New York is now the fifth most expensive city in the WORLD for luxury living – ahead of Monaco and Dubai – as the cost of business class flights, extravagant hotels and designer shopping soars in the Big Apple
- New York jumped from 11th place in the rankings last year
- The private bank Julius Baer analyzed the purchases of high net worth individuals
- The price of a hotel suite in New York has soared 17% since 2022
New York is now among the most expensive cities in the world if you want to live a life of luxury.
According to a new report from Swiss private bank Julius Baer Group, the Big Apple is the fifth most expensive metropolis in the world for an upper-class lifestyle – which includes taking business class flights, drinking vintage wine and staying in five-star hotel suites.
New York ranks behind Singapore, Shanghai, Hong Kong and London, according to the bank’s Global Wealth and Lifestyle Report 2023, but ahead of Monaco and Dubai.
It has moved up six places since last year – when it ranked 11th in the world for luxury living.
This is due to the strengthening of the dollar over the past 12 months and the significant rise in prices of opulent items and experiences such as handbags and tasting menus at top restaurants, according to the report.
New York is now the fifth most expensive city in the world for luxury living
The price of items such as handbags and experiences such as tasting menus at top restaurants have risen in the Big Apple since last year
The index is based on a selection of 20 goods and services that represent the discretionary purchases of high net worth individuals around the world.
This includes extravagant and non-essential expenses such as jewelry, men’s suits, treadmills, watches, and laser eye surgery.
It also measured house prices, private tuition fees and car taxes in 25 of the world’s most expensive cities.
In New York, many of these costs have increased significantly over the past year, raising the city’s position in the rankings.
The price of whiskey drinking in the Big Apple has risen 12% in the past year amid a boom in whiskey bars across the city – including one who serves a drink for $1,300 a drink.
The price of handbags increased by 11%, business class flights increased by 16%, hotel suites were 17% more expensive and tasting menus or tasting dinners are 13% more expensive this year than last year.
The cost of buying and maintaining a luxury car in the city has risen by 41% over the past 12 months.
Globally, business class flights increased by an average of 10.13%, while the cost of a hotel room increased by 15.25%, according to the report.
“A big climb was New York, now in fifth place,” the report said. “Travel in general has become much easier and New York is a major destination for work and play.”
Of all the cities analyzed across the globe, New York is also home to the most expensive private schools. According Private School Reviewsome schools in Manhattan charge as much as $60,000 per year per student.
The price of whiskey in the city has risen 12% since 2022, while hotels have become 17% more expensive
It comes after a new analysis found nearly every state in the US is now home to at least one billionaire – including 130 in New York City alone.
The richest man to live in New York, Michael Bloomberg, has a net worth of $94.5 billion thanks to his namesake media empire. Bloomberg is a former Big Apple mayor and ran for president in 2020.
Forbes found that 47 of the 50 states had a billionaire resident – up from 44 in 2019 – as the collective wealth of America’s wealthiest swelled to $1.5 trillion.
Alaska, Delaware and West Virginia were the only three states without one.
The combined net worth of America’s wealthiest nearly doubled to $875 billion in 2019, a record at the time that now pales in comparison to the latest statistics.
