These Are The Most Expensive Cities In The World To Live In Affluently.

 The cost of living is lowest in Europe, the Middle East, and Africa for the first time since the report's inception, with European cities falling in the ranks.

As it competes to be a prominent global hub for the wealthy, Singapore climbed to the top of the rankings as the most expensive city in the world for luxury living for the first time. According to a survey by Swiss wealth management Julius Baer Group Ltd., the city-state, which is placed fifth in 2022, overtook Shanghai and Hong Kong, which are in the second and third rankings, respectively.

Due to its appeal to high-net-worth individuals, Singapore was one of the first countries in Asia to reopen its borders during the epidemic. As a result, locals there are now dealing with soaring prices. According to the report, Singapore will have 1,500 family offices by the end of 2022, which is a twofold increase from the previous year. It is the most pricey city.

According to the report published on Tuesday, "high living standards and soaring demands on local infrastructure mean life here does not come cheap." "Residential property is in extremely high demand, punitively taxed cars are 133% and essential health insurance is 109% more expensive than the global average, respectively."

By examining residential real estate, automobiles, business class travel, business schools, degustation dinners, and other indulgences, Julius Baer's Lifestyle Index determines the top 25 most expensive cities in the world. For the fourth consecutive year, Asia continued to be the region where luxury living is most expensive.

New York was another significant gainer, moving up from 11th to fifth last year as a result of a strengthening currency and a recovery from the pandemic.

London dropped from second to fourth position. According to Julius Baer, the "ensuing turmoil" and Brexit have done more damage to the UK's reputation, and London is now facing stiff competition from other emerging financial centers like Dubai and Singapore.

For the first time since the report's inception, the region with the lowest cost of living is Europe, the Middle East, and Africa, with European cities falling in the ranks.

Zurich dropped to 14th place as Dubai entered the top 10 for the first time and rose to the rank of seventh most expensive city. According to Julius Baer, the relocation of numerous well-off people has had an impact on real estate prices and demand, making The Emirate a "star performer" in this year's index.

As epidemic limitations were eased and freedom was restored, the study discovered an increase in demand for travel and recreation. The price of luxury goods like whisky and wine, which were benchmarked by a bottle of Chateau Lafite Rothschild 2018 vintage, increased the most globally by 17.2% and 16.2%, respectively.

"Experiential spending has increased with people embracing their freedom and indulging in social experiences," the survey stated.

Hotel suites and business-class travel were two additional significant gainers. However, there were a few outliers. Bicycle costs decreased by 1.8% after rising to "hugely expensive" levels during the outbreak.

Between February and March 2023, Julius Baer conducted a study of high-net-worth people with bankable household assets of $1 million or more.