Shanghai fell to second place this year and Hong Kong to third
Singapore has for the first time become the most expensive city for goods and services aimed at wealthy people, overtaking Hong Kong, London and New York, according to this year’s Julius Baer’s Global Wealth and Lifestyle report.
Shanghai, which was in first place last year, fell to second place this year.
Hong Kong is in third place, while Johannesburg is at the bottom of the list, which covers 25 cities around the world.
The most expensive goods and services
The politically stable and tax-friendly city-state is one of the first Asian cities to significantly ease restrictions to stem the pandemic and has begun to see a concentration of wealth.
Cars and health insurance in Singapore are 133% and 109% more expensive than the global average, among 12 consumer goods and eight services that reflect the spending habits of affluent citizens.
Demand for housing is high, school places are scarce and the general cost of living for all is high in Singapore, the report added.
Source :Skai
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