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Monday, January 16, 2012

London’s Super Rich Send Real Estate Prices Through The Roof

A woman walks past a real estate agent's window in west London. (AP)

Around the world, inequality is growing and the rich are getting richer. And they have a very special problem: where to find a safe haven for all of that money.

Many have been choosing to invest in prime real estate.

A recent story in the online journal, Russia Today, reported that a Russian billionaire spent $88 million for a 4-bedroom apartment on Central Park West in New York City.

In Miami Beach, the owner of the Russian Standard Bank and Russian Standard Vodka paid $25 million for an estate–the most expensive home purchase in the city since 2006.

The same thing is happening in London — and this has sent property prices soaring. The BBC’s Michael Robinson finds out – that’s proving to be a problem for other Londoners.


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