- Singapore on its way to becoming a leading global center for the wealthy
- Asia is the most expensive region for the fourth year in a row, with Shanghai second and Hong Kong third among the most expensive cities
- It ranks second and third respectively among the most expensive cities in the world
On its way to becoming a leading global center for the wealthy, Singapore has for the first time topped the rankings as the world’s most expensive city to live in luxury. Singapore, which ranked fifth last year, has overtaken Shanghai and Hong Kong this time. According to a report by Swiss wealth manager Julius Baer Group Ltd, these two cities are ranked second and third respectively among the world’s most expensive cities for luxury living. Asia remains the most expensive region for the fourth consecutive year.
The attraction of the world’s rich to Singapore, which was one of the first Asian destinations to open its borders during the Corona epidemic, is reflected in the rising prices that locals are facing. By the end of 2022, family offices in Singapore have doubled to 1,500 in one year. Singapore also has the highest car prices in the world.
Living in Singapore is no longer cheap due to high living standards and soaring demand for local infrastructure, according to a Julius Baer Group report released on Tuesday. Demand for housing in Singapore is extremely high, and car and health insurance are 133% and 109% more expensive than the global average, respectively. Julius Baer’s Lifestyle Index ranks the world’s 25 most expensive cities based on the cost of luxury amenities, including housing, cars, business class flights, business schools.
New York City rose from 11th last year to fifth this year with the stronger US dollar after recovering from the coronavirus pandemic. London has slipped from second to fourth place. Cities like Dubai and Singapore are rivaling it. Europe, the Middle East and Africa have emerged as the ‘most affordable regions’ to live well for the first time since the Julius Baer Group report began to topple the rankings of European cities.
