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Nowhere is a luxurious life as expensive as in Asia, according to Bank Julius Baer’s fourth Global Wealth and Lifestyle Report, released this week. Three of the five most expensive cities in the world are in Asia.
Definitely the most expensive city for the rich and famous in the world is Singapore. Shanghai and Hong Kong follow. Taipei, another Asian city in the top ten, ranks eighth.
Zurich is clearly lagging behind
According to the report, Zurich fell from seventh to 14th in the ranking of the world’s most expensive metropolises. In a European comparison, the city in Limmat ranks only fifth after London, Monaco, Paris and Milan. However, the cost of a higher standard of living for the super-rich has risen sharply in all 25 cities surveyed.
Zurich’s lagging behind is probably due to the relatively low inflation in this country. Specifically, the average price level of the Lifestyle Index in all major cities rose 6 percent in US dollars and 13 percent in local currencies.
The report is based on a range of consumer goods and services that reflect the luxurious lifestyle of the very wealthy and track the evolution of the cost of this superior standard of living.
Wine and whiskey are more expensive
The biggest price increases are seen in premium consumer goods such as wine and whiskey, as well as luxury cars and accommodation services. The report says prices for hotel suites, business class flights and fine dining have increased significantly as demand in the travel and leisure segment has increased significantly.
In general, the changes in the prices of goods and services in the index reflected the impact of rising energy, raw material and labor costs. Combined with inflation, exchange rate fluctuations and ongoing supply chain disruptions, this means that every industry, company and individual is feeling the impact on their purchasing power.
Asset manager Julius Baer analyzes the price evolution of the shopping cart in 25 cities around the world. Compared to the previous year, Santiago de Chile was a new addition. The range of products reviewed ranges from residential to lawyers and women’s handbags.
As Bank Bär wrote in the report, the results are both a tool for this consumer group and an indicator of lifestyle change.
Meanwhile, life is cheapest for millionaires in Johannesburg (South Africa), followed by Vancouver (Canada), Santiago de Chile, Frankfurt am Main and Mexico City. (SDA/km)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
