The Principality of Monaco (pop.: 31,842) is a sovereign state lying out to the Mediterranean and surrounded by the French Alpes Maritimes department. Its geographical extent of 2 km² makes Monaco the world’s smallest country. Monaco is nicknamed The Mediterranean Manhattan as it is packed with sky scrapers and sumptuous villas. It is a constitutional monarchy and Prince Albert’s family, the Grimaldies, have reigned in Monaco since 1297. Monaco consists of three towns: The old town, Monaco-Ville, with the Royal Palace on top of a cliff, Monte-Carlo with its very famous Casino and the residential area la Condamine, with its big marina.