The city-state topped the list of cities where maintaining a luxurious lifestyle is a costly way of life.
The city is known for its high-rise buildings and busy streets—Singapore is one of the best cities in the world. Strict yet effective regulations maintain the cleanliness of the city’s streets. The metropolis itself is walkable and pedestrian friendly. Also, it is a cultural melting pot—housing many ethnicities and nationalities. Compared to other cities in South East Asia, the Lion City is truly miles apart from its contemporaries.
With such advancements, it is not surprising that the Swiss private banking firm, Julius Baer Group, named Singapore the most expensive city in the world. Julius Baer Group released the top 10 list of the most expensive cities in the world, and Singapore ranked one. The Garden City ranked one, ousting Shanghai and Hong Kong. Both cities are respectively second and third on the list.
The private banking firm explains that the list was made by analyzing the cost of maintaining a well-off lifestyle. Buying and affording weren’t the only factor considered in the ranking of the cost of sustaining a wealthy lifestyle. “To accurately rank these cities, as in previous years, the report’s Lifestyle Index analyses the cost of a basket of goods and services representative of ‘living well’ in 25 cities around the world,” said the bank. Aside from Singapore, three more Asian cities are on the list. The inclusion of four major cities from the region indicates that Asia is the most costly region to live well in—for the fourth straight year.
Singapore topped the list because of the high cause of luxury services and goods. “The greatest price increases are in high-demand, premium consumables such as wine and whisky, as well as luxury cars and hospitality services,” according to the Swiss firm’s 2023 Global Wealth and Lifestyle Report. The prices of business class flights, treadmills, wines, whisky, and degustation dinners are the main contributors to the rise of Singapore to the top spot.
Banner photo via Instagram @visit_singapore.