If you think gasoline is expensive, just be thankful you don't have to buy Chanel quilted bags in Asia.

According to a new Asian Lifestyle Index from the Swiss private bank Julius Baer, the cost of living the luxury life in Asia soared 11.7% in dollar terms over the past year. That's more than twice the inflation rate for Asia as a whole. Even in local currency terms, the inflation rate was 7.2%.

The Lifestyle Index is based on a basket of 20 luxury goods and services that are commonly purchased by millionaires in Hong Kong, Shanghai, Singapore and Mumbai. The items include everything from Oyster Rolex watches and Armani suits to boarding school and face lifts. (Some sample items are below)

The main reason for the inflation: more demand from more rich people.

Julius Baer said the number of people in Asia with $1 million or more in investible assets will more than double by 2015, to 2.82 million. Their total wealth will nearly triple to $15.8 trillion, they said.

China alone will account for nearly half of the number of high net-worth individuals, with 1.4 million rich people by 2015, the report said.

Of course, Julius Bear, which is betting part of its future in Asia, has an incentive to pump up the projections.

Yet all reports point to a higher growth rate of rich people in Asia, Europe and the U.S. And more millionaires means more people vying for the same BMWs and Birkin bags.

Do you think the luxury inflation rate in Asia will increase or decrease over the next year?

SAMPLE ITEMS FROM THE LIFESTYLE INDEX

Bottle of Lafite Rothschild 2000 Price in USD: $3,336, up 21.9% from 2010.

Chanel quilted bag. Price: $4,185, up 17.5%

Steinway Grand Piano. Price: $201,021, up 16.7%

Ladies Classic Louboutin pumps. Price: $1,868, up 10.8%

Tiffany 2 ct diamond ring. Price $96,479, up 10.3%

Oyster Rolex watch. $32,201, up 9.1%

Cohiba siglo VI cigar, $760, up 5%

Scupltra liquid facelift. $6,578, up 4.3%