It’s pricey out there—particularly if you’re looking to replace the grand piano in your jet. Our Cost of Living Extremely Well Index (CLEWI) climbed 3.4% this past year, more than a point above its 2018 increase. It rose nearly twice as much as the Consumer Price Index, which was up 1.7%. Since we started tracking this basket of luxe goods and services in 1982, though, it has gone up every year, by an average of 5%. Historically speaking, then, this year’s increase doesn’t look so bad after all—and the average net worth of Forbes 400 members has shot up 3,112% since the early Reagan years. They can afford the Steinway.
How the Cost Of Living Extremely Well Index Compares
Forbes has been tracking a basket of ultraluxury goods since 1982. CLEWI has outpaced inflation but lagged behind the aggregate net worth of the Forbes 400.
ENTERTAINMENT AND TOYS +5.2%
Opera Butterfly Act One
Ken HowardOpera: Two tickets, six evening performances, Center Parterre premium seats, Metropolitan Opera, New York $5,940 / 3.13%
Piano: Ebonized Model D concert-grand Steinway (New York) $176,300 / 3%
Motor Yacht: Viking Yacht 75 (New Jersey) $6 MIL / 1.4%
Sailing Yacht: Oyster 595 (U.K.) $2.6 MIL / 3%
Sporting Shotguns: Pair of 12-gauge side-by-side from James Purdey & Sons (NJ) $310,190 / –2.6%
Thoroughbred: Average yearling, Keeneland September sale (Kentucky) $471,950 / 29.7%
Train Set: Thomas & Friends Lionel Christmas set with Bluetooth (North Carolina) $200 / N.A.
Cigars: 25 Davidoff Dominican Aniversario Double “R” (New York) $850 / 3.7%
Magazine: Forbes, one-year subscription (New York) $79.90 / N.A.
FASHION +1.1%
Hermès Clemence Jypsière Handbag, Royal Oak Watch by Audemars Piguet, and Gucci Horsebit Leather Loafers
Hermès/Audemars Piguet/GucciCoat: Russian sable, Bloomingdale’s (New York) $225,000 / 0%
Black Jersey Dress: With web trim, Gucci (Italy) $1,980 / 4.2%
Loafers: Horsebit leather, Gucci (Italy) $690 / 0%
Shirts: 12 cotton bespoke, Turnbull & Asser (U.K.) $8,340 / 0%
Shoes: Men’s black-calf wingtips, custom-made, John Lobb (U.K.) $5,572 / 0.1%
Perfume: 1000 by Jean Patou, 0.5 oz. (France) $350 / 0%
Watch: Royal Oak by Audemars Piguet (Switzerland) $17,800 / N.A.
Handbag: Hermès Clemence Jypsière, bull-calf leather (France) $8,800 / 3.5%
FOOD AND DRINK +0.9%
Chefs work in the kitchen at the Tour d'Argent restaurant in Paris on February 25, 2016.
AFP/Getty ImagesCatered Dinner: 40-person meal from Ridgewells (Maryland) $7,907.04 / 0%
Caviar: Kilo of Petrossian Special Reserve Ossetra (California, New York) $12,500 / 0%
Champagne: Case of 750ml Dom Pérignon 2004 (New York) $2,999.40 / N.A.
Chateaubriand: 7 pounds of tenderloin (New York) $629.86 / 8.4%
Dinner: La Tour d’Argent tasting menu, per person, excluding wine and tip (Paris) $418 / –5.2%
HOUSEHOLD +2.8%
Flowers in Season: Arrangements for six rooms per month, changed weekly (New York) $8,420 / 3%
Sheets: Queen-size cotton sateen Ultimate (Italy) $2,950 / 5.4%
Sterling Silver Flatware: Five-piece dinner set for 12 (Massachusetts) $12,960 / 0%
Sauna: 8-by-10-by-7 feet in Nordic spruce (Minnesota) $18,850 / 2.8%
Swimming Pool: Olympic-size (California) $2.1 MIL / 5.3%
Tennis Court: Har-Tru crushed stone (Connecticut) $55,000 / 0%
SERVICES +6.0%
Harvard
School: Year’s tuition, room and board at Groton (Massachusetts) $57,400 / 1.5%
University: Year’s tuition, room and board, plus insurance, at Harvard (Massachusetts) $73,307 / 3.3%
Facelift: Experienced surgeon (New York) $18,500 / 0%
Concierge: Executive concierge service, one year (New York) $25,000 / 0%
Psychiatrist: 45 minutes at Upper East Side shrink (New York) $400 / 0%
Lawyer: Hourly fee for estate planning, from a Schlesinger, Lazetera & Auchincloss partner (New York) $1,250 / 25.6%
Spa: Coed weekly rate, the Golden Door (Cali-fornia) $9,850 / 11.3%
TRAVEL +2.2%
SMALL FILE-S-76D, VIP Sikorsky Helicopter
SikorskyHotel: Four Seasons one-bedroom suite, off-peak (New York) $4,850 / 4.3%
Airplane: Learjet 75 Liberty, Bombardier (Canada) $9.9 MIL / N.A.
Helicopter: Deluxe Executive VIP Sikorsky S-76D (Connecticut) $17.6 MIL / 2.6%
Car: 2018 Rolls-Royce Phantom (NJ) $642,325 / N.A.
Travel Bag: Louis Vuitton Keepall Bandoulière 55 (France) $1,840 / –0.3%
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References
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