Singapore has topped the list of cities with the highest cost of high-end living worldwide, surpassing Shanghai and London for the first time. This is according to the 2023 Global Wealth and High-End Living Report released today (June 20) by Swiss private bank Julius Baer, which ranked the discretionary spending of high-net-worth individuals in 25 major cities around the world.
The report shows that Singapore has risen four places from fifth last year to become the most expensive city in the world, surpassing Shanghai, London, Taipei, and Hong Kong. Last year's top city, Shanghai, is now ranked second, London has fallen to fourth, while Taipei and Hong Kong are ranked eighth and third respectively.
The report also pointed out that as of the end of last year, there were about 1,500 family offices in Singapore, a number that has doubled since 2021.
In terms of global price changes for consumer products and services, the price of wine increased the most, reaching 17.23%; followed by whiskey, with an increase of 16.15%; and hotel suites, with an increase of 15.25%.
On the other hand, residential prices have fallen the most. Bicycles, which saw a significant price increase during the pandemic, have also experienced a 1.8% decline this year.
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