Money
Charted: Car Ownership Costs in America Skyrocket (2020–2023)
Car Ownership Costs in America Skyrocket (2020–2023)
Thinking of buying a vehicle soon? Rising car ownership costs might cause you to think again.
Owning a truck or car has become far more expensive than in the past, even as recently as three years ago.
We visualize data from the New York Times showing how inflation has impacted various aspects of vehicle ownership, based on the percentage change in the Consumer Price Index (CPI).
Used Car Prices Are Still Elevated in 2023
Unsurprisingly, the biggest increases are logged in the price of new and used vehicles, up 22% and 40% respectively.
Pandemic supply chain disruptions led to bottlenecks on vehicle deliveries, dramatically pushing up used vehicle prices in turn.
| Car Ownership Costs | % Change in CPI (2020–2023) |
|---|---|
| Used Vehicles | +40% |
| Maintenance & Repair | +30% |
| Insurance | +29% |
| Parts and Equipment | +22% |
| New Vehicles | +22% |
| Parking fees and Tolls | +12% |
However, car ownership costs only continue to increase after the vehicle is acquired. Insurance costs are now nearly 30% higher compared to 2020, along with maintenance and repair. If a part has to be replaced, that’s another 20% price increase. Even parking and tolls are up 12%.
And of course, for most vehicle owners we also have to consider the price of gas, which has grown nearly three-fold since 2020.
Finally, financing costs, which have risen steeply in conjunction with rapid rate hikes over the last year, are weighing on America’s trillion dollar credit bill. Auto loans are the second-highest monthly payment for U.S. households after mortgages.
Put together, the AAA estimates the annual cost of owning a new car in 2023 has reached $12,182, up 14% from last year.
Money
Charted: Which City Has the Most Billionaires in 2024?
Just two countries account for half of the top 20 cities with the most billionaires. And the majority of the other half are found in Asia.
Charted: Which Country Has the Most Billionaires in 2024?
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Some cities seem to attract the rich. Take New York City for example, which has 340,000 high-net-worth residents with investable assets of more than $1 million.
But there’s a vast difference between being a millionaire and a billionaire. So where do the richest of them all live?
Using data from the Hurun Global Rich List 2024, we rank the top 20 cities with the highest number of billionaires in 2024.
A caveat to these rich lists: sources often vary on figures and exact rankings. For example, in last year’s reports, Forbes had New York as the city with the most billionaires, while the Hurun Global Rich List placed Beijing at the top spot.
Ranked: Top 20 Cities with the Most Billionaires in 2024
The Chinese economy’s doldrums over the course of the past year have affected its ultra-wealthy residents in key cities.
Beijing, the city with the most billionaires in 2023, has not only ceded its spot to New York, but has dropped to #4, overtaken by London and Mumbai.
| Rank | City | Billionaires | Rank Change YoY |
|---|---|---|---|
| 1 | 🇺🇸 New York | 119 | +1 |
| 2 | 🇬🇧 London | 97 | +3 |
| 3 | 🇮🇳 Mumbai | 92 | +4 |
| 4 | 🇨🇳 Beijing | 91 | -3 |
| 5 | 🇨🇳 Shanghai | 87 | -2 |
| 6 | 🇨🇳 Shenzhen | 84 | -2 |
| 7 | 🇭🇰 Hong Kong | 65 | -1 |
| 8 | 🇷🇺 Moscow | 59 | No Change |
| 9 | 🇮🇳 New Delhi | 57 | +6 |
| 10 | 🇺🇸 San Francisco | 52 | No Change |
| 11 | 🇹🇭 Bangkok | 49 | +2 |
| 12 | 🇹🇼 Taipei | 45 | +2 |
| 13 | 🇫🇷 Paris | 44 | -2 |
| 14 | 🇨🇳 Hangzhou | 43 | -5 |
| 15 | 🇸🇬 Singapore | 42 | New to Top 20 |
| 16 | 🇨🇳 Guangzhou | 39 | -4 |
| 17T | 🇮🇩 Jakarta | 37 | +1 |
| 17T | 🇧🇷 Sao Paulo | 37 | No Change |
| 19T | 🇺🇸 Los Angeles | 31 | No Change |
| 19T | 🇰🇷 Seoul | 31 | -3 |
In fact all Chinese cities on the top 20 list have lost billionaires between 2023–24. Consequently, they’ve all lost ranking spots as well, with Hangzhou seeing the biggest slide (-5) in the top 20.
Where China lost, all other Asian cities—except Seoul—in the top 20 have gained ranks. Indian cities lead the way, with New Delhi (+6) and Mumbai (+3) having climbed the most.
At a country level, China and the U.S combine to make up half of the cities in the top 20. They are also home to about half of the world’s 3,200 billionaire population.
In other news of note: Hurun officially counts Taylor Swift as a billionaire, estimating her net worth at $1.2 billion.
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