TAIPEI (Taiwan News) — Taipei is the eighth most expensive city in the world, according to the latest findings from Julius Baer.
The Swiss banking institution rates Singapore as the most expensive city to live in if one is seeking a lifestyle of luxury, followed by Shanghai, and Hong Kong. Taipei fell from third place last year, while Tokyo and Zurich fell out of the top 10 entirely.
The index is based on the latest prices for a basket of 20 upmarket goods, such as high-end cars, expensive dinners, and premium real estate. Julius Baer noted that demand for travel and entertainment has surged after the pandemic and hence costs have risen.
It mentions the rise in staffing costs, energy, raw materials, inflation, and supply chain disruptions as influencing factors. Wine, whiskey, and hospitality prices have ballooned.
Julius Baer top 10 cities for expensive living:
- Singapore
- Shanghai
- Hong Kong
- London
- New York
- Monaco
- Dubai
- Taipei
- Sao Paulo
- Miami
The index was part of Julius Baer’s Global Wealth and Lifestyle Report. This analyzes the cost of living well.
“The 2023 Index findings reconfirm Asia’s importance as a centre for the wealthy,“ according to the report’s executive summary. “It remains the most costly region in which to live well for the fourth year in a row."
“For the first time, Singapore is the highest-ranking city ... followed by Shanghai — last year’s leader — and Hong Kong in second and third respectively, making up a fully Asian podium. The Taiwanese capital, Taipei, is the only other Asian city to feature in the top 10.”
For the first time, Europe, the Middle East, and Africa were cited as the most affordable regions in which to live well. Compared to the previous year, the overall price of goods and services increased by 13% in local currencies and by 6% in US dollars, on average.