According to a report by Swiss wealth manager, Julius Baer Group Limited, Singapore is the most expensive city in the world. This comes after Singapore was found to be the leading global center for the rich and a beacon of luxury living.
Julius Baer’s Lifestyle Index ranks expensive cities by analyzing their residential properties, business class flights, business schools, cars, savoring dinners and other luxuries. Towards the end of 2022, Singapore recorded an estimated 1,500 family offices, which is twice the number of the previous year.
Julius’ report found that Singapore boasts of the highest level of car prices and health insurance, as they are 133% and 109% more expensive than the global average respectively. Aside from that, Singapore’s living standard is made even more expensive by the rising demand in the city’s local infrastructure. This is due to an even higher demand in residential property.
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Nonetheless, Shanghai and Hong Kong fell in second and third place respectively leaving London in fourth position. A position that confirms London’s declining economy as it dropped from second position in last year’s reports. This drop is being attributed to Brexit and the ongoing turmoil. As a result, London is facing stiff competition from flourishing financial centers such as Dubai and Singapore.
Following closely is New York, as it landed fifth place in the list. The strengthening dollar and its remarkable rebound from the Covid-19 pandemic has seen the city rise from eleventh place in the previous year’s report. However, Monaco was placed in sixth position with Dubai taking the seventh. The large numbers of wealthy individuals relocating to Dubai has affected its property prices.
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Thus, according to these findings, Asia remains the most costly region for the fourth time in a row. Hence, for the first time since the reports began, Europe, The Middle East and Africa are the most affordable regions for the rich to live well in.
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