Singapore tops list of costliest cities for goods, services aimed at the wealthy

Singapore for the first time became the most expensive city for goods and services for wealthy people, overtaking Hong Kong, London and New York, according to a report on Tuesday.

Cars and essential health insurance in Singapore are 133% and 109% more expensive than the global average, among 12 consumer goods and eight services that reflect the spending patterns of high-net-worth individuals, according to Julius Baer's Global Wealth and Lifestyle report this year.

The politically stable and tax-friendly city-state was one of the first Asian cities to significantly ease pandemic restrictions, and has started to see an influx of wealth.

Demand for accommodation is high, school places are at a premium, and the general cost of living for everyone is high in Singapore, the report added.

Shanghai, in first place last year, fell to second. Possible factors include longer pandemic restrictions than in other cities, the report said. Hong Kong was ranked third.

Johannesburg was at the bottom of the list, which covered 25 cities across the world.