How Swiss Watchmaker Patek Philippe Handcrafts Its Famous $500,000 Watches

Not only is each one hand assembled, but they're also made with the finest materials and can take a year to put together.

But owning the most luxurious watch in the world is going to cost you: The split-second chronograph version is $500,000.

And even if you could afford the outrageous price tag, they're not easy to come by since Patek Philippe only makes 50,000 of its watches per year. That's compared to competing Swiss brand Rolex, which pumps out 700,000 of its flashy timepieces annually.

Bloomberg TV recently visited the watch-making lab of the famous Swiss brand and took an inside look at how the watches are put together. You can watch their full video here.