Why do your own bidding when you could pay someone $50k to do it for you?

The latest sign of society’s widening wealth gap: Private concierges are the new norm among the ultrawealthy. 

Concierge companies, representing an industry worth $643m in 2024 and projected to reach $1.5B by 2034, first took off in the US during the ‘90s. Today, they’ve become a commonplace luxury for those who can afford it, per The New York Times.

Mo’ money, mo’ ridiculous things to spend it on

Private concierges, or “lifestyle managers,” help wealthy clients save time and avoid stress by handling tasks like buying gifts, running errands, and booking reservations for them. 

Requests range from the mundane, like standing in line for a restaurant, to the unreasonable, like “covering an entire beach with carpets so a member and his girlfriend didn't have to get sand on their feet,” per BBC. 

They can also score clients access to exclusive events and services through partnerships with high-end restaurants and brands (think: Art Basel, Sotheby’s, and Formula One).

Obviously, they aren’t cheap

Personal concierges make money through annual subscription fees, plus commission on hotels and other bookings. Services vary depending on size, cost, and level of service.  

• Knightsbridge Circle, a boutique firm with 120 members and 24/7 service, costs $50k a year, plus an initiation fee. 
• Velocity Black, a digital concierge platform with thousands of members, charges an annual fee of $3,100, plus a $900 initiation fee. 
• For Quintessentially, the largest luxury concierge group with 35+ global offices, annual fees range from $12k to $44k. 

And just so you’re not mistaken: these fees don’t cover clients’ exorbitant requests, just their ability to outsource them.

Why is it so popular?

Since the pandemic, and thanks to the ease of digital solutions, personalization and convenience have become more important to consumers across the board. 

• One industry vet, who spoke to Seattle Magazine, credited the rise of tech companies like Uber, TaskRabbit, and Instacart with priming concierge services for the mainstream. 

Plus, there are more ultra-high-net-worth individuals than ever. And for busy, high-earning professionals, as well as those who simply have money to blow, buying time can be easier than finding it. 

But we all have the same 24 hours in a day and desire for personalized convenience, just maybe not the spare $50k to outsource our errands. 

For the rest of us, AI personal assistants have stepped in to fill the concierge-shaped void in our lives — it just might not be going as seamlessly as it would with a human touch.