|Monaco running out of space for millionaires
Monaco on the Mediterranean coast has run out of space for millionaires. Monaco is less than 2 square kilometers in size. It is called the playground of the rich. It is famous for its Formula 1 Grand Prix, its casino and a luxury harbor. Over 30 per cent of its 38,000 residents are millionaires. House prices are the highest in the world. The average price is around $100,000 per square meter. About 2,700 more millionaires will move there in the next 10 years.
Monaco's Prince Albert II will build more homes. There is a $2.1 billion project to fill in a large area of the sea with concrete. The area will have a harbor, a park, a Japanese garden, and 120 luxury homes. Rich people want the new homes, luxury lifestyle and no income tax. Experts say the area will damage sea life. The Prince said he cares about the environment. He said sea life will be moved to a new reef.