Julius Baer
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Julius Baer Global Wealth & Lifestyle Report 2024: Top 10 Most Expensive Cities are Singapore, Hong Kong, London, Shanghai, Monaco, Zurich, New York, Paris, Sao Paulo, Milan, Top 5 Lifestyle Price Increase are Jewellery +9.6%, Ladies’ Shoes +9.3%, Men’s Suit +9.3%, Hotel Suite +9.2%, Ladies’ Handbag +8.7%, 70% to 81% of Global HNWIs Assets Increased in Last 12 Months

1st July 2024 | Hong Kong

Swiss private bank Julius Baer has released the 5th edition of the Global Wealth & Lifestyle Report 2024, with the top 10 most expensive cities are Singapore, Hong Kong, London, Shanghai, Monaco, Zurich, New York, Paris, Sao Paulo and Milan.  The top 5 lifestyle price increase are Jewellery +9.6%, Ladies’ Shoes +9.3%, Men’s Suit +9.3%, Hotel Suite +9.2% and Ladies’ Handbag +8.7%.  70% to 81% of global HNWIs (high net worth) assets had increased in the last 12 months.   Julius Baer (25/6/24):APAC is home to the two most expensive cities in the index – Singapore and Hong Kong. Shanghai remains part of the top ten despite dropping to 4th from 2nd last year, and Hong Kong was the only riser in APAC this year, from 3rd to 2nd. Falling prices in some cities – Tokyo in particular (23rd, down from 15th) – mean the region is no longer the most expensive. Bangkok and Jakarta also dropped from 11th to 17th and 12th to 14th respectively.”  See below for data:

“ Julius Baer Global Wealth & Lifestyle Report 2024: Top 10 Most Expensive Cities are Singapore, Hong Kong, London, Shanghai, Monaco, Zurich, New York, Paris, Sao Paulo, Milan, Top 5 Lifestyle Price Increase are Jewellery +9.6%, Ladies’ Shoes +9.3%, Men’s Suit +9.3%, Hotel Suite +9.2%, Ladies’ Handbag +8.7%, 70% to 81% of Global HNWIs Assets Increased in Last 12 Months “

 



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Mark Matthews, Head of Research APAC at Julius Baer: “Asia is making significant strides in its development journey, demonstrating the potential of innovation and collaboration. The technological advancements of China and India, along with the robust economies of Southeast Asia, contribute to the region’s resilience and growth. Singapore, located in this dynamic environment, is leading the digital transformation. Its digital economy is expanding at a CAGR of 13%, reinforcing its role as a key innovation hub in Asia.”

Christian Gattiker, Head of Research, Julius Baer: “This year’s report shows that currencies matter a lot. Take Tokyo as an example. This used to be the posterchild of an ultra- expensive city in the 1990s. However, the steady decline of the yen has shown how this can change. As trivial as it seems, we tend to forget that the costs of living look completely different in the eyes of a stranger – especially if that person thinks in US dollars or Swiss francs instead of the local currency. Currency and context matter.”

 

 

Global Lifestyle Index findingsThe city ranking is based on the Julius Baer Lifestyle Index which analyses the cost of a basket of goods and services representative of ‘living well’ in 25 cities around the world. This year, many of the biggest jumps up and down the index were a result of currency fluctuations – index prices are converted to USD to allow for global comparison, and the strength of currencies such as the Swiss franc and, conversely, the poor performance of currencies such as the Japanese yen are clearly seen in the performance of these cities in USD terms.

APAC Lifestyle Survey findings  – Now in its third year, the Julius Baer Lifestyle Survey polls wealthy individuals around the world to better understand their priorities, finances, and consumption patterns. It supports the Index findings with qualitative analysis of the personal habits and sentiments of HNWIs. HNWIs want to indulge themselves in a way that recalls the post-war rebounds of the 20th century. HNWIs in APAC and the Middle East led the growth and will continue to do so in the future.

 

 

About Julius BaerJulius Baer is the leading Swiss wealth management group and a premium brand in this global sector, with a focus on servicing and advising sophisticated private clients. In all we do, we are inspired by our purpose: creating value beyond wealth. At the end of April 2024, assets under management amounted to CHF 471 billion. Bank Julius Baer & Co. Ltd., the renowned Swiss private bank with origins dating back to 1890, is the principal operating company of Julius Baer Group Ltd., whose shares are listed on the SIX Swiss Exchange (ticker symbol: BAER) and are included in the Swiss Leader Index (SLI), comprising the 30 largest and most liquid Swiss stocks.  Julius Baer is present in 25 countries and 60 locations. Headquartered in Zurich, we have offices in key locations including Bangkok, Dubai, Dublin, Frankfurt, Geneva, Hong Kong, London, Luxembourg, Madrid, Mexico City, Milan, Monaco, Mumbai, Santiago de Chile, São Paulo, Shanghai, Singapore, Tel Aviv, and Tokyo. Our client-centric approach, our objective advice based on the Julius Baer open product platform, our solid financial base, and our entrepreneurial management culture make us the international reference in wealth management.

 

 

Julius Baer Global Wealth & Lifestyle Report 2024: Top 10 Most Expensive Cities are Singapore, Hong Kong, London, Shanghai, Monaco, Zurich, New York, Paris, Sao Paulo, Milan, Top 5 Lifestyle Price Increase are Jewellery +9.6%, Ladies’ Shoes +9.3%, Men’s Suit +9.3%, Hotel Suite +9.2%, Ladies’ Handbag +8.7%, 70% to 81% of Global HNWIs Assets Increased in Last 12 Months

Julius Baer

Swiss private bank Julius Baer has released the 5th edition of the Global Wealth & Lifestyle Report 2024:

Top 10 Most Expensive Cities Ranking:

  1. Singapore
  2. Hong Kong
  3. London
  4. Shanghai
  5. Monaco
  6. Zurich
  7. New York
  8. Paris
  9. Sao Paulo
  10. Milan

Top Lifestyle Index Price Increase:

  1. Jewellery: +9.6%
  2. Ladies’ Shoes: +9.3%
  3. Men’s Suit: +9.3%
  4. Hotel Suite: +9.2%
  5. Ladies’ Handbag: +8.7%
  6. Private School: +8.1%
  7. Watch: +5.8%
  8. Technology Package: +5.3%
  9. Car: +5.2%
  10. Treadmill: +4.7%
  11. Degustation Dinner: +4.2%
  12. Residential Property: +2.2%
  13. MBA: +2.2%

Top Lifestyle Index Price Decrease:

  1. Bicycle: -6.4%
  2. Business Class Flight: -1.7%
  3. Whiskey: -1%
  4. Lawyer: -0.1%

Increased of HNWIs Assets in last 12 months:

  • APAC – 70%
  • Europe – 73%
  • Middle East – 75%
  • North America – 81%
  • Latin America – 77%

Increased of APAC HNWIs Lifestyle Spending in last 12 months:

  • Hotels – 74%
  • Fine Dining – 71%
  • Health Costs – 63%
  • Women’s Designer Clothes – 58%
  • Fine Jewellery – 55%



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