Singapore Tops the Charts as the Expensive City for Luxury Living

According to a report by the Julius Baer Group, Singapore has become the most expensive city for people who live a wealthy lifestyle. This is a big change from before. The Swiss private bank released a report called the “2023 Global Wealth and Lifestyle Report.”

In the report, they said Singapore moved up from fifth place last year to first place this year, which is a big deal. It’s the first time Singapore has been at the top of the list.

The bank’s analysts say that the Singapore government has done a good job of making the country attractive to rich people. They’ve made it a great place to live and work. However, this has made everything more expensive. The cost of things like rent, houses, school fees, taxes on cars, and just everyday living has gone up a lot. Health insurance is also more than twice as expensive as the global average.

For example, if you want to rent a room in a condo in Singapore but not in the city center, it can cost you between $970 and $1,750 per month. If you want to rent a fancier private condo, it can cost you between $2,830 and $4,285 each month.

The Julius Baer analysts say that Singapore used to be known as a nice, stable, and modern place to live. But now, it wants to be a top city for rich people. It has a busy airport, and it’s one of the richest places in the world when you look at how much money people have.

By the end of 2022, there were about 1,500 family offices in Singapore. That’s twice as many as there were the year before. Family offices are like companies that help rich families manage their money. This shows that more and more rich people are choosing Singapore as their new home.