The tiny city- of Monaco on France's Mediterranean is having problems finding space for rich people. Monaco is less than 2 square kilometers in and has some of the richest people in the world living there. It is called the of the rich and is home to a Formula 1 Grand Prix, a casino and a luxury yacht-lined . Over 30 per cent of its 38,000 residents are millionaires. The country is running out of for more millionaires. House prices are the highest in the world, with an price of around $100,000 per square meter. City planners say an estimated 2,700 more millionaires are hoping to move in the next 10 years.
Monaco's , Prince Albert II, has decided to build more homes in Monaco. He wants to reclaim from the sea. He has OK'd a $2.1 billion to fill in 15 acres of the sea with and sand. The project will have a harbor big for 30 ships, a landscaped park, a Japanese garden and 120 new homes for the rich and famous. There will be a demand for the new homes. People are attracted by the luxury and no income tax. Marine experts are worried the will cause great damage to sea life and the environment. The Prince said he cares about the environment. He said important would be moved to a new artificial reef.