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The world’s most expensive city to live in right now is a bit of a new and surprising contender.

The renowned Swiss private bank Julius Baer Group unveiled its highly anticipated 2023 Global Wealth and Lifestyle Report, crowning Singapore as the most expensive city for those living a luxurious lifestyle.

The sparkling island city has managed to surpass Shanghai and secure the top spot, marking the first time the Asian city-state has achieved the top position. In the previous year, it ranked fifth, and back in 2021, it held the ninth spot, notes the Greek Reporter.

Singapore’s government has effectively transformed the city into an appealing destination for individuals with substantial wealth, attracting them to settle and work there.

What that also means, though, is that cost of living there is through the roof, with prices across various sectors surging. Julius Baer’s analysts highlighted that the city-state, with a population of just over 5,5 million, faces significant expenses in various aspects of daily life.

These include expensive rental rates, high housing prices, substantial school fees, car taxes, and overall living costs. Moreover, the cost of essential health insurance in Singapore is more than double the global average, according to analysts.

Jeez, South Africans moving there wouldn’t stand a chance (unless you’re the richest man in Africa, Johan Rupert, perhaps):

Singapore emerges as the most expensive city in the world. Bravo! pic.twitter.com/xWDxUhUqpw

— Mercy 🎋⛩️ (@Mercy22Funny) June 20, 2023

I don’t know about Bravo-ing people not being able to afford a normal life, but okay.

According to the report, the region comprising Europe, the Middle East, and Africa, has become the most cost-effective place to lead a comfortable life.

European cities, most especially London – which dropped from its previous position of second place to fourth – have declined quite drastically in affordability. Monaco is the sole European city to hold its ground at sixth place, while London stands as the only representative from the continent within the top 10.

The ranking has shifted all around:

Meanwhile, Dubai experiences a remarkable ascent in the rankings, securing the seventh spot and surpassing Zurich, which now finds itself in Dubai’s former position of 14th.

Within the Americas, the city of New York has experienced a notable advancement, leaping from the 11th spot to an impressive 5th position. Similarly, Miami has climbed eight places, securing the 10th rank.

Seeing the Brazilian city of São Paulo in the top 10 is a bit of a shock.

[source:greekreporter]