SINGAPORE has become the world's most expensive city for the first time, ahead of Shanghai and Hong Kong. In 2022, the city-state ranked fifth in the Julius Baer list, which is based on "a basket of goods and services" associated with a high-end lifestyle (residential properties, luxury cars, designer handbags, etc.).
This major Asian hub is a regular in annual rankings of the most expensive cities to live in, including that compiled by the British weekly The Economist, where it tied with New York for first place in 2022. Surprisingly, the Big Apple takes fifth place in the Julius Baer index. The United States' flagship city is outranked by two Asian metropolises, but also by London, the most expensive capital on the Old Continent.
Monaco retains its sixth place in the ranking for the second year running, while Dubai leaps up to seventh. This favorite destination of the ultrarich (and influencers) was the world's 14th most expensive city last year. Although Miami is in tenth place, the Florida seaside city saw the biggest increase in cost of living (+22%) in one year.
Conversely, Paris dropped three places in the rankings to 13th. Like Milan and Barcelona, the French capital dropped down the index due to the euro's weakening against the dollar. But these European cities continue to attract affluent customers thanks to the luxurious lifestyle they offer.
Top ten cities in Julius Baer's ranking of the world's most expensive cities:
- Singapore
- Shanghai
- Hong Kong
- London
- New York
- Monaco
- Dubai
- Taipei
- São Paulo
- Miami – ETX Daily Up, June 24, 2022
