Singapore topped the list of the most expensive city in the world for luxury living, according to a report by Swiss wealth manager Julius Baer Group Ltd. The city-state, which ranked 5th last year, topped the chart for the first time as it looks to become a leading global centre for the rich. After Singapore, the next two places in the list are also Asian, the global financial hub Shanghai in China and its special administrative region Hong Kong.
Singapore, among the first to reopen its borders during the pandemic, has seen a surge in high net worth individuals. By 2022, the number of family offices in Singapore reached approximately 1,500, marking a twofold increase compared to the previous year, the report said. “High living standards and ballooning demands on local infrastructure mean life here does not come cheap,” the report stated.
While this is the fourth straight year when Asia remained the most costly region for luxury living, other places in the top ten list also included London, New York, Dubai.
The study analysed various factors such as residential property, cars, business class flights, business school, and other luxuries to conclude the report. The survey studied high-net-worth individuals with bankable household assets of $1 million or more between February and March 2023 to conclude the report.
The US financial capital New York, which ranked 11th last year, bagged a fifth spot this time on account of a strengthening dollar and a rebound from the pandemic.
London was ranked second last time and has been places fourth this year. The slip is a result of Brexit and its “ensuing turmoil” that continue to dent the UK’s reputation, the report said. London, however, is not alone as the report also concluded that the trend showed European cities have been dropping in rankings.
Dubai vaulted into the top 10 for the first time at seventh place and has been labelled as a “star performer” in this year’s index.
