Presence of Millionaires
Locally, Budva is referred to as the Montenegrin Kuwait, because of its number of millionaires compared to its small population. Following a real estate boom in 2000s, many native families sold their properties in and around Budva to foreign buyers, mostly Russians, Austrians and Italians. Once barren and undeveloped fields of steep hillsides are being sold for hundreds euros per square meter. This resulted in a once poor fisherman's village to become a town with the most millionaires per capita in Europe, about 500 for the population of around 22,000 in whole municipality. Many of the newly rich re-invested their money in real-estate, buying flats in central Podgorica and Belgrade, which further raised the prices of living space in Podgorica.
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Famous quotes containing the words presence of, presence and/or millionaires:
“Wisdom I know is social. She seeks her fellows. But Beauty is jealous, and illy bears the presence of a rival.”
—Thomas Jefferson (1743–1826)
“He who is ready to despair in solitary peril, plucks up a heart in the presence of another. In a plurality of comrades is much countenance and consolation.”
—Herman Melville (1819–1891)
“Abolish plutocracy if you would abolish poverty. As millionaires increase, pauperism grows. The more millionaires, the more paupers.”
—Rutherford Birchard Hayes (1822–1893)