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Monaco Millionaires' Victory At Sea

Oct. 27 2008, Published 7:07 a.m. ET

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LAND GRAB Monaco's planned expansion Gold digging ladies in the market for real estate and a <a href="

" target="_blank">pawing by Prince Albert of Monaco's might just be in luck. The tiny principality, which boasts more millionaires per capita than any other place on earth (and a population density higher than Bangladesh), is about to get a little more breathing room.

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According to Monaco's planning director, Patrice Cellario, the country is <a href="

" target="_blank">embarking on a 10-year plan to expand its territory into the sea by 25 acres, with architects including Norman Foster and Frank Gehry competing to design a floating neighborhood with almost $52.5 billion in luxury homes. "We are pacifists and obviously can't invade our neighbors to gain more space, so we have to find other ways," noted Cellario.

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The plan to create Europe's own pint sized Dubai comes on the heals of news that Monaco has outpaced London as the center of Europe's most expensive real estate market. Prices regularly escalate upwards of $3,000 a square foot, rivaling Monaco's second most expensive market: trophy wives.



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