Hong Kong dropped from third place last year to fourth, with half of the goods and services tracked becoming less expensive, according to the bank’s Global Wealth and Lifestyle Report released Tuesday.
The report evaluated the cost of high-end living in 25 major cities for high-net-worth individuals with bankable household assets of at least US$1 million. The ranking was based on prices for 11 luxury consumer goods and nine premium services collected between November and March.
Hong Kong recorded the lowest jewelry prices, falling from 19th to 24th in the category after Johannesburg was excluded because of unavailable data.
Long regarded as a shopping destination for wealthy Chinese consumers, Hong Kong has seen luxury retail sales come under pressure as Chinese tourists increasingly move away from traditional European luxury brands in favor of domestic labels, the bank said.
Despite a recent downturn in the property market, Hong Kong remained the world’s second-most expensive housing market, behind only Monaco.
The report also found that Hong Kong continued to be the most expensive city for legal services and ranked among the costliest places to pursue a master of business administration degree.
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Buildings in Hong Kong. Photo by Pixabay/Felix_He |
Yee Kim Tan, Julius Baer’s Singapore branch manager, said Singapore continues to stand out as a “natural choice” as the wealthy consider what assets to hold and where these assets should sit.
“It is valued for its stability, strong rule of law and the sense of security it offers when planning for the long term. For many families, it forms part of a broader, deliberate allocation across regions, alongside Europe and the Americas,” he said, as quoted by The Straits Times.
Zurich climbed to second place from fifth last year, while Monaco rose from fourth to third, with the changes partly driven by currency appreciation against the U.S. dollar.
London fell from second to fifth, while Shanghai held steady in sixth place.
Globally, the average price of the basket of 20 luxury goods and services increased 10.2% year on year in U.S. dollar terms.
Sourcee.vnexpress.net
