Liechtenstein

Liechtenstein (/ˈlɪktənstaɪn/ LIK-tən-styne;[11] .mw-parser-output .IPA-label-small{font-size:85%}.mw-parser-output .references .IPA-label-small,.mw-parser-output .infobox .IPA-label-small,.mw-parser-output .navbox .IPA-label-small{font-size:100%}German: [ˈlɪçtn̩ʃtaɪn] ⓘ), officially the Principality of Liechtenstein (German: Fürstentum Liechtenstein, pronounced [ˈfʏʁstn̩tuːm ˈlɪçtn̩ˌʃtaɪ̯n] ⓘ),[12] is a doubly landlocked German-speaking microstate located in the Alps between Austria and Switzerland.[13] Liechtenstein is a semi-constitutional monarchy headed by the prince of Liechtenstein of the House of Liechtenstein, currently led by Hans-Adam II. Liechtenstein is bordered by Switzerland to the west and south and Austria to the east and north. It is Europe's fourth-smallest country, with an area of just over 160 square kilometres (62 square miles) and a population of 39,790.[14] It is the world's smallest country to border two countries.[15]

Liechtenstein is divided into 11 municipalities. Its capital is Vaduz, and its largest municipality is Schaan. It is a member of the United Nations, the European Free Trade Association, and the Council of Europe. It is not a member state of the European Union, but it participates in both the Schengen Area and the European Economic Area. It has a customs union and a monetary union with Switzerland, with its usage of the Swiss franc. Politically, a constitutional referendum in 2003 granted the monarch greater powers, including being able to dismiss the government, nominate judges and veto legislation.[16]

Economically, Liechtenstein has one of the highest gross domestic products per person in the world when adjusted for purchasing power parity.[17] The country has a strong financial sector centred in Vaduz. It was once known as a billionaire tax haven, culminating in a tax affair in 2008, but the principality has since made vast efforts to shed this reputation. An Alpine country, Liechtenstein is mountainous, making it a winter sport destination.