There are many rich countries in the world. But Monaco is one country where every fourth person is a millionaire. Even then, Monaco faces a housing problem.Monaco is a European country, and most of its population is wealthy. Still, 60% of the population lives in a car or a dormitory.
The reason for this is the shortage of land. However, to overcome this, the government is planning to expand the coastline. But the project will be completed by 2026.
Monaco lies on the French Riviera in Western Europe. It shares borders with France to the north, east and west, and with the Mediterranean Sea to the south. It spreads over 2.2 sq km, an area smaller than New York City’s Central Park.Monaco is the second smallest country in terms of area. And this shortage of land is the reason behind the housing problem.
According to a BBC report, the population of Monaco is 38,000. Out of these, 3000 do not have a proper house. They are either living in their cars or temporary homes in public places. But the Government of Monaco is working to solve this problem.
The government of Monaco has already built houses on mountains, a skyscraper and underground housing. There is no more space available here. So now the government is moving towards the sea. This project, called Offshore Urban Extension Project is already under execution. According to experts, this project will be completed by 2026.
The people of Monaco do not pay Income Tax, because the government has no idea about how much wealth its people possess. The economy depends mainly on Tourism and Banking. Tourists from all over Europe and the world visit Monaco’s casinos and resorts.