Singapore on June 20 became the most expensive city globally for luxury living. The city-state surpassed Shanghai and Hong Kong, said a report by Swiss wealth manager Julius Baer Group Ltd.
The city-state was ranked fifth last year, while Shanghai was on the top as per the Global Wealth and Lifestyle 2023 report. The reason for its success has been attributed to reopening of its borders during the pandemic that contributed to its attractiveness to high-net-worth individuals. By the end of 2022, the city counted around 1,500 family offices, twice the number from the year before.
Julius Baer’s Lifestyle Index evaluates the 25 most expensive cities worldwide based on various factors such as residential property, car prices, business class flights, fine dining experiences, and more.
The Asia region has maintained its position as the costliest for luxury living for the fourth consecutive year. For the first time since the inception of the report, the most affordable region to live luxuriously is Europe, the Middle East, and Africa, with European cities dropping in the rankings.
Overall, the report reflects an increase in experiential spending as people embrace their newfound freedom and indulge in social experiences, with hotel suites and business class flights among the areas experiencing significant price hikes.