New York, among the most expensive cities for the rich

Although you would think billionaires are immune to inflationit is not so, and the increase in the prices of luxury goods during the last year has hit their pocketsaccording to the recent Julius Baer Global Wealth and Lifestyle Report 2022what rank the most expensive cities in the world for the richamong which is New York, ranked 11th.

And it is that before the increase in the cost of living, the rich have rethought their spending habits and their priorities, more with the COVID-19 pandemic which has highlighted interest in health, wellness and financial security.

“The global uncertainty, caused by the pandemic and sustained by the increase in inflation and geopolitical tension, has only heightened the need for investors to protect their purchasing power, and in the long term, to actively plan the conservation of their heritage”highlighted Nicolas Skowronski, Head of Wealth Management Solutions at Banco Julius Baer.

Rising prices also affect the rich

The Report analyzes the lifestyles of people with high purchasing power around the world, using a series of goods and services that reflect their consumption patterns.

The banking institution reveals that the increase in the price of goods and services has affected everything from designer clothes to luxury dinnerswhich the rich usually enjoy, among other factors.

Julius Baer analyzed the cost of real estate, cars, airline tickets, business schools, and other luxuries. and the results revealed that inflation also hits the goods and resources of the rich, although they have a greater capacity for resistance than the less favored, but that they are taking measures so that their fortunes are not so affected.

The biggest increases

The Julius Baer report highlights that among the most important increasess are technological items, such as computers and mainly in smartphoneswhich rose as much as 41% globally, mainly due to chip shortages.

Professional services also became more expensive, according to BAER, which ensures that the cost of hiring a lawyer increased by 33%.

As for exercise products, it highlights the prices of bicycles that registered a significant increase of 30%.

Losses in the fortunes of the world’s rich

The analysis of Julius Baer It covered the prices of some twenty goods and services that are frequently purchased by people with banking wealth of at least $1 million or more, who reside in 24 cities around the world.

The data obtained was collected in two stages, the first in November and the second in April, although the results are only recently being released.

According to the Index of Bloomberg billionaires, the fortune of the 500 richest people in the world lost a combined $1.4 trillion dollarsso far this year.

Julius Baer’s analysis showed that there are several Asian cities that are on the list of the most expensive cities in the world for the rich, while New York ranked at number 11.

The most expensive cities in the world:

1. Shanghai
2. London
3. Taipei
4. Hong Kong
5. Singapore
6. Monaco
7. Zurich
8. Tokio
9. Sydney
10. Paris
11. New York
12. Sao Paulo
13. Milan
14. Dubai
15. Bangkok

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