Singapore becomes the most expensive city in the world for luxury living for the first time, according to a report by Swiss wealth manager Julius Baer Group. This comes amid Singapore's efforts to become the leading global centre for the rich.
In 2022, the city-state ranked fifth and has now pushed back Shanghai and Hong Kong to 2nd and 3rd positions respectively.
Singapore was one of the first places to open in Asia after the covid lockdown which made it attractive for High Net-Worth Individuals (HNI). Henley Private Wealth Migration Report 2023 revealed that Singapore continues to remain as one of the most sought after countries for wealthy Indians.
As per the Julius Baer report, the rising demand for accomodation, premium schooling costs, and high general cost of living makes it expensive.
“Residential property is in extremely high demand, and punitively taxed cars and essential health insurance are 133% and 109% more expensive than the global average respectively”, Julius Baer report mentioned.
For the fourth straight year Asia remains the costliest region in the world. Julius Baer’s Lifestyle Index ranks the world’s 25 most expensive cities by analyzing residential property, cars, business class flights, business school, degustation dinners and other luxuries.
Meanwhile, Mumbai becomes the only Indian city to find a place in the list. The city ranks 18th and is expected to rise further in the coming years. In 2022, Mumbai ranked 24th.