LONDON - Singapore takes top spot, while Miami, Dubai, Jakarta, and New York see the biggest cost increases.
For the wealthy as well as everyone else, the cost of living has climbed over the past year as prices rose. Some cities were hit harder than others. The Julius Baer Lifestyle Index, which ranks the world’s most expensive cities annually, finds that Asia is the costliest region for luxury living, with Singapore ranking as the world’s most expensive city. This year, it surpassed Shanghai, the No. 1 city in 2022.
The index from Julius Baer (pdf), a Swiss money manager, evaluates the cost of 20 items associated with a high-end, cosmopolitan lifestyle, such as premium residential property, luxury cars, business-class flights, and extravagant dinners.
The leader of the pack
The 2023 Index findings reconfirm Asia’s importance as a centre for the wealthy. It remains the most costly region in which to live well for the fourth year in a row. For the first time, Singapore is the highest-ranking city in the Life-style Index, followed by Shanghai – last year’s leader – and Hong Kong in second and third respectively, making up a fully Asian podium. The Taiwanese capital Taipei is the only other Asian city to feature in the top ten, taking the eighth spot.
For the first time since the report began, Europe, the Middle East, and Africa (EMEA) is the most affordable region in which to live well, with European cities in particular drop- ping down the rankings. London, last year’s second place, falls to fourth, and, apart from Monaco holding firm in sixth, Britain’s capital is the only European city in the top ten. Dubai has enjoyed a rapid rise up the ranking to sev- enth place, helping to relegate Zurich to Dubai’s former position of 14th.
In the Americas, New York makes a significant climb to fifth place from 11th and Miami rises eight places to tenth, while the Brazilian metropolis of São Paulo breaks into the top ten for the first time in ninth place . Santiago de Chile, newly added to the Index this year, joins in 23rd place. This return to form of both North and South American urban centres results in the Americas overtaking EMEA as the second most expensive region in which to live well.
for more information, visit: https://www.juliusbaer.com/fileadmin/publications/The_Julius_Baer_Global_Wealth___Lifestyle_Report_2023.pdf
