The Swiss bank Julius Baer Group has published a fresh report Global Wealth and Lifestyle Report, which included the rating of the most expensive cities in the world.
Financial analysts have studied the cost of a basket of goods and services for a “prosperous life.” It turned out that the highest costs are among residents of Asian megacities. The city-state of Singapore took first place in the ranking for the first time, followed by last year’s leader Shanghai, and Hong Kong in third place, making the ranking’s “podium” entirely composed of Asian cities. Asia has been the region with the highest spending on well-being for the fourth consecutive year, the analysts added.
But European cities, on the contrary, dropped in the ranking. London, which was No. 2 last year, has dropped to No. 4, and aside from Monaco, the British capital is the only European city in the top ten. Dubai has quickly climbed up the rankings to 7th place from just 14th last year.
According to the authors of the report, prices for all goods and services included in the index have risen by 6 percent in US dollars over the past year.
Top 10 most expensive cities in 2023 looks like this:
- Singapore
- Shanghai
- Hong Kong
- London
- New York
- Monaco
- Dubai
- Taipei
- Sao Paulo
- Miami
The full report can be found at this link.