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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