Shanghai Is the Most Expensive City in the World
Shanghai has been named the most expensive city in the world. In Julius Baer's Global Wealth and Lifestyle Report, the Chinese city dominated, followed by Tokyo and Hong Kong at the second and third place.
The Swiss wealth management group's report works as a lifestyle maintenance tool for high-net-worth individuals. As a guide, the index compiles price points and inflation rates of goods and services in major cities all over the world. From residential property to laser eye surgery, this year's report reveals the many different changes in lifestyles, regions, and wealth.
The cause for Shanghai's ranking as the most expensive city can be attributed to a six-percent increase in the prices of goods and services from last year. Mark Matthews, head of research for Asia Pacific at Julius Baer, found that business class flight costs rose by 82 percent and hotel suites went up by 15 percent in the city. Check out the rest of the top 10 below.
- Hong Kong
- New York
Most of the cities that ranked as the most expensive were in Asia. According to the report, this is partly due to the region's recovery from the coronavirus pandemic, as well as the stability of currency and prices for the items in the index.
While Asian cities took over the top 10, the region remains mixed as Mumbai was determined to be a place where wealth was seen to go the furthest. Johannesburg, on the other hand, was named the most well-priced city for luxury.
As a region, the Americas was determined to be the most affordable region for living a luxury lifestyle for 2021. "This is mostly due to the price of the U.S and Canadian dollars falling against other major global currencies and a sharp devaluation of currencies in Latin America," the report adds.