Julius Baer, the international reference in wealth management, recently published its latest edition of the annual Global Wealth and Lifestyle Report which includes some surprising findings.
According to the report, the cost of living in Asia is on the rise and the region has been named the most costly region in the world to live in, with a majority of Asian cities dominating the top ranks.
The most apparent change is at the top of the list, whereby Singapore snatched the title of the most expensive city in the world to live in from Shanghai, rising from 5th place last year.
Making up the top three is Shanghai in second and Hong Kong in third. Other Asian countries that make it into the top 20 are Bangkok at 11th place, Jakarta at 12th and Mumbai at 18th.
Before you ask, no, Kuala Lumpur was not listed in the rankings as our capital city was not too high ranked in the index.
According to Julius Baer, the rankings are based on an index tracking price changes from a basket of 20 goods and services in 25 cities worldwide. These include essentials such as residential property or luxury products like jewellery, whisky or wine.
Besides that, the report also revealed that goods and services in Asia saw the sharpest price increase over the past year. These include a price increase in hotels (39.1% increase), flights (32.9%) and cars (25.2%).
In its spotlight on Singapore, the report asserted that the island state’s top spot can be contributed to “determined efforts in financial regulations and government policy”.
Furthermore, Singapore is also one of the first places in Asia to reopen its borders during the pandemic, making the city one of the most popular with new arrivals.
Changi Airport has been voted one of the world’s best airports, and air traffic volume is now greater than Hong Kong’s for the first time since 1998.
Besides that, the report said that Singapore is politically stable, increasingly digitally advanced and offers one of the world’s highest GDPs per capita.
Well, no wonder all the international artists such as Coldplay and Taylor Swift are queuing up concert days in the country!
So, what do you guys think of the report? Share your thoughts with us in the comments.
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