Top 10 Most Expensive Cities For High-Class Living

-

Singapore surged to top the rankings as the most expensive city in the world for luxury living for the first time as it vies to be a leading global center for the rich. The city-state ranked fifth in 2022, leapfrogged ahead of Shanghai and Hong Kong, which are in second and third spots, respectively. The pricey cities attract wealthy international bankers, business people, and families with a strong appetite for the finer things in life. The list is compiled by Swiss wealth manager Julius Baer Group Ltd, which calculates prices for food, housing, transport, and utilities. It also considers exchange rates and other factors, such as taxes and the cost of a legal system.

The Singapore dollar is one of the strongest in the world, making it a costly place to live. But its residents enjoy a luxurious lifestyle, from renowned cuisine to the best in entertainment and retail. The country’s affluent residents also have the advantage of being able to buy property at home and abroad since the currency is pegged to the euro and the US dollar.

A city’s ranking depends on a combination of factors, including the cost of living and the number of affluent residents. In addition to its low unemployment rate and excellent education, Singapore’s reputation for being a safe and secure place to live attracts wealthy investors. It has been a popular location for foreigners to set up family offices and invest in real estate, according to KPMG’s Family Office and Private Clients report.

While the Covid-19 pandemic was a wake-up call for many ultra-high-net-worth individuals, it also reinforced the importance of establishing family offices and having robust succession plans. Amid the heightened awareness, Singapore has emerged as an attractive destination for UHNWIs, with its global network of advisers and a competitive investment environment.

UHNWIs have also been drawn to the city-state for its high living standards, education, healthcare, and strategic geographical position as a gateway to Asian markets. Many have also established their family offices in Singapore to take advantage of its tax benefits, which include a flat rate of 15 percent for wealth-transfer taxes.

Beijing, the second most expensive city for luxury living, has a high cost of living, with the most significant expense being housing. However, the city’s proximity to UNESCO World Heritage sites and the relatively low cost of living on the city’s outskirts make it a good choice for those looking for an affordable location with access to everything the city offers.

Tokyo, Japan, is a vibrant metropolis with a captivating mix of modern and traditional Japanese culture. Its upscale restaurants and retail, efficient transit, and friendly people make it a desirable place to live. But all of that comes at a price, with the highest expenses for housing and transport.

Tel Aviv is a beautiful, lively city famous for its vibrant nightlife and renowned cuisine. But all that fun comes at a price, with the Israeli city ranked ninth for its high living costs. Rents are higher than in other European cities, while essential grocery items and imported goods are more expensive.

Sage Nelson
She is a content crafter and a freelance writer for hire. She works with B2B businesses to create compelling content that attracts and converts. She is the keen lover of reading and writing, which is the reason, she rights almost about on all topics.

LATEST POSTS

Impact of Housing Costs: US Voters Prioritize Affordable Housing in 2024 Election

As the nation continues to confront a longstanding housing affordability crisis, the gravity of the situation is becoming more evident. This crisis is not only...

Living Large: Singapore and Zurich Top the List of World’s Most Expensive Cities

Singapore and Zurich tied for the world's most expensive city this year, followed by Geneva, New York, and Hong Kong, the Economist Intelligence Unit (EIU)...

Elbtower Construction Halts in Hamburg, Casting Doubt on German Property Sector

The construction of one of Germany's tallest buildings has abruptly halted midway after the developer stopped paying its builder, yet another ominous sign for the...

New York Remains Top Financial Hub, London Still Second Despite Post-Brexit Challenges

New York has easily remained the world's top financial center, with London still second and gaining some ground. Still, also facing a more brutal fight...

Most Popular