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Luxury Costs the Most in Moscow
Moscow is the world’s most expensive city for the rich, American Forbes magazine claims. Executives spend the most here to maintain their lifestyles. Among the items used to make the price comparison were a kilogram of black Petrossian caviar, a Rolls Royce Phantom, a Steinway piano, a Louis Vuitton Keepall bag, Turnbull & Asser shirts, a Rolex oyster perpetual watch, a Bill Blass silk gown and a deluxe suite at the Four Seasons, Intercontinental or Ritz Carlton Hotel. Prices were compared among London, Paris, Moscow, Dubai, New York, Los Angeles, Hong Kong and Tokyo.
Moscow was the most expensive in almost all categories. A deluxe hotel suite in Moscow costs $5000, that is, 40 percent more than the same suite in London. Customs duties on European leather goods make the Keepall more expensive than anywhere else except Dubai.
Paris was the least expensive city for the rich. Caviar, leather and hotel suites are all a comparative bargain there. A kilo of caviar costs $11,750 in Paris, but $16,500 in Dubai. Ascending the price scale, Los Angeles, Tokyo, Dubai, New York, Hong Kong and London followed. London has one of the highest VAT rates of the cities mentioned, at 17.5 percent.
The compilers noted that one of the reasons for the high cost of luxury living in non-European cities is that almost all luxury items are imported from Europe. Taxes and foreign exchange make those purchases there disadvantageous. That is especially true of Hong Kong. Forbes had written an earlier article stating that Moscow offered the world’s most expensive cup of coffee, on average, at $10 and up. Seventy-four billionaires live in Moscow. That is more than in any other city in the world.
www.kommersant.com
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