A principality is a territory or state that is ruled by a prince. It is often smaller than a kingdom and can be part of a larger nation. Principalities can have varying degrees of autonomy, with some having their own laws and governance, while others may be subject to a larger sovereign authority. 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 areas often maintain unique cultural identities and traditions, contributing to their distinct status within the broader political landscape.