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Here are the most expensive cities in the world – you’ll be surprised how far Europe has come

Here are the most expensive cities in the world – you’ll be surprised how far Europe has come

According to a recent report For the first time, Singapore topped the ranking of the most expensive luxury residences in the worldAlthough it was only in fifth place last year.

Thus, Singapore overtook Shanghai and Hong Kong, which occupied the second and third places, respectively.

Ranking of the most expensive cities in the world by year, source: Julius Baer

Singapore is an increasingly popular destination for the world’s wealthy, which is also evidenced by the fact that by the end of 2022, there will be an estimated 1,500 family offices in Singapore, double the number in the previous year. It is the most expensive city in the world in terms of car prices, but real estate prices have also skyrocketed.

New York It has also been greatly enhanced. The financial capital of the United States rose from the eleventh place last year to the fifth place thanks to the strength of the dollar and the recovery from the epidemic. while London It dropped from second to fourth place. Julius Baer says Brexit and the ensuing “turmoil” will continue to tarnish the UK’s reputation, and the city now faces tough competition from emerging financial centers such as Dubai and Singapore.

For the first time since the report began, Europe, the Middle East and Africa are the cheapest regions to live in, with European cities dropping in the rankings.

Cover image: Getty Images

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