Asia is now home to the three most expensive cities in the world, driven by a rising number of wealthy residents who are reshaping the global luxury market, according to a report by Julius Baer.
Hong Kong, Shanghai, and Tokyo are the most costly cities to maintain a luxury lifestyle, particularly for high-end residential property and luxury cars, according to Julius Baer’s inaugural report, Global Wealth and Lifestyle Report, released Wednesday.
The Switzerland-based private bank has been publishing an annual wealth report focusing on Asia since 2011. The Global Wealth and Lifestyle Report now extends its coverage to 28 cities globally, including 10 in Asia; 12 in Europe, the Middle East, and Africa (EMEA); and six in the Americas.
The analysis draws on the Julius Baer Lifestyle Index, compiled on the weighted dollar values of 20 high-end items, ranging from luxury homes, cars, jewelry, watches, whisky, fine dining, business flights, and so on.
In terms of high-end residential properties, the most expensive city is Monaco, followed by Hong Kong, London, Tokyo, and New York. Shanghai comes in seventh place, behind Singapore.
“The emergence of vast numbers of newly wealthy Asians over the past decade has had a profound effect on global consumption,” Jimmy Lee, head of Julius Baer Asia Pacific, said in the report. “In particular, Chinese buyers now dominate purchases across categories, from cars to watches.”
For luxury cars, eight of the 10 most expensive cities in the Julius Baer Lifestyle Index are in Asia, with the top three being Singapore, Shanghai, and Hong Kong.
Although New York is notorious for its sky-high cost of living, it lands in the fourth spot on a price-weighted basis, given its relatively inexpensive high-ticket items, such as cars.
European cities tend to offer reasonable value for luxury lifestyle. Out of the 28 cities, Milan is in 19th place, Barcelona in 24th, and Frankfurt in 26th. London is the most expensive city to live in the EMEA region, ranking seventh most expensive overall.
The Switzerland-based private bank has been publishing an annual wealth report focusing on Asia since 2011. The Global Wealth and Lifestyle Report now extends its coverage to 28 cities globally, including 10 in Asia; 12 in Europe, the Middle East, and Africa (EMEA); and six in the Americas.
The analysis draws on the Julius Baer Lifestyle Index, compiled on the weighted dollar values of 20 high-end items, ranging from luxury homes, cars, jewelry, watches, whisky, fine dining, business flights, and so on.
In terms of high-end residential properties, the most expensive city is Monaco, followed by Hong Kong, London, Tokyo, and New York. Shanghai comes in seventh place, behind Singapore.
“The emergence of vast numbers of newly wealthy Asians over the past decade has had a profound effect on global consumption,” Jimmy Lee, head of Julius Baer Asia Pacific, said in the report. “In particular, Chinese buyers now dominate purchases across categories, from cars to watches.”
For luxury cars, eight of the 10 most expensive cities in the Julius Baer Lifestyle Index are in Asia, with the top three being Singapore, Shanghai, and Hong Kong.
Although New York is notorious for its sky-high cost of living, it lands in the fourth spot on a price-weighted basis, given its relatively inexpensive high-ticket items, such as cars.
European cities tend to offer reasonable value for luxury lifestyle. Out of the 28 cities, Milan is in 19th place, Barcelona in 24th, and Frankfurt in 26th. London is the most expensive city to live in the EMEA region, ranking seventh most expensive overall.