According to the Lifestyle Index, published by the Swiss asset manager Julius Baer, Singapore has become the most expensive city in the world. The other two cities that complete the podium are two other Asian cities, Shanghai and Hong Kong. You have to go back to find a Spanish city, Barcelona ranks 19th, after having lost 3 positions.
The increase in the cost of living has affected all social classes, including even those belonging to the upper class society. Rising inflation, the increase in the cost of basic services, as well as changes in consumer habits, have had a general impact on society’s spending levels.
However, it is important to note that not all cities have the same price rise in terms of living expenses. The disparity in the prices of housing, food, transportation and other fundamental aspects varies significantly between different geographic areas. Some cities, due to factors such as their location, local economy, or government policies, may cost more to establish and stabilize than others.
Therefore, although the increase in the cost of living affects all people, regardless of their social status, it is necessary to take into account regional differences when analyzing how the economy impacts the spending levels of each individual or family.
higher rises
According to the report, Miami, Dubai, Jakarta and New York have registered the largest increases in the cost of living in the last year. In this year’s edition, Hong Kong joins Singapore and Shanghai at the top of the table, as number 3. Next on the list are London, New York, Monaco, Dubai, Taipei, São Paulo and Miami.
In times of growth inflation and telecommuting, the cost of living has become a key factor for city residents to maintain their standard of living. Another important factor that determines the arrival of residents in a city are those related to security. Risks and other negative issues, such as natural disasters, political or economic turmoil, high crime rates, poor infrastructure, and inadequate international connectivity, may be relevant factors.
Alcoholic beverages and luxury cars are the ones that rise the most
The rise in raw materials, energy, fuel and the hiring of personnel, added to a high demand that had been repressed during the pandemic, has been what has caused the rising cost of living for this type of consumer, according to Baer . The highest price increases in general have been observed in high-end consumptions such as alcoholic beverages, luxury cars or hospitality services due to the increase in travel and entertainment with products such as suites or “fancy” dining.
