- The Julius Baer Group June Global Wealth and Lifestyle Report has ranked Singapore as the most expensive city in the world for luxury living.
- Singapore surpassed Shanghai and became the first Asian city-state to take the number one spot.
- Other high-ranking cities boast secure and prosperous atmospheres, and are attractive world metropolises for high net-worth individuals (HNWIs).
The latest 2023 Global Wealth and Lifestyle Report from the Swiss private bank Julius Baer Group has identified Singapore as the most expensive city for an affluent lifestyle.
Singapore overtook Shanghai in the rankings with a significant leap from fifth in 2022 and ninth in 2021.
The first three spots were taken by Asian cities: Singapore, Shanghai and Hong Kong. London and New York took fourth and fifth, with Monaco, Dubai, Taipei, São Paulo and Miami finishing off the top 10.
The report, published on 27 June, indicates that the cost of every Singapore product and service included in the Julius Baer Lifestyle Index rose an average of 13% in the last year, corresponding to a 6% rise in US dollars.
For the fourth consecutive year, the 2023 Index has reconfirmed Asia as the most expensive region to lead a luxurious life. The results of the Lifestyle Report 2023 indicate that HNWIs are increasingly attracted to luxury Asian locations as HNWIs are better able to retain their wealth in these cities.
Asia’s prominence as a hub of wealth, lifestyle and economic power is evident, with six of the region’s cities rising in the rankings.
Analysts from Julius Baer noted that the Singapore government had successfully made it an attractive destination for international HNWIs by maintaining a stable airport, luxury entertainment, dining experiences and real estate.
International HNWIs wishing to visit Singapore and enjoy the city’s luxuries should use safe money transfer methods when making transactions.
According to a Singapore government website, the average monthly rental cost for a private condominium in the central city area averages between $2,830 and $4,285.
As with all of the top-ranking cities, Singapore has one of the world’s highest GDP per capita and aims to be a prominent global centre for the affluent.
Wealthy visitors looking to purchase or rent a primary or secondary residence in Singapore will benefit from a reliable money transfer service that provides favourable exchange rates on global money transfers.
HNWIs looking to invest overseas can compare foreign exchange rates using our online money transfer comparison tool.
