World’s most expensive city for the rich to live ‘extremely well’
June 26, 2024
Singapore has been named the most expensive city in the world for wealthy individuals to live their best life for the second year in a row, according to Julius Baer’s Global Wealth and Lifestyle report, which measures the “cost of living extremely well” worldwide. Hong Kong climbed to second place, while other Asian cities like Shanghai, Taipei and Tokyo saw significant drops in the rankings. Conversely, European cities such as Milan, Zurich and Paris make up most of the top 10.
- Why Singapore?: Julius Baer attributes these changes partly to currency fluctuations, influenced by higher U.S. interest rates that have weakened many Asian currencies against the U.S. dollar. Singapore’s high ranking is due to its stable politics, excellent healthcare, low crime and superior public transport.
- Government initiatives: Additionally, government efforts to attract global businesses and wealthy individuals have contributed to Singapore’s status. The city-state is notably expensive for car ownership and has seen rising home prices and golf club membership fees following an influx of wealthy migrants after early pandemic restriction relaxations.
Share this Article
