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Singapore is the most expensive city in the world for rich people to live the good life for the second year in a row, according to the Swiss private bank Julius Baer. The bank\u2019s Global Wealth and Lifestyle report<\/a> is designed to capture the \u201ccost of living extremely well\u201d in cities around the world.<\/p>\n The Chinese city of Hong Kong is now the world\u2019s second most expensive city, up one spot from last year. <\/p>\n Yet other Asian cities dropped down in the rankings. Shanghai, previously in second place, dropped to fourth. Taipei, ranked in eighth place last year, dropped out of the top ten entirely. Tokyo fell to 23rd place, from 15th place in 2023.<\/p>\n Instead, European cities made up the bulk of the top ten. Milan, Zurich and Paris broke into this year\u2019s top ten. <\/p>\n Currency fluctuations are a major reason for changes on the list, Julius Baer explains in its report. The U.S.\u2019s higher interest rates are putting pressure<\/a> on many Asian currencies, sending them to record lows against the U.S. dollar.<\/p>\n \u201cWe tend to forget that the costs of living look completely different in the eyes of a stranger, especially if that person thinks in U.S. dollars or Swiss francs,\u201d Christian Gattiker, head of research at Julius Baer, says. <\/p>\n Singapore\u2019s status as an \u201cimportant regional and global hub,\u201d is due to positive factors like stable politics, good health care, low crime and excellent public transport, Julius Baer suggests in its report. Singapore\u2019s government is also trying to attract global businesses and wealthy individuals. <\/p>\n The city-state is the world\u2019s most expensive place to own a car, due to rules requiring owners to buy a \u201ccertificate of entitlement.\u201d<\/p>\n Singapore relaxed its pandemic restrictions earlier than Hong Kong and several other Asian cities, and thus saw an influx of wealthy migrants. That sparked a surge in home prices<\/a>, which are still rising despite the government\u2019s efforts to cool down the property market.<\/p>\n Another area where new wealthy migrants led to increasing costs: the island\u2019s premier golf clubs. Between 2019 and 2022, a foreigner\u2019s membership for the Sentosa Golf Club, a 36-hole course that overlooks the Singapore straits, more than doubled<\/a> to hit 880,000 Singapore dollars ($650,000).<\/p>\n<\/div>\n\nWhat makes Singapore number one?<\/strong><\/h2>\n
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