The cost of living in Asia is on the rise with Singapore leading as the priciest city for the wealthy, according to a Julius Baer report.
Globally, Singapore is the most expensive city to live in for high net worth individuals, according to Julius Baer’s «Global Wealth and Lifestyle Report 2023», rising from fifth place in 2022.
Overall, Asia dominated the top ranks with Shanghai ranked at second place and Hong Kong ranked at third place after ranking first and fourth, respectively, in 2022. This extends beyond the top cities in the region with other noteworthy ranking changes by Bangkok (15th to 11th), Jakarta (19th to 12th) and Mumbai (24th to 18th).
The rankings were based on an index tracking price changes from a basket of 20 goods and services in 25 cities worldwide, including essentials like residential property or luxury products like jewelry, whisky or wine.
Price Changes
Within Asia, the goods and services that saw the sharpest price increase in the past year were hotels (39.1 percent increase), flights (32.9 percent) and cars (25.2 percent). Globally, wine (17.2 percent), whisky (16.2 percent) and hotels (15.3 percent) led in price increases.
Overall prices for all goods and services in the «Julius Baer Lifestyle Index» rose by an average of 13 percent and 6 percent in local currencies and US dollars, respectively, over the past 12 months.
«Price rises in premium goods and services underpin the case that wealthy consumers need to achieve a high single-digit investment return in US dollar terms to preserve their wealth,» said Julius Baer head of research Christian Gattiker.
