Asia dominates expensive cities for the high class with the top three spots in the world.
London fell to fourth position, facing challenges from Brexit and Dubai made it to the top ten list for the first time.
The most expensive city in the world is Singapore, followed by Shanghai, China, and Hong Kong. Singapore is on top for luxury, as per the reports given by Swiss wealth manager Julius Baer Group Ltd. Asia is leading with the three most expensive cities in the world. Singapore was the first city to open its borders during the pandemic with an increase in high-net-worth individuals [HNI]. According to the reports of 2022, there was an increase of 1500 family offices, twice the percentage of the previous year. Life does not come cheap in Singapore, as people have a high standard of living. This is the fourth consecutive year that Asia has remained the costliest region for luxury living, with other places like London, New York, and Dubai falling into the top ten list.
The report to mark the priciest cities for the high class was analysed on various factors like residential property, business class flights, cars, business schools, and many other luxuries to prepare this report.
This time New York jumped to the 5th position, which was in 11th rank last year, with a rebound and a strengthening dollar after the pandemic. London, which was in second place last time, is in fourth place this year. The reason behind this fall is the ensuing turmoil, which continued to dent the UK’s reputation. Hence, many European cities had a downfall this year, as per the reports.
Monaco, keeping up on the list, remains a luxurious city, maintaining its wealthy status in 6th position. Dubai made it into the top ten for the first time with the seventh position in the list and is named a “star performer” in this year’s index.
Taipei, a city in East Asia, is a blend of rich culture and a modern lifestyle that secured the 8th position in the top ten list. Sao Paulo, a city in Brazil, is a pleasant mix of various cultures and has a lavish nightlife with uncountable business opportunities. It marked itself in 9th place. Last but not least, Miami, in 10th place, is a city with beautiful beaches, Art Deco architecture, and an attractive entertainment and cultural scene.
The report is prepared based on the analysis of high-net-worth individuals with assets of more than $1 million between February and March 2023.
List of Top Ten Priciest Cities for High Class in 2023:
Singapore
Shanghai
Hong Kong
London
New York
Monaco
Dubai
Taipei
Sao Paulo
Miami
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