A principality is a territory or state that is ruled by a prince or princess. It is often smaller than a kingdom and can be part of a larger nation. Principalities may have varying degrees of autonomy, with some having their own laws and governance, while others are more closely controlled by a larger state. Historically, principalities have existed in various regions, such as Europe and Asia. Notable examples include the Principality of Monaco and the Principality of Liechtenstein. These regions often maintain unique cultural identities and traditions, contributing to their distinct status within the broader political landscape.