New York is now the fifth most expensive city in the world for luxury living

New York is now one of the most expensive cities in the world if you want to live a luxurious life.

The Big Apple is the fifth most expensive metropolis in the world for upper-class lifestyles — including taking business class flights, drinking vintage wine and staying in five-star hotel suites, according to a new report from Swiss private bank Julius Baer Group .

According to the bank’s 2023 Global Wealth and Lifestyle Report, New York is behind Singapore, Shanghai, Hong Kong and London, but ahead of Monaco and Dubai.

It’s 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 significant price increases for lavish items and experiences such as handbags and tasting menus at top restaurants, the report said.

The price of items such as handbags and experiences such as tasting menus at top restaurants have increased in price in the Big Apple since last year

The index is based on a selection of 20 goods and services that represent discretionary purchases by high net worth individuals worldwide.

This includes extravagant, non-essential expenses such as jewelry, men’s suits, treadmills, watches, and laser eye surgery.

It also measured house prices, school fees and car taxes in 25 of the most expensive cities in the world.

In New York, many of these costs have increased significantly over the past year, boosting the city’s ranking.

The price of drinking whiskey in the Big Apple has risen 12 percent in the past year amid an explosion of whiskey bars across the city – including one that serves a drink for $1,300 a glass.

Handbag prices increased 11 percent, business class flights increased 16 percent, hotel suites became 17 percent more expensive and tasting menus or tasting dinners became 13 percent more expensive this year than last year.

The cost of buying and keeping a luxury car in the city has increased 41 percent in the past 12 months.

Globally, business class flights increased by an average of 10.13 percent, while the cost of a hotel room rose by 15.25 percent, according to the report.

“A big climber is New York, now in fifth place,” the report said. “Travelling in general has become much easier and New York is an important destination for both work and leisure.”

Of all the cities analyzed around the world, New York is also home to the most expensive private schools. According to Private school assessmentcost some schools in Manhattan as much as $60,000 per year per student.

The cost of whiskey in the city has risen 12 percent since 2022, while hotels have become 17 percent more expensive

It comes after new analysis found that nearly every state in the US is now home to at least one billionaire — with 130 in New York alone.

The richest man living in New York, Michael Bloomberg, has a net worth of $94.5 billion thanks to his eponymous media empire. Bloomberg is a former mayor of the Big Apple and ran for president in 2020.

Forbes found that 47 of all 50 states had a billionaire resident — up from 44 in 2019 — as the collective wealth of America’s richest has swelled to $1.5 trillion.

Alaska, Delaware, and West Virginia were the only three states without one.

The combined net worth of America’s richest has nearly doubled from $875 billion in 2019, a record high at the time that now pales in comparison to the latest statistics.