For the first time in 34 years, Milan’s Via Monte Napoleone has dethroned NY’s Fifth Avenue to claim the title of the world’s most expensive shopping street. Rents on the prestigious northern Italian district have surged by 11% over the past year, reaching €20,000 per square meter annually—making it the highest headline rent of any of the 138 global retail hotspots tracked by Cushman & Wakefield.

Once primarily known as Italy’s financial capital, Milan has increasingly become a magnet for the super-rich, fueled by tax incentives designed to attract wealthy individuals that have encouraged a wave of relocations from abroad.