SUMMARY
- Singapore surpasses Shanghai to become the most expensive city for an upscale lifestyle, as per the 2023 Global Wealth and Lifestyle Report by Julius Baer Group.
- The city-state's costs for rent, education, automobile taxes, and general living expenses are amongst the highest globally, with health insurance being double the average.
- By the end of 2022, Singapore housed an estimated 1,500 family offices, a testament to its appeal among high net-worth individuals.
For those seeking an opulent lifestyle, Singapore takes the crown as the costliest city to live in, as per the latest research by Julius Baer Group. From housing to education and transportation, living extravagantly in this city-state might be an uphill battle for your wallet.
Dethroning Shanghai, Singapore climbed to the top spot from being fifth just a year ago, and ninth in 2021, according to Julius Baer Group's 2023 Global Wealth and Lifestyle Report. The meteoric rise in rankings is partly due to government initiatives aiming to draw wealthy individuals and promote a high-end lifestyle, resulting in an unprecedented surge in prices across the board.
In Singapore, home to about 5.5 million people, the cost of essentials paints an expensive picture. Everything from housing rents, education fees, car taxes to general living expenses scale the higher end of the global spectrum. Health insurance costs are reported to be more than twice the global average, highlighting the premium lifestyle in the city-state.
A glance at the government's cost-of-living calculator further illustrates the hefty expenses. The monthly rent for a room in a condominium outside the central region of Singapore falls between 1,300 and 2,350 Singaporean dollars ($970 to $1,750). For those looking to rent a private condominium, be prepared to shell out between 3,800 and 5,750 Singaporean dollars monthly.
Julius Baer analysts acknowledge Singapore's vibrant, stable, and international appeal, which has been instrumental in its quest to establish itself as a leading hub for the affluent. With its bustling airport and one of the highest GDPs per capita, Singapore was home to approximately 1,500 family offices by the end of 2022, doubling from the previous year.
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