In Singapore (Photo: AFP) Hanoi (VNA) – Singapore has for the first time overcome Hong Kong (China),London (UK) and New York (US) to become the most expensive city for an upper-class lifestyle, according tothe 2023 GlobalWealth and Lifestyle Report released recently by Julius Baer Group basedin Switzerland.
The report indicated thatcars and basic health insurance in Singapore are more expensive than the globalaverage, with costs standing at 133% and 109%, respectively. These figures arepart of the 12 consumer goods and 8 services reflecting the spending patternsof the wealthy.
Singapore is one of thefirst cities in Asia to ease COVID-19 restrictions, and it has quicklywitnessed an influx of wealth into the island state.
The report also highlighted that Singapore has a high demand for housing, expensive education, and a highcost of living in general.
Shanghai, which held the top position in2022, has dropped to the second place, possibly due to prolonged pandemicrestrictions compared to other cities. Hong Kong ranks third, while Johannesburg (South Africa) isplaced at the bottom of the list, which includes 25 cities worldwide.
Lastyear, Singapore and New York topped the list of theworld's most expensive cities to live in, according to the EconomistIntelligence Unit (EIU).
The increasing population,both local and foreign, in a small land area is considered the primary reasonfor the consistently high cost of living in Singapore. The city-state haslimited natural resources and needs to import almost all of its food. The costof owning and using a car in Singapore is also among the highest in the world./.
