Shanghai, Tokyo and Hong Kong. These are currently the three most expensive cities in the world, according to the Global wealth and lifestyle report of 2021, a document recently prepared by Swiss private bank Julius Baer that studies which are the most expensive cities based on a concept well known to the higher classes: pure and hard luxury.
Specifically, this study, the second of the Bank's style, examines the price of a number of goods and services that reflect a privileged lifestyle, such as first-class flights, jewelry, residential properties, alcoholic beverages such as wine and whisky or even laser eye surgery.
Based on these parameters, which serve to know the consumption patterns and lifestyle of the wealthiest people, the report analyzes the economy of 25 key cities and orders them according to where it is most expensive to lead a luxurious lifestyle.
This year, the 25 cities included in the study have been Vancouver, New York, Miami, Mexico City, Sao Paulo, London, Paris, Frankfurt, Zurich, Milan, Monaco, Barcelona, Moscow, Dubai, Bombay, Tokyo, Shanghai, Taipei, Hong Kong, Manila, Bangkok, Singapore, Jakarta and Sydney. However, the podium has been taken by three Asian cities. In addition, in the top 5, four of the five cities included are Asian, with Monaco being the only exception. What's the reason?
Why are the three most expensive cities in the world Asian?
According to Julius Baer, one of the reasons that has led Asia to bring together the three richest cities in the world is the coronavirus pandemic. Although Covid-19 has not affected the purchasing habits of the richest (according to the prestigious magazine Forbes, in 2020 the number of billionaires not only has not decreased, but has increased by 30%), the health crisis has left significant differences at the regional level.
The report notes that Asian countries have been able to recover most rapidly from the Covid-19 crisis, a fact that has enabled them to reduce economic losses compared to the rest of the world and to enjoy greater monetary stability. Thanks to this, the Asian region can lead the ranking against the West.
Shanghái se ha coronado como la ciudad más cara del mundouppers.esIn the case of Shanghai, in addition, the boom that has lived in recent years and the high prices of high-end goods and luxury services have allowed him to take his place from Hong Kong and crown himself as the richest city in the world, despite the fact that there are specific objects, such as women's shoes or bags, which are at a lower price than in other regions.
With regard to the cities of Europe and America, the report reveals that both regions have exchanged their posts for currency fluctuations, which have made America the cheapest region to lead an ostentatious lifestyle thanks to the fall of the Canadian and US dollar against other currencies such as the euro and the devaluation of Latin American currencies.
In this sense, the document points out that Vancouver and Mexico City are currently two of the cheapest cities in the ranking and that only one city in the region (New York) has positioned itself in the top 10.
On the contrary, European cities are closer in terms of luxury to Asian cities and, in the ranking, you can see four cities in the top 10: Monaco, Zurich, Paris and London. In addition, the report notes that all regions of the Middle East, Africa and Europe have been able to climb within the classification, with the exception of London, which has been affected by the Brexit, and Johannesburg, which closes the table.
Looking ahead, the study estimates that the most expensive cities for a luxurious lifestyle will continue to be found in Asia and, in particular, in China, which will concentrate many of the consumers of high-end products. However, he also warns that the cities of the other countries of the region may suffer ups and downs and that their importance will depend on their place within the orbit of the Asian giant.
