The following post was originally written on Jan. 23, 2008.

Attention! The Côte d’Azur is now the Côte-d’Russe, as Russians — some carrying cash in Vuitton bags – buy up the best there is in London and the Med. Much of Cap-Ferrat, the most beautiful cap in the South of France, is now owned by Russians. Cap-Ferrat used to be a privileged escape for the English and Americans. Those homeowners are thinning out as many sell their homes. It is hard to say no to a Russian so rich he can offer you 150 million euros or more in a Vuitton bag for your house.

It used to be the custom to take a good healthy run around the top of Cap-Ferrat in the morning – but no more. I don’t know where they found them but the Russians who bought houses there have Spiderman dogs that fly through the air — growling through their perfect white teeth. You don’t need police in Saint Jean-Cap-Ferrat. No thief is going to mess with Spiderman dogs.

Russia has a currency reserve of four hundred thirteen billion rubles, the largest per capita foreign currency reserve of any major economy including China’s. It’s not just coming from oil. Foreign investment is flowing into Russia, and Putin is suggesting that the world’s central banks should begin holding reserves in rubles as well as dollars and euros. He’s building a white Greek Revival building you can see from the Winter Palace in St. Petersburg that will open to market traders. Soon transactions will be dominated by rubles. The ruble is strong and Putin is not the only one with a smug smile these days. There is a lot of pleased joking about the weak dollar in Moscow.

Russians feel rich and it feels good. They want the best of the best. At dinner recently, a very attractive Russian told me I should not be surprised that his country wants its turn at the good life. “My family has never known what tomorrow may bring. There have been terrible uncertainties. There are still uncertainties. Who knows what you will have next year — or when what you have will be taken away from you? We know too well that we can lose everything. Look at Mikhail Khodorkovsky, once Russia’s richest man, now he’s in jail, and every day, he is worth less in every way.” He said quietly, “No, when we have money we spend it, we enjoy it, we just hope we can keep our houses in Forte dei Marmi.”