The Price Of Living The Good Life: Billionaires Were Hit By Inflation But Less Than Average American by Andrea Murphy Forbes400
has tracked the price of the really good life for 40 years. These days it’s more pricey to live lavish.Forbes
’ has been tracking a basket of luxury goods and services since 1982 to compute our annual Cost of Living Extremely Well Index index–a sort of barometer for the cost of a billionaire’s lifestyle. This year, the CLEWI is up 7%, more than the average gain of 5% per year over the past decades–but less than the 8.3% gain in the Consumer Price Index, meant to measure the broader economy.
CLEWI’s increase was tempered by the strength of the dollar. Without that increase, these luxury goods would have faced hikes in line with the CPI. This year’s prices for ultra-luxe items rose because of labor shortages, rising costs of raw materials and increased demand, the same factors that pushed up costs across the broader economy. A Swiss watch will run you 11% more this year. A pair of Gucci loafers have been marked up 13%. An Olympic pool that would have cost $3.
Unlike the CPI, the CLEWI index has gone up every year since 1982. So even with the currency boost, it’s never been more expensive to be rich. Not that America’s billionaires–worth a collective $4 trillion–should have any problem paying for the caviar, private jets and thoroughbred horses to which they are accustomed.has tracked the CLEWI, the price of the ultra-luxe life has outpaced inflation but grown much slower than The Forbes 400 members’ fortunes.
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The Price Of Living The Good Life: Billionaires Were Hit By Inflation But Less Than Average AmericanForbes’ has been tracking a basket of luxury goods and services since 1982 to compute our annual Cost of Living Extremely Well Index (CLEWI) index–a sort of barometer for the cost of a billionaire’s lifestyle. Forbes400
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