Singapore is once again the world's most expensive city for luxury living, according an annual report by Swiss wealth manage Julius Baer Group.
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Singapore’s political and economical strength, as well as its business-focused environment, have continued to attract high-net-worth individuals. As for spending, the locale is the costliest city when it comes to buying goods such as jewelry and shoes. Residents are also dropping hefty sums on dining, health care, and education.
“As this year’s results show, the impact of the global pandemic has settled into a ‘new normal.’ However, inflation, rising living costs, and increased geopolitical tensions continue to impact prices and priorities globally,” the report said. ranking is based on several different factors and takes into account assets like real estate, watches, cars, handbags, and other luxury items.
“This year’s report shows that currencies matter a lot,” Christian Gattiker, head of research at Julius Baer, explained in the report. “Take Tokyo as an example. This used to be the posterchild of an ultra-expensive city in the 1990s. However, the steady decline of the yen has shown how this can change.” have dropped in the ranking, while Mexico City leapfrogged from 16th to 21st place due to the strength of the peso. You can check out the top 10 ranking below.
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