October 10th, 2011
08:16 PM GMT
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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.

soundoff (4 Responses)
  1. Bill

    Big bonuses for government executives who slash and burn ... http://canuckreport.ca

    October 11, 2011 at 4:34 pm |
  2. Nikita Granger

    What a horrible summary.

    For starters the average salary in Moscow is more like 50,000+ a year, not 12,000 like this article is stating.

    Second of all, poverty is rife? Really? I've lived here for eight years, and to be honest, I've seen more homeless people in downtown San Francisco, New York and Los Angeles. And what's this crap about the Soviet times? Is American propaganda?

    Moscow is a fantastic and safe city. There are fewer impoverished people and the crime rate is lower than in Paris, London and New York. It is expensive, but that is because people in Moscow are so wealthy, and because it is the capital of the capital of one of the wealthiest and most powerful countries in the world.

    In my travelling experience Moscow has been the best city I've ever lived in. Travelling can be a hassle, but that's my only real complaint.

    January 15, 2012 at 9:18 pm |
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Quest Means Business airs Monday to Friday, 1600 New York and 2100 London, and is hosted by Richard Quest.



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