Singapore Ranked as Most Expensive City for the Wealthy

Singapore has been ranked as the most expensive city to live in for high-net-worth individuals, according to a report by Swiss bank Julius Baer. This is the second consecutive year that Singapore has held the title, with the ultra-wealthy flocking to the city thanks to its stable political and economic environment and pro-business policies, reports the South China Morning Post. The Global Wealth and Lifestyle Report 2024 by Julius Baer, ​​released on Tuesday, aims to provide a better understanding of the global cost of living.

The rankings are determined by the bank's Lifestyle Index, which examines the cost of 20 premium goods and services typically purchased by individuals with more than US$1 million in investable assets in 25 cities around the world. In Singapore, nearly half of these items are among the top five most expensive globally, The Business Times noted.

Notably, Singapore has the highest cost of car ownership and the second most expensive private healthcare in the world. Despite these high costs, it remains an attractive place to live and work due to its stable politics, excellent healthcare, low crime rate, efficient public transport, and strong currency.

 According to the report, this year, the global cost of living is set to increase by 4% in US dollar terms, a slower increase than the 6% increase in 2023. Asia ranks as the second most expensive region after Europe, the Middle East, and Africa, which are grouped as one region by the Swiss bank.

Other cities in the top 10 this year are Hong Kong (#2), London (#3), Shanghai (#4), Monaco (#5), Zurich (#6), New York (#7), Paris (#8), Sao Paulo (#9), and Milan (#10).