Europe is home to a plethora of nations both small and large, many of which were once ruled by monarchial dynasties.

Over time, these dynasties were replaced by national parliaments, as European Royal Houses were largely reduced to ceremonial roles.

However, there is one alpine country where the monarchy has retained a large degree of political power.

The Princely House of Liechtenstein still retains considerable political influence in comparison to other European monarchies.

Its current head is Prince Hans-Adam II, although he has ceded the affairs of state to his first-born son and designated successor Hereditary Prince Alois.

The monarchy can still dismiss the government, dissolve parliament and veto legislation.

The Princely House of Liechtenstein has a history spanning 600 years and today has 122 members.

It is also one of the wealthiest European monarchies with an alleged value of £3.57 billion.

The lion’s share of the family fortune rests with Prince Hans-Adam II, who derives much of his wealth from LTG Group, the family’s private bank, which he controls via a foundation.

In addition to the bank, the Prince of Liechtenstein Foundation reportedly presides over a portfolio of high-value properties and thriving companies.

The Foundation also possesses a fine art collection, which includes masterpieces by Raphael, Rembrandt and Van Dyck.

Ordinary citizens enjoy a high standard of living, and the average wage stands at approximately 80,888 CHF (Swiss Francs) or roughly £72,494.

However, salary levels can vary significantly depending on factors such as industry, job role and geographic location.

Vaduz, the capital and economic centre of Liechtenstein, offers higher salaries compared to rural areas.

Due to the presence of multinational corporations, financial institutions, and high-value industries, the average salary in Vaduz exceeds CHF 100,000 per year or £89,623.

While Liechtenstein has one of the highest average salaries in the world, it can be expensive to live there.

Housing, utilities, and transportation expenses contribute to the overall high cost of living in the country.