In exchange for $1 million and a $15,000 processing fee, "Gold Card" applicants will get full-time residency in the U.S., the program's website says.

Luxury experts say aspirational luxury consumers are facing new pressures from inflation and a slowing job market, meaning fewer Birkin buyers at auction.

More than 80,000 collectors and art fans poured into Art Basel Miami Beach, with several works selling for over $1 million.

The U.S. led the global billionaire increase, with 92 new self-made billionaires representing wealth of $180 billion, according to UBS.

ABF involves lending against a specific asset, income stream, or loan rather than lending to a company based on its cash flow.