The Business Times – SINGAPORE has, for the first time, become the most expensive city for high-net-worth individuals (HNWIs) to live well, said a report by Swiss private bank Julius Baer on Tuesday (Jun 20).
In its Global Wealth and Lifestyle Report 2023, Asia remains the costliest region for HNWIs to live well for the fourth year in a row. Shanghai, the most expensive city in the ranking last year, took second place, while Hong Kong rose a spot to take third place in the Lifestyle Index ranking of 25 cities.
The Lifestyle Index is based on a basket of 12 consumer goods and eight services that represent discretionary purchases by HNWIs. The data was collected between November 2022 and March 2023.
Singapore’s ranking is likely due to the strong demand for accommodation, school places and a generally significant cost of living.
At a media roundtable, Julius Baer head of Asia-Pacific research Mark Matthews said Singapore’s rise to become the most expensive city may be a reflection of rising property prices as well as the high cost of owning cars in the country.
He noted that residential property has the biggest weightage in the index, followed by cars.
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