor. On the opposite side of the harbor is the old town with the Grimaldi family's princely palace that dates back to 1191.