Singapore retained its position as the costliest city in the world for spending on luxury goods such as jewelry and shoes and services including dining, healthcare and education, according to a new study.
In its latest report, Swiss wealth manager Julius Baer Group Ltd. revealed that Singapore was closely followed by Hong Kong and London in the second and third spots in the ranking, respectively.
Singapore continues to attract ultra-wealthy individuals
According to the analysis, Singapore’s ranking in the top spot can be attributed to the nation’s growing attractiveness among ultra-wealthy individuals due to its political stability and economic strength.
“Singapore, at number one, remains the world’s most expensive city. It is also the most expensive place to own a car,” said the report.
It added: “The city continues to attract the ultra-wealthy by maintaining its reputation for political and economic stability alongside a pro-business environment.”
The Lifestyle Index prepared by Julius Baer ranks the world’s 25 most expensive cities by analysing residential property, cars, business class flights, school, degustation dinners and other luxuries.
During the survey, the Swiss firm analyzed high-net-worth individuals with bankable household assets of $1 million or more from February to March 2024.
According to the report, Hong Kong is the most expensive city for engaging a lawyer and the second most for buying property.
Shanghai came in the fourth spot in the list, followed by Monaco, Zurich, and New York, in the fifth, sixth, and seventh spots, respectively.
Paris came in the eighth spot, while Sao Paulo and Milan grabbed the ninth and tenth ranks, respectively.
On the other hand, Dubai dropped to the 12th spot in this year’s list compared to the Emirate’s seventh rank in 2023.
Number of HNWI flowing to Singapore
Earlier this month, another analysis by Henley&Partners revealed that Singapore is the third desirable destination for high net-worth individuals globally, with nearly 3,500 millionaires set to relocate to the nation by the end of this year.
According to this report, the United Arab Emirates came in the top spot with 6,700 moneyed migrants expected to make the Emirates home by the end of the year.
The US came in the second spot, while, Canada and Australia grabbed the fourth and fifth places, respectively in the ranking.
