October 10th, 2011
08:16 PM GMT
Moscow (CNN) – In the 20 years since the fall of communism, Moscow has become one of the most expensive cities in the world, and a haven for the super-rich.
It has the world's largest number of billionaires living in one city, according to Forbes magazine. But this culture of spend has created a major problem.
Moscow is pricing out its own people. Average salaries are just over $1000 a month, which is about the same as rent on a studio apartment. And since having a job can’t guarantee a comfortable life, the city’s unemployed are running out of hope. The bottom line: in Soviet Moscow, poverty was rife and the very rich had the spoils. In modern Moscow, the same applies.
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