• An aerial view of a harbor, on September 20, 2013, in Monaco.  AFP PHOTO / VALERY HACHE        (Photo credit should read VALERY HACHE/AFP/Getty Images)

    World's richest city expands

    Katy Scott, 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 Monagesque."