which had up to that point depended largely on defence expenditure. It prompted the territory's government to shift its economic orientation and place a much greater emphasis on encouraging tourism and establishing self-sufficiency. Tourism in Gibraltar was encouraged through refurbishing and pedestrianising key areas of the city, building a new passenger terminal to welcome cruise ship visitors and opening new marinas and leisure facilities. By 2011, Gibraltar was attracting over 10 million visitors a year compared to a population of 29,752, giving it one of the highest tourist-to-resident ratios in the world. The government also encouraged the development of new industries such as financial services, duty-free shopping, casinos and Internet gambling. Branches of major British chains such as Marks & Spencer were opened in Gibraltar to encourage visits from British expatriates on the nearby Costa del Sol. To facilitate the territory's economic expansion, a major programme of land reclamation was carried out; a tenth of Gibraltar's present-day land area was reclaimed from the sea. These initiatives proved enormously successful. By 2007, Chief Minister Peter Caruana was able to boast that Gibraltar's economic success had made it "one of the most affluent communities in the entire world." , Gibraltar is ranked as the second most prosperous territory within the European Union and the 18th most prosperous worldwide in terms of gross domestic product by purchasing power parity per capita (the United Kingdom, for comparison, is 33rd worldwide and Spain is 44th). Today, Gibraltar has one Big Four accounting firm office per 10,000 people, the second highest in the world after the British Virgin Islands, and a bank per 1,700 people, the fifth most banks per capita in the world. Gibraltar's relationship with Spain continued to be a sensitive subject. By 2002, Britain and Spain had proposed an agreement to share sovereignty over Gibraltar. However, it was opposed by the government of Gibraltar, which put it to a referendum in November 2002. The agreement was rejected by 17,000 votes to 187 – a majority of 98.97%. Although both governments dismissed the outcome as having no legal weight, the outcome of the referendum caused the talks to stall and the British government accepted that it would be unrealistic to try to reach an agreement without the support of the people of Gibraltar. The tercentenary of the capture of Gibraltar was celebrated in the territory in August 2004 but attracted criticism from some in