According to a report released on Tuesday, Singapore has, for the first time, claimed the title of the most expensive city worldwide for goods and services catering to the affluent, surpassing Hong Kong, London, and New York.
In the domain of high-net-worth individuals, Singapore has witnessed a staggering surge in prices for cars and essential health insurance, with rates exceeding the global average by 133% and 109% respectively. These findings are based on a comprehensive study conducted by Julius Baer’s Global Wealth and Lifestyle report, which analyzed 12 consumer goods and eight services that mirror the expenditure patterns of the wealthy.
Renowned for its political stability and favorable tax environment, Singapore stands as a shining example. It was among the first Asian cities to significantly relax pandemic restrictions, which has subsequently led to an influx of wealth. However, this rapid affluence comes at a cost. The report highlights the soaring demand for accommodation, the scarcity of school placements, and the high cost of living experienced by all residents in Singapore.
Last year’s champion, Shanghai, has relinquished its top position, settling for second place this year. The report suggests that prolonged pandemic restrictions compared to other cities may have contributed to Shanghai’s decline. Meanwhile, Hong Kong secures the third spot in this fiercely competitive ranking.
In the comprehensive list of 25 cities surveyed, Johannesburg finds itself at the bottom, indicating a relatively more affordable cost of living compared to its counterparts worldwide.
