Singapore is the most expensive city to live in luxury, according to a report by Julius Baer Group.
Rents, house prices, tuition fees, car taxes, and living expenses are all high in the city-state.
Shanghai, Hong Kong, London and New York complete the top five.
Singapore is the most expensive city for a middle-class lifestyle, according to a new report from the Julius Baer Group.
The Swiss private bank released its 2023 Global Wealth and Lifestyle Report on Tuesday.
Singapore pushed Shanghai off the podium, marking the first time the Asian city-state topped the rankings. It came in fifth place last year and ninth in 2021.
Julius Baer analysts wrote that the Singapore government had been successful in its attempts to make it an attractive place to live and work for wealthy people, but it had also driven prices up.
In particular, the city-state, which has a population of just over 5.5 million, has high rents, real estate prices, tuition fees, car taxes and living expenses, wrote the analysts. Essential health insurance is more than double the global average, they added.
According to a cost-of-living calculator on a Singapore government website, a room in a condominium outside the city-state’s central region typically costs between 1,300 and 2,350 Singapore dollars per month ($970 to 1 $750).
Renting a private condominium costs on average between 3,800 and 5,750 Singapore dollars per month ($2,830 to $4,285).
“Long regarded as livable, stable and cosmopolitan, Singapore is now in the running to become a leading global center for the wealthy,” Julius Baer analysts wrote, adding that it has a bustling airport and one the highest GDP per capita in the world.
By the end of 2022, Singapore had around 1,500 family offices, double the number from the previous year.
Here is Julius Baer’s ranking of the 10 most expensive cities to “live well”:
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