Singapore has claimed the title of the most expensive city for those living a luxurious lifestyle, as indicated by a recent report from the Julius Baer Group.
On Tuesday, the renowned Swiss private bank unveiled its highly anticipated 2023 Global Wealth and Lifestyle Report.
Singapore has managed to surpass Shanghai and secure the top spot, marking the first time the Asian city-state has achieved the top position. In the previous year, it ranked fifth, and back in 2021, it held the ninth spot.
Singapore’s government has effectively transformed the city into an appealing destination for individuals with substantial wealth, attracting them to settle and work there.
However, thos has resulted in a surge in prices across various sectors, according to the insightful analysis conducted by Julius Baer’s experts.
The analysts highlighted that the city-state, with a population of just over 5.5 million, faces significant expenses in various aspects of daily life.
These include expensive rental rates, high housing prices, substantial school fees, car taxes, and overall living costs. Moreover, the cost of essential health insurance in Singapore is more than double the global average, according to analysts.
Singapore emerges as the most expensive city in the world. Bravo! pic.twitter.com/xWDxUhUqpw
— Mercy 🎋⛩️ (@Mercy22Funny) June 20, 2023
‘EMEA is the most affordable region’
EMEA, the region comprising Europe, the Middle East, and Africa, has become the most cost-effective place to lead a comfortable life, marking a significant shift, according to the report.
The rankings reveal a decline in the affordability of European cities, including London, which drops from its previous position of second place to fourth. With Monaco being the sole European city holding its ground at sixth place, London stands as the only representative from the continent within the top 10.
Meanwhile, Dubai experiences a remarkable ascent in the rankings, securing the seventh spot and surpassing Zurich, which now finds itself in Dubai’s former position of 14th.
Within the Americas, the city of New York has experienced a notable advancement, leaping from the 11th spot to an impressive 5th position. Similarly, Miami has climbed eight places, securing the 10th rank.
Additionally, the bustling Brazilian city of São Paulo has achieved a significant milestone, entering the top ten for the first time, securing the 9th spot. A recent addition to the index, Santiago de Chile, joins the list at the 23rd place.
These shifts in the ranking of both North and South American urban centers have resulted in the Americas surpassing EMEA as the second most costly region to lead a comfortable life.
Julius Baer’s ranking of the 10 most expensive cities
3. Hong Kong
5. New York
9. São Paulo