“Monaco, the tax haven on the French Riviera, is experiencing a luxury-housing boom that includes the world’s most expensive penthouse as developers prepare for an influx of millionaires and billionaires escaping higher taxes or a loss of banking privacy.  New levies on luxury homes in London and a U.S.-led global crackdown on hiding assets will also probably attract the affluent to Monaco, which already counts pop stars, Formula One drivers and Russian billionaires among its inhabitants. One in three of Monaco’s 38,000 residents are millionaires, according to a study. As that number increases, home values will rise by about a fifth by June 2015, according to London-based Savills.”

http://www.bloomberg.com/news/2014-08-19/monaco-400-million-penthouse-secrecy-booms-real-estate.html

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