Singapore takes top spot as Asia is the world’s most expensive region according to spending patterns of the super-rich: report

Asia remains the most costly region in the world to live in, with Singapore taking the number one spot, followed by Shanghai and Hong Kong, according to Julius Baer’s latest Global Wealth and Lifestyle report.

The report looks at a basket of 12 consumer goods and eight services that reflect the spending patterns of high-net-worth individuals (HNWIs). It showed that prices for all goods and services have increased on average by 13 per cent in local currencies and by 6 per cent in US dollar terms over the past 12 months.

“Hong Kong and Singapore are long considered liveable, stable, and cosmopolitan,” said Mark Matthews, head of research for Asia-Pacific at Julius Baer. The fourth edition of the report looks at data from November 2022 to March 2023.

Both cities have introduced policies in attempts to “woo the affluent”, said Matthews. “[In Singapore] financial regulation and government policy to attract HNWIs are clearly paying off with a doubling of family offices by the end of 2022 compared to the previous year.”

For the first time, Singapore jumped to the highest-ranking city in the lifestyle index, rising from the fifth, followed by Shanghai – last year’s leader – and Hong Kong in third place.