Singapore topped the list of the world’s most expensive cities in 2023

Singapore has topped the list of the world's most expensive cities as the country strives to become a top destination for the global affluent.

According to a 2023 Global Wealth and Lifestyle report by Julius Baer Group - the Swiss private bank, Singapore jumped from 5th place in 2022 to 1st place in the ranking of the most expensive cities in the world in 2023, marking the first time This Asian country topped the ranking. Meanwhile, Shanghai was surpassed by Singapore and only ranked 2nd, followed by Hong Kong, which ranked 3rd.

Singapore was one of the first places in Asia to reopen its borders during the pandemic, and this makes Singapore attractive to the world's wealthy. However, this also causes prices in Singapore to rise, making the lives of locals less than pleasant. According to the report, Singapore is the city with the highest car prices in the world due to high taxes. In addition, real estate, and essential health insurance in Singapore are also much more expensive than the global average. Specifically, cars are 133% more expensive, and health insurance is 109% more expensive.

According to a cost-of-living calculator on the Singapore government website, a room in an apartment block outside the city's central area typically costs between 1,300 and 2,350 Singaporean dollars a month ($970 to $1,750). Renting a private condominium costs an average of 3,800 and 5,750 Singaporean dollars a month ($2,830 to $4,285). ''Long considered liveable, stable, and cosmopolitan, Singapore is now vying to become a leading global center for the wealthy'', wrote Julius Baer analysts.

The Julius Baer Lifestyle Index ranks the world's 25 most expensive cities by analyzing residential properties, cars, business class flights, business schools, luxury dinners, and other luxury items. Asia remains the region with the highest cost of living for luxury living for the fourth year in a row.

New York is also one of the cities to climb higher, climbing from 11th place in 2022 to 5th this year due to the strengthening of the dollar and the recovery after the pandemic. Meanwhile, London has dropped to 4th place from 2nd place. The city is currently facing fierce competition with emerging financial centers such as Dubai and Singapore.

Dubai (first into the top 10), became the 7th most expensive city, while Zurich (Switzerland) fell to 14th place. Julius Baer showed that the Emirate of the UAE is a prominent star in the index, ''Most recently, it has seen the relocation of large numbers of wealthy individuals, which has affected property prices and demand in the Emirate of the UAE''.

The survey showed that demand for travel and entertainment is increasing as pandemic restrictions are lifted and freedom is restored. A lot of people are still in the post-pandemic partying phase, said Mark Matthews, Head of Asia-Pacific Research at Julius Baer.

Other big price increases include hotel rooms and business-class flights. However, there are also some exceptions. Bicycle prices, once very expensive during the pandemic, have dropped 1.8 percent. Julius Baer surveyed wealthy people whose household assets were able to bank $1 million or more between February and March 2023.