For the longest time, New York’s Upper Fifth Avenue held the title of ‘the most expensive street in the world’ but it was recently dethroned by Montenapoleone, an upscale shopping street in Milan, Italy.
Every year, American firm Cushman & Wakefield publishes a global index that ranks the world’s most expensive shopping areas by the rent prices they command. Fifth Avenue has been ranking first out of 138 leading retail destinations around the world for many years, but last year, it was surpassed by Montenapoleone, the most popular luxury shopping street in Milan. Not only is this short street a magnet for tourists interested only in window shopping, but it also attracts some of the wealthiest people around the globe, many of who spend at least 2,500 euros ($2,600) per purchase, the highest average receipt in the world.
