Monaco’s $2.3bn project to expand into Mediterranean Sea

An aerial view of Monaco harbour
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% of the population is foreign-born, while just 10,000 are locals, “the Monegasques.”