Azerbaijan plans to build the world's tallest building 3,645 feet high thanks to its vast wealth amassed from its oil revenues.

Tentatively named the Azerbaijan Tower, the building will be surrounded by dozens of artificial islands and a Formula One race track. The tower will overtake Dubai's Buj Khalifa which is currently the world's tallest building at 2,723 feet.

41 islands will be created on the Caspian Sea that will be connect by 150 bridges.

One million people will live here...It will be Venice, new Venice, said Ibrahim Ibrahimov, the leader of the project, to Reuters.

Kana Guluzade, marketing director of the Avesta company, told the Associated Press that the construction site will include hotels, apartment buildings, and a business center.

The project costs an estimated $100 billion. It will be completed sometime between 2020 and 2050. Ibrahimov said investors from America, Turkey, China, and various Arab countries are already interested in the project.

The Formula 1 copycat race track is in construction.

Baku, the capital city, is undergoing a construction boom as five star hotels and magnificent construction projects by architect Zaha Hadid are popping up throughout the city -- at the cost of citizens. Reuters reported that rights groups and residents say they are being forced out of their homes in mass evictions across the city in favor of these construction projects.

Construction for the Azerbaijan Tower will start in late 2013. 

Azerbaijan will host the 2012 Eurovision Song Contest from May 22 to May 26 at the Crystal Hall in Baku.