Singapore remains the most expensive city for high-net-worth (HNW) individuals for the second year, according to Julius Baer’s Global Wealth and Lifestyle Report 2024. The city-state’s political and economic stability and pro-business environment attract the ultra-wealthy. Hong Kong rose to second place, followed by London. Shanghai slipped to fourth. The Lifestyle Index measures the cost of goods and services in 25 cities. Despite global geopolitical tensions, inflation is down, and spending has returned to pre-pandemic levels. Currency fluctuations influenced price changes, with Zurich, Milan, and Mexico City rising, while Tokyo, Bangkok, and Dubai fell. Singapore is the most expensive city to own a car and ranks high for private medical care. The city-state remains desirable due to its stability, good healthcare, low crime, and strong currency.
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