Singapore has claimed the top spot as the most expensive city for luxury living, according to a report by Swiss asset manager Julius Baer Group. This marks the first time Singapore has taken the leading position, surpassing Shanghai and Hong Kong, which now occupy the second and third places, respectively.
The report highlights Singapore’s appeal to the wealthy, as it was one of the first countries in Asia to open its borders during the pandemic. This has resulted in rising prices for locals, with the country experiencing a surge in demand for residential properties. In fact, Singapore now has double the number of family offices compared to the previous year.
The high cost of living in Singapore is attributed to various factors. The city-state has the most expensive car prices in the world, and residential properties are in high demand. Additionally, health insurance in Singapore is 133% more expensive than the global average, further contributing to the overall cost of living.
The Julius Baer Group Lifestyle Index analyzes various factors, including residential property, cars, business class flights, business schools, and dining, to rank the world’s 25 most expensive cities for luxury living. Asia has maintained its position as the most expensive region for luxury living for the fourth consecutive year.
Meanwhile, New York has experienced a significant jump in rankings, climbing to the fifth position from 11th place last year. This can be attributed to the appreciation of the US dollar and the city’s recovery from the pandemic.
On the other hand, London has slipped from second place to fourth place. The experts at Julius Baer Group attribute this decline to the impact of Brexit and subsequent upheaval, which have damaged the reputation of the United Kingdom. London now faces strong competition from booming financial centers like Dubai and Singapore.
The report sheds light on the increasing costs associated with luxury living in Singapore and highlights the city’s growing appeal to the wealthy. As Singapore takes the lead as the most expensive city for luxury living, it underscores the city-state’s status as a global hub for the affluent.
How has Singapore’s early reopening during the pandemic impacted its luxury housing market and overall cost of living
Singapore: The Premier Destination for Luxury Living
In a recent report by Swiss asset manager Julius Baer Group, Singapore has emerged as the most expensive city for luxury living, surpassing Shanghai and Hong Kong. This is a significant milestone for Singapore, as it claims the top spot for the first time in history.
One of the key factors contributing to Singapore’s appeal to the wealthy is its early reopening during the pandemic. Being one of the first countries in Asia to open its borders, Singapore has attracted a surge in demand for residential properties, leading to a rise in prices. In fact, the country now boasts double the number of family offices compared to the previous year.
The high cost of living in Singapore can be attributed to several factors. The city-state has the world’s most expensive car prices, and residential properties are in high demand. Moreover, health insurance in Singapore is 133% pricier than the global average, further driving up the overall cost of living.
The Julius Baer Group Lifestyle Index considers multiple factors, including residential property, cars, business class flights, business schools, and dining, to determine the world’s 25 most expensive cities for luxury living. For the fourth consecutive year, Asia has maintained its position as the priciest region for luxury living.
In a surprising turn of events, New York has witnessed a substantial jump in rankings, climbing from 11th place to fifth place this year. This can be attributed to the strengthening of the US dollar and the city’s remarkable recovery from the pandemic.
On the other hand, London has slipped from second place to fourth place. Julius Baer Group experts attribute this decline to the impact of Brexit and the subsequent upheaval, which have adversely affected the reputation of the United Kingdom. London is now facing tough competition from thriving financial centers like Dubai and Singapore.
The report sheds light on the increasing costs associated with luxury living in Singapore and highlights the growing allure of the city to the wealthy. As Singapore takes the lead as the most expensive city for luxury living, it solidifies its status as a global hub for the affluent.
Singapore may be a dream destination for luxury living, but its high cost of living could definitely break the bank.
Who knew that living luxuriously came at such a high price? Singapore takes the crown as the most expensive city for luxury living, making it clear that indulgence doesn’t come cheap.