Monaco's $2.3B project to expand into Mediterranean Sea

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Monaco's $2.3B project to expand into Mediterranean Sea

By District Energy posted 01-04-2018 00:00

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Katy Scott, CNN

Summary

(CNN) - Monaco may be the second smallest country in the world, but it is also one of the richest.

Almost a third of its residents are millionaires, lured to the French Riviera city state by its lenient fiscal policy -- income tax was abolished in 1869. It is estimated that 70 percent of the population is foreign-born, while just 10,000 are locals, "the Monagesque."

Consequently, Monaco's 38,000 residents are today squeezed into less than one square mile of land (2.02 square kilometers) -- a territory smaller than New York's Central Park.

And when an additional 40,000 people cross the borders from France and Italy each day to work, the problem only gets worse.