Singapore remains world’s most expensive for the super rich: report

Sky-high property prices, exorbitant car ownership costs and expensive private medical care, among other factors, have kept Singapore the most expensive city for the super rich in 2024, according to a report by Swiss private bank Julius Baer.

The ranking is based on analysing the costs of goods and services representative of “living well” in 25 cities around the world.

The “cost of living extremely well,” which includes cars, whisky, jewelry and housing, has been on the rise in Singapore, the bank said in its Global Wealth and Lifestyle Report released on Tuesday.

The city-state continues to attract the ultra-wealthy due to its economic and political stability.

The Singapore government works hard to make the country attractive to global businesses and wealthy people, and the currency remains strong. All this is reflected in its continued status as the world’s most expensive city, the report said.

The price of owning a car in Singapore - the most expensive globally at 2.5 times the average - soared 15% from a year earlier in US dollar terms. The cost of private education rose by almost 14%, while ladies’ handbag and shoes up by 10%. Prices of men’s suits and watches increased by more than 5%.

Singapore was followed by Hong Kong. Meanwhile, London gained a spot this year to take the third position, partly due to the UK exiting a technical recession last month, the British pound strengthening in 2023, according to the report.