Singapore becomes most expensive city for rich people for first time

According to banking group Julius Baer, Singapore has for the first time become the most expensive city for goods and services for the rich, surpassing Hong Kong (China), London (UK) and New York (USA).

This is the ranking according to the Global Wealth and Lifestyle Report 2023 by the Swiss-based banking group Julius Baer.

According to the report, cars and basic health insurance in Singapore are 133% and 109% more expensive than the world average, respectively, among 12 consumer goods and eight services that reflect the spending patterns of the wealthy.

Singapore was one of the first cities in Asia to ease Covid-19 restrictions and quickly saw an influx of assets into the country.

The report also said that in Singapore, housing demand is very high,education is expensive and the general cost of living is high.

Shanghai, which was ranked No. 1 in 2022, has now dropped to No. 2, possibly due to longer-lasting pandemic restrictions than other cities, according to the report. Hong Kong ranked No. 3. Johannesburg was at the bottom of the list of 25 cities in the world .

Last year, Singapore and New York topped the list of the world's most expensive cities to live in, published by the Economist Intelligence Unit (EIU).

The growing domestic and foreign population, while the small size, are said to be the top reasons why the cost of living in Singapore remains high.

The city has few natural resources and must import almost all of its food. The cost of owning and operating a car in Singapore is also among the highest in the world.

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