Singapore has been named the world’s most expensive city for wealthy residents for the third year in a row, according to a report by Swiss banking group Julius Baer.
London ranks second in the rating, followed by Hong Kong in third place. Monaco and Zurich are also among the five most expensive cities, with Shanghai, Dubai, New York, Paris, and Milan not far behind.
The calculation was based on the price index for 20 goods and services used by wealthy citizens, including expensive cars, jewelry, legal services, and private school education. A survey of 360 millionaires was also taken into account.
Julius Baer notes that prices for luxury goods and services typically rise twice as fast as overall inflation. In particular, business class flights have been increased in price by 18.2% over the past year.
The bank’s analysts also noted that two Asian cities, Singapore and Hong Kong, were among the three most expensive cities in the world for wealthy individuals.
It is noted that the index was compiled before US President Donald Trump announced a significant increase in import duties, which led to volatility in global markets and a revaluation of several assets. In particular, since then, the US dollar has fallen against most major world currencies.