Singapore has risen to the top of the rankings as the world's most expensive city for luxury living for the first time as it competes to be a leading global hub for the wealthy.
The city, which ranked fifth in 2022, jumped ahead of Shanghai and Hong Kong, which ranked second and third respectively, according to a report by Swiss wealth manager Julius Bayer Group."
Singapore's appeal to high-net-worth individuals is reflected in the high prices that locals now face. By the end of 2022, Singapore had an estimated 1,500 family offices in the territory, double the previous year's number, and is the world's most expensive city in terms of car prices.
Source (Al-Arabiya.net Website, Edited)
