When Prince Albert of Monaco visited the North Pole in April this year he declared that it was as part of an effort to push the environmental issue up the agenda with other world leaders.

Now he has established a foundation as part of his personal commitment for 'the protection of the environment and sustainable development' - and in the process show that far from his North Pole visit being a publicity stunt it was the beginning of a campaign to highlight the dangers of global warming.

The Albert II foundation aims to be a permanent source of dynamic and innovative actions for environmental protection.

It is just over a year since Prince Albert succeeded his father Prince Rainier to become Monaco's leader, and in that year Prince Albert has changed his image from that of a Playboy Prince to one of a leader concerned for the future of not only Monaco - the second smallest country in the world - but for the world as a whole.

Apart from his visit to the North Pole, Monaco has shown her commitment to reducing greenhouse gas emissions by making the Monaco Yacht show, due to be held in September, to a carbon-neutral event by paying for enough wind turbines in New Zealand to generate power for 45,000 homes.

In a more recent development Monaco, at Prince Albert's behest, has decided for the first time to calculate her GDP so she can play a more active role at the United Nations, which will include calculating how much to pay to meet the UN's request for 0.7 per cent of developed countries GDP for third world development.

Tax Haven

Previously Monaco has best been known as Europe's number one tax haven, and for the Monaco Grand Prix, held each May around the streets of Monte Carlo.

Often referred to as the 'Playground of Europe' any concerns over Monaco changing style are misplaced insist local travel guide YourMonaco.

'Monaco will continue to attract the wealthy due to her to income tax policy', comments spokesman Henri Boulanger, 'And as well as the Monaco Grand Prix there is also the annual Yacht Show each September. Prince Albert knows that these events along with being a tax haven are the geese that lay the golden eggs and without them there wouldn't be a lot of point in calculating the GDP to send to the United Nations as it would account for very little. By promoting and encouraging events like the Monaco Grand Prix it allows him to play a serious and active part on the world stage'.

Real estate in Monaco ranks among the highest priced in the world, with one bedroom apartments ranging from nearly a million Euros to two million, and three bedroom apartments often over three million Euros.

Buyers from the UK have increased significantly in the last couple of years, and demand from them has helped push property price inflation to nearly ten per cent a year.

For the future it is expected that prices will continue to rise for the short and medium term, but with interest rates expected to rise in the UK it is not certain whether the supply of British buyers will continue at the same pace as recent years.