A five-story penthouse in Monaco's tallest building is just one of several new properties springing up in the tiny European principality to cater for the surge of the super-rich moving to Monaco.
The number of people living in Monaco with net assets above $30 million has soared by 62 percent in the past decade with as many as 2,200 of the country's 40,000-strong population now worth over $10 million, according to data from market researchers, New World Wealth. This growth a factor in an average property price spike of 27.8 percent over the past five years, according to data from Knight Frank and the Monaco Statistics Office.
Property prices in the 2 kilometer wide state are among the world's most eye-goggling, with super-prime values now approaching 100,000 euro ($111,000) per square meter. On average, 1 million euros will only buy you 20 square meters in Monaco, whereas in other prime locations you could snag more for your money – 23 square meters in Hong Kong, 27 square meters in London and around 30 square meters in New York.