Singapore has become the world’s most expensive city for high-end living for the third consecutive year, followed by London and Hong Kong.
According to Julius Baer’s annual report published on the 14th, despite Singapore’s high prices for luxury goods and premium services, many high-net-worth individuals and businesses are still attracted by Singapore’s stable political environment, safety, and high-quality services such as education and healthcare.
Overall, Singapore’s stable society and comprehensive transportation network have made the city a prime choice for relocation and residence.
Additionally, Singapore ranks highest in the categories of automobiles and women’s handbags, second in women’s shoes, and third in residential real estate and healthcare. It ranks 21st in the treadmill category.
Monaco and Zurich are ranked fourth and fifth, respectively. Shanghai fell two places to sixth.
Dubai and New York ranked seventh and eighth, respectively. Paris and Milan are ranked ninth and tenth.
This survey, conducted since 2020, has seen luxury prices decline for the first time, with a drop of 2%.
Julius Baer pointed out that this is “quite unusual,” as historically, the prices of high-end consumer goods have typically risen at twice the rate of regular consumer products.
The High-End City Index tracks the price trends of 20 types of luxury goods and high-end services in 25 major cities worldwide, including housing, business class flights, automobiles, jewelry, and laser eye surgery.