When Adam Davidson wanted to find a nanny for his children he wondered if his child would benefit if he hired a nanny that was more expensive than the $15 that the standard nanny charged. What he found surprised him:

• One elite nanny in New York City had a salary of $180,000 a year. Her $3,000 a month apartment on Central Park was also paid for by her employers, and she earned a Christmas bonus.
• To make this much money a nanny must be willing to be available 24/7. The rich people who hire such nannies are paying so that they don’t have to worry about their children’s care, which means that the nanny can’t have other plans.
• Other ways that a nanny can improve her market value include being able to speak another language such as French or Mandarin. Skills such as being able to wash a horse, steer a yacht, and manage an art gallery are also valued.
• Some rich families want their kids to start networking early – and one way that they can have their children play with other affluent children is by hiring an elite nanny who has other elite nanny contacts who work for high profile families.

To read more about one of these nannies, whether we should compare the pricing of nannies to wine or to an auto tune-up, and why scientists haven’t conducted studies on the effectiveness of nannies who receive more pay, click here.

Source: New York Times