World's most expensive cities for luxurious living: Singapore tops list
What's the story
After a few tumultuous pandemic years, the world is back to normal. The coronavirus is still there, but the world has learned to live with it without being affected.
Now that the restrictions are off, the high spenders of the world are back to splashing money.
Let's see which cities are the most expensive in the world for living luxuriously.
Top
Singapore is the most expensive city for the affluent
According to the Global Wealth & Lifestyle report by Julius Baer, Singapore is the most expensive city to live in for high-net-worth individuals (HNWIs).
It is the first time Singapore has topped the list. It is followed by Shanghai, last year's leader.
Hong Kong, another Asian city, completes the top three. London and New York are other cities in the top five.
Factors
What led to Singapore's rise to the top?
Singapore's rise to the top is mainly due to its increasing attractiveness to investors and foreign residents. China's long pandemic-related lockdown and Yuan's fall against the Dollar also helped Singapore.
What makes Singapore very expensive is the rising demand for accommodation, premium schooling costs, and high general cost of living, said the report.
Local consumers are feeling the brunt of these changes.
India
Mumbai is ranked 18th in the world
Only one city from India is on the 25-city list. As expected, it is Mumbai.
Mumbai is now the 18th most expensive city for luxurious living. In 2022, it was ranked 24. Per the report, Mumbai is expected to rise even further in the coming years.
The city is the most expensive when it comes to the cost of health insurance.
Information
Mumbai ranked last in jewelry, ladies' shoes, and whiskey
The report is compiled based on the price of an index of goods and services. Mumbai ranked last in jewelry, ladies' shoes, and whiskey. According to the report, the price of cars increased by 56% year-over-year in the city.
Regions
Asia is the most expensive region in the world
Asia is the most expensive region in the world. In the top 10, there are four Asian regions, including Singapore, Shanghai, Hong Kong, and Taiwan.
Meanwhile, the most affordable regions are Europe, the Middle East, and Africa. Many European cities fell in the ranking.
London fell from second to fourth, Paris from 10th to 13th, and Zurich from seventh to 14th.