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.
Read more about this topic: Budva
Famous quotes containing the words presence of, presence and/or millionaires:
“Whatever is felt upon the page without being specifically named there—that, one might say, is created. It is the inexplicable presence of the thing not named, of the overtone divined by the ear but not heard by it, the verbal mood, the emotional aura of the fact or the thing or the deed, that gives high quality to the novel or the drama, as well as to poetry itself.”
—Willa Cather (1873–1947)
“Do not put yourself forward in the king’s presence or stand in the place of the great; for it is better to be told, “Come up here,” than to be put lower in the presence of a noble.”
—Bible: Hebrew, Proverbs 25:6-7.
“Abolish plutocracy if you would abolish poverty. As millionaires increase, pauperism grows. The more millionaires, the more paupers.”
—Rutherford Birchard Hayes (1822–1893)