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