Despite benefiting from tax breaks under President Trump’s “One Big Beautiful Bill,” billionaires faced higher prices on luxury goods and services in 2025 than the general public. Forbes’ Cost of Living Extremely Well Index (CLEWI), which tracks billionaire expenses, rose 5.5%, roughly double the 2.7% increase in the standard Consumer Price Index (CPI).
High-end items like racehorses, private jets, yachts, and caviar all saw significant price increases. At the Keeneland September Sale, buyers spent $532 million on thoroughbreds, pushing the average yearling price to $647,522, up 23% from 2024. Tax incentives allowing first-year write-offs for racehorse purchases helped fuel the surge.
Luxury experiences also became more expensive. Bespoke concierge services, which handle private jets, VIP tickets, and safaris, rose to $200,000 per year, up from $180,000. Oyster 595 sailboats now cost $4.16 million, a 7% increase, while private jets rose 3% and Olympic-size swimming pools climbed 6%. Sporting shotguns increased 26% in price.
Fine dining and gourmet items also went up. A tasting menu at Le Bernadin rose 5%, while Ossetra caviar climbed 9%. Champagne, Chateaubriand, and other luxury foods saw moderate price hikes.
Not all luxury items got more expensive. Turnbull & Asser dress shirts, Frette sheets, and Rolls-Royce Phantoms remained stable. Estate manager salaries in San Francisco fell slightly to $380,000, due to local staffing shifts.
Globally, the billionaire population reached 3,148, holding a record $18.7 trillion in wealth, with the average billionaire worth $5.9 billion. The number of centibillionaires—those with fortunes over $100 billion—grew to 19, up from just one six years ago.
Luxury spending remains concentrated among a shrinking consumer base of 340 million high-net-worth individuals, down from 400 million in 2022. The very wealthy increasingly drive markets for yachts, private jets, fine dining, and bespoke experiences, making inflation in their world far steeper than for ordinary consumers.
Despite rising costs, billionaires continue to indulge, viewing high prices as part of the appeal of exclusivity and quality. From rare horses to private jets and luxury travel, extreme wealth comes with extreme costs.
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