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Shanghai surpasses Hong Kong as the world’s most expensive city for the rich From Julius Baer

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According to the 2021 global wealth and high end living report released by Swiss old private bank Julius Baer on Friday, the Asia Pacific region has become the most expensive place in the world for high end living cost, with Shanghai surpassing Hong Kong as the most expensive city in the world for high end living cost, and Tokyo and Hong Kong ranking second and third respectively.

The high cost of high-end living in the Asia Pacific region is partly due to its rapid recovery from the new coronavirus pandemic, the report said. In contrast, due to the sharp depreciation of the US dollar, the Canadian dollar and Latin American currencies, America has become the cheapest region for high-end living costs.

The report tracks a basket of consumer goods and services that reflect the lifestyle of high net worth people and analyzes their price trends in 25 major cities around the world. In dollar terms, the luxury items with the biggest price drop were women’s shoes (- 11.7%), hotel suites (- 9.3%) and high-end wine (- 5.6%). The biggest increases were business class air tickets (+ 11.4%), whiskey (+ 9.9%) and watches (+ 6.6%).

Overall, however, the cost of high-end lifestyles around the world has only increased by about 1%, with the rich increasingly turning to conscious choices, which may bring fairer prices to producers, the report said.

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