Milan`s Montenapoleone has overtaken New York`s Upper Fifth Avenue as the world`s most expensive shopping street, according to Cushman & Wakefield`s latest ranking.

Luxury tourism in Milan is booming, and the city`s elite shoppers spend an average of €2,500 ($2,600) per purchase, the highest globally. Retail rents on Montenapoleone have surged 30%, reaching €20,000 per square metre ($2,047 per sq. ft.), surpassing Fifth Avenue`s €19,537 ($2,000 per sq. ft.).

Top brands like Fendi, Prada and Versace generate €50-100 million annually from their stores here.

At less than a quarter mile long, Montenapoleone`s limited space makes it even more exclusive. Buildings sell for billions, and only the biggest fashion houses can afford to stay.