Madrid’s rapid metamorphosis from faded, old-world grandeur to super-rich, new-world bling has not come without its tensions.

Nobody Expects the Spanish Acquisition

Madrid is seeing a surge of wealthy Latin American newcomers, which is driving up rent prices across the city

By Isambard Wilkinson

The breach of etiquette at the bullfight spoke volumes about the effect of an influx of billionaires from overseas on Old Madrid.

Breaking the hush of Las Ventas bullring by standing up to leave in the final moments of a corrida, Juan Antonio Pérez Simón, one of Mexico’s richest men, then passed the Infanta Elena, the king’s sister. The royal shook her head vehemently in disapproval. Her companion and Pérez Simón’s partner exchanged remarks.