Singapore tops list of costliest cities for goods, services aimed at the wealthy
A view of the vessels anchored in the eastern anchorage area, seen behind the Marina Bay Sands integrated resort in Singapore on July 26, 2022.
PHOTO: Reuters
PUBLISHED ONJune 20, 2023 9:18 AM
SINGAPORE - Singapore for the first time became the most expensive city for goods and services for wealthy people, overtaking Hong Kong, London and New York, according to a report on Tuesday (June 20).
Cars and essential health insurance in Singapore are 133 per cent and 109 per cent more expensive than the global average, among 12 consumer goods and eight services that reflect the spending patterns of high-net-worth individuals, according to Julius Baer's Global Wealth and Lifestyle report this year.
The politically stable and tax-friendly city-state was one of the first Asian cities to significantly ease pandemic restrictions, and has started to see an influx of wealth.
Demand for accommodation is high, school places are at a premium, and the general cost of living for everyone is high in Singapore, the report added.
Shanghai, in first place last year, fell to second. Possible factors include longer pandemic restrictions than in other cities, the report said. Hong Kong was ranked third.
Johannesburg was at the bottom of the list, which covered 25 cities across the world.
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