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HomeFinanceSingapore is world's most costly place to stay 'extraordinarily nicely,' HK rises...

Singapore is world’s most costly place to stay ‘extraordinarily nicely,’ HK rises to No. 2

Singapore is the most costly metropolis on the planet for wealthy folks to stay the nice life for the second yr in a row, based on the Swiss personal financial institution Julius Baer. The financial institution’s World Wealth and Way of life report is designed to seize the “value of residing extraordinarily nicely” in cities around the globe.

The Chinese language metropolis of Hong Kong is now the world’s second most costly metropolis, up one spot from final yr.

But different Asian cities dropped down within the rankings. Shanghai, beforehand in second place, dropped to fourth. Taipei, ranked in eighth place final yr, dropped out of the highest ten solely. Tokyo fell to twenty third place, from fifteenth place in 2023.

As a substitute, European cities made up the majority of the highest ten. Milan, Zurich and Paris broke into this yr’s prime ten.

Foreign money fluctuations are a serious purpose for adjustments on the listing, Julius Baer explains in its report. The U.S.’s increased rates of interest are placing stress on many Asian currencies, sending them to file lows in opposition to the U.S. greenback.

“We are inclined to overlook that the prices of residing look utterly totally different within the eyes of a stranger, particularly if that individual thinks in U.S. {dollars} or Swiss francs,” Christian Gattiker, head of analysis at Julius Baer, says.

What makes Singapore primary?

Singapore’s standing as an “vital regional and world hub,” is because of optimistic components like steady politics, good well being care, low crime and wonderful public transport, Julius Baer suggests in its report. Singapore’s authorities can be attempting to draw world companies and rich people.

Town-state is the world’s most costly place to personal a automotive, resulting from guidelines requiring house owners to purchase a “certificates of entitlement.”

Singapore relaxed its pandemic restrictions sooner than Hong Kong and several other different Asian cities, and thus noticed an inflow of rich migrants. That sparked a surge in house costs, that are nonetheless rising regardless of the federal government’s efforts to chill down the property market.

One other space the place new rich migrants led to rising prices: the island’s premier golf golf equipment. Between 2019 and 2022, a foreigner’s membership for the Sentosa Golf Membership, a 36-hole course that overlooks the Singapore straits, greater than doubled to hit 880,000 Singapore {dollars} ($650,000).

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