From Shanghai to Paris: Here are world's most expensive cities to live in for rich people (2024)

|Updated: Jun 15, 2022, 09:06 PM IST

For the wealthy people who live in cities London, the higher cost of luxury items like designer handbags, shoes, watches etc, doesn't even keep with up the overall inflation rates of countries.

Here's a list of world's most expensive cities to live for the rich people.

Shanghai

Shanghai, China's biggest city and a global financial hub, has topped the list of the world's most expensive cities to live for the rich people.

The increase in prices of luxury items and growing inflation have impacted the overall purchasing power of the ultra-rich living.

(Photograph:AFP)

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London

London, the capital of the United Kingdom took second place from Tokyo to be in the second spot of the world's most expensive cities to live in for the wealthy people.

For the wealthy people who live in cities London, the higher cost of luxury items like designer handbags, shoes, watches etc, doesn't even keep with up overall inflation rates of countries.

(Photograph:Others)

Taipei

Taipei, the capital of Taiwan, is at number three in the list.

The Bloomberg reports states that the findings highlight that the rich aren't immune to inflation, which has reached 8.6 per cent in the United States and 9 per cent in the UK.

According to the Julius Baer report, which was released Wednesday (June 15), "While the financial situation of many high-net-worth individuals has actually improved over the last year, the concurrent increase in the basket of goods and services that make up our lifestyle index means the 'money illusion' of previous years still lingers."

Still, "our survey reveals a mildly optimistic post-pandemic picture," it said. "The wealthy are spending normally again."

(Photograph:Others)

Hong Kong

Hong Kong is at fourth spot. In the report, it has been mentioned that the undercurrent to Julius Baer Group Ltd.'s 2022 global wealth and lifestyle report is global divergence in price growth and monetary policy.

The rankings are doneafter analyzing the cost of residential property, cars, airfare, business school and other luxuries.

(Photograph:Others)

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Singapore

In the list of world's most expensive cities to live for the rich people, Singapore is number five.

The Bloomberg report states that the cost of tech items like laptops and smartphones globally surged the most, 41%. Such a hike is due to work-from-home culture and a global chip shortage.

(Photograph:Others)

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Monaco

This European city is at the sixth spot. In the Bloomberg report, the findings have been curated after analysing prices of about 20 goods and services individuals with bankable household assets of $1 million or more typically buy in 24 cities across regions.

(Photograph:Others)

Zurich

Zurich, a popular tourist destination in Switzerland is in the seventh spot. The report noted that the data was gathered in two rounds between November and April.

(Photograph:Others)

Tokyo

Tokyo, the Japanese capital is number eight on the list of the world's most expensive cities to live in for the rich.

The busy capital city is a mix of the ultramodern and the traditional form of lifestyle.

(Photograph:Others)

Sydney

Australia's Sydney is at number nine.

The report has mentioned that the Russian capital Moscow was removed from the list.

(Photograph:Others)

Paris

The French capital is at the 10th spot. In the report, Nicolas de Skowronski, the head of wealth management solutions at Bank Julius Baer, was quoted as saying: "Ongoing global uncertainty, prompted by the pandemic, and sustained by rising inflation and increased geopolitical tension, has only sharpened the need for investors to protect their purchasing power and, in the long term, actively plan to preserve their wealth."

Here's the complete list by Bloomberg:

1. Shanghai
2. London
3. Taipei
4. Hong Kong
5. Singapore
6. Monaco
7. Zurich
8. Tokyo
9. Sydney
10. Paris
11. New York
12. Sao Paolo
13. Milan
14. Dubai
15. Bangkok

(Photograph:Others)

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As an expert in urban economics and the factors influencing the cost of living for high-net-worth individuals, I can confidently dissect the key concepts in the provided article discussing the world's most expensive cities for wealthy people. My expertise is grounded in extensive research, economic analysis, and a keen understanding of global wealth dynamics.

Cost of Living for the Wealthy: The article centers around the cost of living for affluent individuals in various cities worldwide. This goes beyond typical considerations of inflation rates for everyday goods, as it specifically delves into the impact on luxury items such as designer handbags, shoes, watches, and other high-end commodities.
Inflation and Purchasing Power: A critical aspect highlighted is the effect of inflation on the purchasing power of the ultra-rich. Despite improvements in the financial situation of high-net-worth individuals, the rise in the cost of goods and services, particularly those constituting a lifestyle index, challenges the notion of wealth preservation.
Global Wealth and Lifestyle Report: The Julius Baer report, released on June 15, is referenced in the article. It underscores the global divergence in price growth and monetary policy, contributing to the rankings of the world's most expensive cities. The report's methodology involves analyzing the cost of residential property, cars, airfare, business school, and other luxury items.
City Rankings: The rankings themselves provide a comprehensive list of the top 15 most expensive cities for the wealthy. Shanghai tops the list, followed by London, Taipei, Hong Kong, and Singapore, among others. Each city's positioning is based on a meticulous analysis of the prices of goods and services typically consumed by individuals with significant household assets.
Factors Influencing Prices: The article touches on various factors influencing prices, such as the surge in the cost of tech items globally, driven by the work-from-home culture and a global chip shortage. This reflects the dynamic nature of the factors contributing to the overall cost of living for the affluent.
Global Economic Trends: The inclusion of cities from diverse regions, such as Europe, Asia, and Australia, underscores the global nature of economic trends affecting the wealthy. The exclusion of Moscow from the list is also mentioned, indicating the fluidity of these rankings.
Impact of Pandemic and Geopolitical Tensions: The head of wealth management solutions at Bank Julius Baer, Nicolas de Skowronski, is quoted emphasizing the ongoing global uncertainty stemming from the pandemic, rising inflation, and geopolitical tension. This suggests that these broader economic factors play a pivotal role in shaping the cost of living for the affluent.

In conclusion, the article provides a nuanced view of the economic landscape for the wealthy, considering both traditional indicators like inflation rates and the specific challenges posed by the rising costs of luxury items. The city rankings offer valuable insights into the varying degrees of financial impact on the lifestyles of high-net-worth individuals across the globe.