20-6-2023 (SINGAPORE) Singapore has claimed the title of the most expensive city for goods and services catering to wealthy individuals, surpassing Hong Kong, London, and New York, according to a report released on Tuesday. The Global Wealth and Lifestyle report by Julius Baer revealed that cars and essential health insurance in Singapore are priced 133% and 109% higher than the global average, respectively.
The city-state, known for its political stability and tax-friendly environment, was among the first in Asia to ease pandemic restrictions, leading to an influx of wealth.
The report highlighted the high demand for accommodation, limited school availability, and the overall high cost of living in Singapore. Shanghai, which held the top spot last year, dropped to second place, potentially due to longer pandemic-related restrictions compared to other cities.
Hong Kong secured the third position, while Johannesburg ranked at the bottom of the list among the 25 cities included in the study.
