Singapore the costliest city for wealthy individuals to ‘live extremely well’: report

The city-state held on to the title for the second year in a row as it continues to draw the ultra-wealthy with its strong political, economic stability, and a pro-business environment, the South China Morning Post reported, citing the bank’s Global Wealth and Lifestyle Report 2024 released Tuesday.

The purpose of the report is to capture the "cost of living extremely well" on a global scale, Julius Baer said.

The ranking is based on the bank’s Lifestyle Index, which analyses the cost of a basket of 20 premium goods and services that represent discretionary purchases by high-net-worth individuals with over US$1 million in investible assets in 25 cities around the world.

In Singapore, nearly half of these items rank top five globally, according to The Business Times.

Most notably, the city-state boasts the highest cost to own a car and the second most expensive private medical care in the world.

Nonetheless, it remains a highly desirable place to live and work due to its stable politics, good healthcare, low crime rate, excellent public transport, and strong currency, as noted in the report.

Throughout 2023, Singapore has experienced minimal fluctuations in the prices of luxury goods and steady inflation levels.

This year, the cost of living extremely well has increased by 4% in U.S. dollar terms globally, slower than the 6% surge seen in 2023, according to the report.

Asia ranks as the second most expensive region, following Europe, the Middle East, and Africa, which were grouped as one region by the Swiss bank.

The other cities in this year’s top 10 ranking include Hong Kong (#2), London (#3), Shanghai (#4), Monaco (#5), Zurich (#6), New York (#7), Paris (#8), São Paulo (#9) and Milan (#10).