Spain's capital, Madrid, will soon be drawing parallels to rich cities like London and Paris as it welcomes an influx of billionaires. With its exquisite mix of vibrant cultures, historic architecture, delicious food and enviable Mediterranean lifestyle, Madrid is quietly becoming a magnet for high-net-worth.

More and more wealthy families appear to be relocating to the Spanish capital, which is transforming into a luxury destination for super-wealthy residents and visitors. Many of the billionaires hail from South America, and they are enticed by the shared language and way of life. The grand 19th-century boulevards of glamorous Salamanca, one of the richest neighbourhoods, are where most Latin Americans appear to be flocking.

The most upscale district in Madrid is home to some of the richest people, including politicians. Prostitution is banned in the luxurious neighbourhood; instead, museums, elite shopping, and high-end restaurants line the streets.

"The best restaurants are all fully booked - if you want to get a reservation, it's best to put on a Mexican accent," a Spanish businesswoman told The Times.

She added: "They'll give you a table because Mexicans, like the Americans, leave huge tips."

The mega-rich are also coming from the United States, as well as Russia and Asia.

The number of five-star hotels is also growing, and an increasing number of 19th-century residential blocks are being converted into luxury flats.

The increase in wealth has been "fast" according to Juan Urdaneta, a Venezuelan banker and a Madrid resident who moved to the capital.

He said: "The scene is now like London or Paris in terms of high-fliers.

"It has happened so fast."

With this increase in wealth also come tensions as Madrid changes from a city of old-world historic grandeur to a modernity. The wealthy are pushing house prices up, potentially pricing locals out of their own city.

Idealista, a property sales website, reported that in a year the average price per square metre in the capital had increased by 24.3%.