SINGAPORE — Singapore has become the most expensive city for goods and services for the wealthy for the first time, overtaking Hong Kong, London and New York, according to a report on Tuesday.
Cars and essential health insurance in Singapore are 133% and 109% more expensive than the global average, among 12 consumer goods and eight services that reflect the spending habits of wealthy people, according to Julius’ Global Wealth and Lifestyle report Bar. year.
The politically stable and tax-friendly city-state was one of the first Asian cities to significantly ease pandemic-related restrictions and began to see an influx of wealth.
Housing demand is high, school places are scarce and the general cost of living for everyone is high in Singapore, the report adds.
Shanghai, in first place last year, fell to second place. Possible factors include longer pandemic restrictions than in other cities, according to the report. Hong Kong was ranked third.
Johannesburg was at the bottom of the list, which covered 25 cities around the world.
Singapore tops list of cities with highest cost of living
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