Luxury Services That Only Cater To the 1% — and How Much They Would Cost You
Written by
Jordan Rosenfeld
Edited by
Molly Sullivan
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If splurging on a housekeeping service or that higher end gym membership seems like a stretch, you might be boggled by some of the luxury services that only the uber-wealthy can partake in.
The average American household can’t afford to pay for the kinds of services that the wealthiest 1% hire out on the regular.
Here are five luxury services you need to be uber-wealthy to afford, and their approximate costs.
Exclusive Travel Concierge Memberships
While travel agents exist for people of many different income levels, the 1% have access to very exclusive travel concierge memberships, where they can get tailored service around the clock, trips customized to their very specific desires and whims and personal assistants to accompany them or handle the hassles of travel.
One such example is Sienna Charles, a luxury travel and lifestyle management membership that starts at a cool $75,000 per year for high-net-worth clients.
Wealth Coordination Services
A regular American might lug their big box of receipts to a certified public accountant at the end of the year and hope they get a tax refund and a few financial suggestions. The uber-wealthy, with very large assets, require entire firms to coordinate their financial strategies, from investment and taxes to legacy, lifestyle and real-estate planning, like Select Advisors Institute.
The cost for this level of bespoke wealth coordination can come with an enormous price tag, though it’s hard to find an exact price listed. The 1% likely pay more for this service than the average household sees in multiple tax refunds.
Concierge Medical Membership
For the “privilege” of paying an annual health insurance premium, co-pays and other medical costs, the average American still has to deal with long wait times, high out-of-pocket costs and frustrating insurance barriers. Not the uber-wealthy; they can afford concierge medical memberships, where they get highly personalized, on-call care outside typical insurance models with access to specialists and high-end care as needed.
One example is Private Medical, a small, private concierge medical firm that offers 24/7 care and service, with offices in cities like San Francisco; Beverly Hills, California; New York; and Miami. With a staff of only about 135 and an estimated annual membership of $40,000 per adult and $25,000 per child under 18, it’s the kind of service you must be wealthy to afford.
Elite Shopping/Styling Services
The average American shops for their own clothing and styles themselves without paying anyone else to help. Not the uber wealthy — not only are personal shoppers and assistants a common phenomenon among the 1%, so are personal styling services, like NB44, a membership-only apparel service aimed at men that charges at least $12,000 per year just to participate — that’s not counting the cost of clothes. These kinds of services aren’t about clothing, as much as exclusivity.
Luxury Wellness Bunker
The 1% have so much money, they have to come up with entirely new ways to spend it. One such luxury offering is like something out of a dystopian movie — the forthcoming Aerie underground luxury bunker, with a membership of around $20 million. Suffice it to say it’s for the billionaire set, as its founder and president, Al Corbi, unironically told Forbes, “We created Aerie to help vulnerable clients when they leave their fortified homes or yachts.” Created deep underground with layers of security, the “wellness” center is supposed to be a kind of third place that guarantees the safety of high-profile and high net-worth people.
For the rest of us, these services might seem out of reach, but they reveal just how far the wealth gap extends, and how creativity, privacy and indulgence become currency among the ultra-rich.
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