Singaporeans are paying 10% more for women’s handbags and shoes, and more than 5% more for men’s suits and watches.
Ole Huijn | Getty Images News | Getty Images
According to a report by Julius Baer, Singapore will remain the most expensive city for the ultra-rich in 2024 due to factors including soaring property prices, the exorbitant cost of car ownership and high private healthcare costs.
The Swiss bank analysed the prices of 20 consumer goods and services purchased and used by wealthy people in 25 cities. Get to the rankings.
In its Global Wealth and Lifestyles Report released on Tuesday, the bank said the “extremely affluent costs of living” – including cars, whisky, jewellery and housing – are rising in Singapore, adding that the country continues to attract the ultra-rich due to its economic and political stability.
“The Singaporean government has worked hard to make the country attractive to global businesses and wealthy individuals, and the currency remains strong, all of which is reflected in Singapore maintaining its position as the world’s most expensive city,” the report said.
Singapore’s car ownership, the most expensive in the world at 2.5 times the average, rose 15% year-on-year in US dollar terms. The cost of private education rose nearly 14%, while women’s handbags and shoes increased by 10%. Prices of men’s suits and watches increased by more than 5%.
After Singapore, Hong Kong surpassed Shanghai as the second most expensive city for the wealthy. Hong Kong was also ranked as the most expensive city to hire a lawyer and the second most expensive city to buy property in.
Within the city, the biggest increases were in the prices of hotel suites (+22.9%), women’s shoes (+12.7%) and women’s handbags (+8.6%).
The report highlighted that London has risen to third place this year due to the UK emerging from a technical recession last month, the strengthening of the British pound in 2023 and the continued economic adjustment as the country normalises post-Brexit.
The city’s private schools are among the most expensive in the world, with costs rising by about 14 percent from a year ago.
London hotel suites and jewellery were the second most expensive items across the 25 cities, rising 38.3% and 17% respectively.
Here is Julius Baer’s list of the top 10 most expensive cities in the world for the wealthy:
- Singapore
- Hong Kong
- London
- Shanghai
- Monaco
- Zurich
- new york
- Paris
- Sao Paulo
- Milan
The Asia-Pacific region’s largest financial hubs take the top two spots, while Tokyo, once known as “the poster child for ultra-expensive cities of the 1990s”, has dropped eight places to 23rd this year.
Reports say that prices in the city have fallen significantly due to the fall in the value of the Japanese yen.
The yuan fell to 160 against the U.S. dollar in April for the first time since 1990, and has fallen 13.25% against the greenback since the start of the year, according to Refinitiv data.
“It may seem like a small thing, but we often forget that the cost of living can look very different to a stranger, especially if that person thinks in US dollars or Swiss francs rather than the local currency. Currency and context matter,” emphasized Christian Gattiker, head of research at Julius Baer.
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