The principality of Monaco on the Cote d'Azur is the second smallest independent state in the world . The country is divided into four areas: Monaco-Ville (the old city), the Condamine (port quarter), Monte-Carlo (business and recreation), and Fontvieille (recreation and light industry). With no natural resources to exploit other than its location and climate, the principality has become a resort for tourists and a tax haven for businesses and the mega wealthy.