Singapore has become the most expensive city for luxury living for the first time, beating Hong Kong, London and New York.
The city topped the list on Tuesday in a global wealth and lifestyle report by Switzerland-based firm Julius Baer. Reuters news
Among the 12 consumer goods and eight services that reflect the spending patterns of the wealthy, Singapore spends 133 and 109 percent more than the global average on car and emergency health insurance, the report said.
Shanghai, which topped last year’s list of the most expensive for the rich, has dropped to second place. Hong Kong is ranked third in the list. London, which was second last year, moved to fourth place, while Dubai made the top ten for the first time.