As financial secrecy laws continue to dissolve in Switzerland, Monaco is poised to become the tax haven for the ultra-rich. The French Riviera jewel is anticipating a housing boom through an influx of millionaires and billionaires seeking escape from higher taxes.

With numerous casinos and yacht-filled marinas, one in every three people is a millionaire in the city-state. That’s 29.21 percent of its population. As a result, Monaco may now boast the world’s most expensive property per square foot via the quintuplex penthouse atop Odeon Tower.

At $400 million, the penthouse perches at a dazzling 557 ft above in the Mediterranean coastline’s second tallest building. The 3,300 square metre apartment is scheduled for completion in 2015. The tower will house 70 luxury apartments total ranging from 1 to 6 bedrooms.