Singapore has topped the rankings as the most expensive city in the world for luxury living for the first time as it vies to be a leading global centre for the rich.
for the first time as it vies to be a leading global centre for the rich.
“High living standards and ballooning demands on local infrastructure mean life here does not come cheap,” according to the report released last week. “Residential property is in extremely high demand, and punitively taxed cars and essential health insurance are 133 per cent and 109 per cent more expensive than the global average respectively.”
For the first time since the report began, Europe, the Middle East and Africa is the most affordable region to live well in, as European cities dropped in rankings.Dubai vaulted into the top 10 for the first time, The survey found rising demand for travel and entertainment as pandemic restrictions were lifted and freedom returned. The cost of luxury items such as wine, benchmarked by a bottle of Château Lafite Rothschild 2018 vintage, and whiskey globally surged the most by 17.2 per cent and 16.2 per cent, respectively.“A lot of people are still in post-pandemic party mode,” said Mark Matthews, head of research Asia-Pacific at Julius Baer.
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