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