The cost of living the life of a high net-worth, high-income individual is going up. With the demand of luxury goods from consumers worldwide goes up, the prices for these expensive premium necessities and deluxe accessories are rising accordingly.
The upswing in upper-class individuals from emerging and growing countries, such as China, Russia, India, Brazil, and the Middle East is increasing. This influx in prospective buyers of luxury goods is providing brands leeway to bump up their prices.
Driving up the cost of high-end living was a 14.8% increase in the price of "passion" investments, a category that includes an Aston Martin car, a Patek Philippe gold watch – with starting prices from around €20,000 (£17,000) – and baubles from the bespoke jeweler Boodles.