List of current monarchies

What is a Monarchy?
A monarchy is a form of government in which total sovereignty is invested in one person, a head of state called a monarch, who holds the position until death or abdication. Monarchs usually both hold and achieve their position through the right of hereditary succession, although there have been elective monarchies, where the monarch holds the position after being elected: the papacy is sometimes called an elective monarchy.
When thinking about modern kings and queens, Elizabeth II is the first that comes to mind. But there are many modern monarchies, reigning over different countries. Take a Look: 
1. Bahrain
King of Bahrain, King Hamad bin Isa Al Khalifa | AP
Bahrain is a constitutional hereditary monarchy, ruled by the House of Khalifa since the 18th century. The Sunni Khalifa family rules over a Shia majority population. The chief of state is the king, and the head of government is the prime minister.
The politics of Bahrain has since 2002 taken place in a framework of a constitutional monarchy where the government is appointed by the King of Bahrain, King Hamad bin Isa Al Khalifa.
2. Belgium
King Philippe of Belgium | Royalworldnews
Before Belgium became an independent country in 1830, it was part of the Netherlands for 15 years. Since then, there have been seven Belgian monarchs that have ruled as ‘King of the Belgians.’ Based on a constitutional monarchy, the kings representing Belgium were granted the position through a strict lineage system tracing back to Leopold I. Although Belgians today may be divided on the importance of the monarchy, it is fascinating to take a look back at its brief history and decipher how each of these individuals shaped the development of the nation.
In July 2013, King Albert II announced his abdication. On the National Day, which followed a few weeks later, Prince Philippe took the oath and became the seventh King of the Belgians.
3. Bhutan
Bhutan king, Jigme Khesar Namgyel Wangchuck | Getty Images
The Kingdom of Bhutan is a country best known for its fiercely protected environment, Shangri-La atmosphere and Buddhist underpinning. Seemingly untouched by modern civilization for centuries, it is a popular destination for a select number of travellers each year.
Bhutan is a democratic, constitutional monarchy with a population of approximately 700,000. The king, Jigme Khesar Namgyel Wangchuck, is the head of state, and executive power is vested in the cabinet, headed by Prime Minister, Jigme Thinley.