A tremendous percentage of the world economy consists of luxury goods and services. This is a privileged class of people with advanced tastes and plenty of financial clout. Luxury consumption is most often viewed as a status symbol, a measure of success and a desire for the best in life.
This ranges from private aircraft and bespoke travel arrangements to high-end automobiles and bespoke garments.
Extremely skilled workmanship, high-quality materials, top-notch service, and often limited supply define this luxury segment.
The report’s definition of luxury spending ranges broadly across exclusive services and high-end products. They include lavish outlays such as expensive shoes and expensive jewelry, and better services like exclusive dining experiences, first-rate medical care, and high-functioning schools.
Which is the Costliest City in the World to Spend on Luxury Products?
Singapore has once again held the position of the most expensive city to live and indulge in worldwide, based on a latest annual report from Swiss Wealth Manager Julius Baer Group Ltd. This cosmopolitan city-state edges out other global financial hubs like Hong Kong and London, a reflection of its unique appeal to the high net worth individuals.
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Singapore’s number one ranking across this list supports its good economic environment and attractive lifestyle choices for high-income earners.
Why Singapore Stands Out
Singapore’s enduring attraction to the world’s wealthy can be attributed to several factors. Its untarnished reputation for political tranquility and economic stability provides a secure place to build and preserve wealth.
Apart from this, the city also boasts a very pro-business attitude with good regulation, a high-skilled workforce, and good infrastructure to make it an appealing global center for wealth management. All these combined make it a preferred environment for luxury consumption to flourish.
Other Contenders
|
Rank |
City |
|
1 |
Singapore |
|
2 |
Hong Kong |
|
3 |
London |
|
4 |
Shanghai |
|
5 |
Monaco |
|
6 |
Zurich |
|
7 |
New York |
|
8 |
Paris |
|
9 |
Sao Paulo |
|
10 |
Milan |
While Singapore leads the pack, other significant cities also show themselves well in the luxury spending index. Hong Kong has become the world’s second most expensive city to buy luxury items and services.
The report specifically mentions Hong Kong’s high costs in certain areas, referring to it as the most costly city for accessing legal services and the second most expensive for acquiring property. This is due to the demand being high and supply being low in one of Asia’s top financial centers.
Ranking second is London, which has climbed to third position. The British capital continues to be a hub of luxury global business, attracting high-net-worth individuals with its historic reputation, cultural events, and luxury services.
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