Singapore surged to top 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 center for the rich.
The city-state, ranked fifth in 2022, leapfrogged ahead of Shanghai and Hong Kong, which are in second and third spots respectively, according to a report by Swiss wealth manager Julius Baer Group Ltd.
Julius Baer’s Lifestyle Index ranks the world’s 25 most expensive cities by analyzing residential property, cars, business class flights, business school, degustation dinners and other luxuries. Asia remained the most costly region for luxury living for the fourth straight year. For the first time since the report began, Europe, the Midde East and Africa is the most affordable region to live well, with European cities dropping in rankings.
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