Singapore has risen to the top of the rankings as the most expensive city in the world for luxury living, according to a report from Swiss wealth manager Julius Baer Group. The city-state, which was fifth in 2022, surpassed Shanghai and Hong Kong due to its appeal to high-net-worth individuals, demonstrated by rising prices and an estimated 1,500 family offices by the end of 2022. The report cited high living standards and increasing demands on local infrastructure as reasons for the elevated cost, with residential property, cars, and essential health insurance significantly more expensive than the global average. Julius Baer's Lifestyle Index also showed that Asia remained the costliest region for luxury living for the fourth consecutive year.