The Principality of Monaco is a sovereign city-state located on the French Riviera. Monaco has an area of less than a square mile yet a population of over 40,000 which makes it the most densely populated country in the world. In 2014 it was noted about 30% of the population was made up of millionaires, similar to Zürich or Geneva. Monaco's mild climate, splendid scenery, and upscale gambling facilities have contributed to the principality's status as a premier tourist destination and recreation center for the rich and famous. In more recent years, Monaco has become a major banking center and has successfully sought to diversify its economy into services and small, high-value-added, non-polluting industries. The state has no income tax, low business taxes, and is well known for being a tax haven. It is also the host of the annual street circuit motor race Monaco Grand Prix, one of the original Grands Prix of Formula One.