The most expensive cities in the world for the rich
"In which city are the pianos the cheapest?"»».This is exactly the type of question to which the Swiss bank Julius Baer answered for its rich customers in a new ranking of luxury products and services in 28 cities in the world.
The most expensive city for the rich, according to a basket of luxury products followed by the Swiss bank, is Hong Kong.In fact, four of the five most expensive cities in the world ranking of Julius Baer are in Asia (Shanghai, Tokyo and Singapore are the others).New York is a special case, thanks among others to its cheap pianos.
For private banking customers, this kind of thing counts.Julius Baer examined the items and services that his customers regularly buy."The inaugural edition of the Global Wealth and Lifestyle Report of Julius Baer presents high -end consumption trends worldwide, which are relevant to our customers," explains Rajesh Manwani, market manager and wealth management solutionsFor Asia-Pacific to Bank Julius Baer.
In addition to pianos, these relevant purchases include real estate, business class flights, cars, whiskey, women's handbags, lawyer fees and laser eye surgery operations, as well as othersArticles and services.
For wealthy people who do not want to spend more than it takes for these things, here is a regional overview of the most expensive and cheapest cities in the world:
Asia is the most expensive region in the world for the rich
Hong Kong is the most expensive city in the world according to the Julius Baer classification of luxury products and services, despite the protests that dominated the city in 2019."One of the factors here is the currency, so the way you take local prices and convert them into dollars to give this purchasing power parity," explains Ed Raymond, head of the Julius Baer portfolio managementUK.
Real estate prices fell to Hong Kong in 2019, but other luxury products are just as expensive as when Hong Kong was at the top of the study of Mercer on the cost of living in June of thelast year.
Shanghai and Tokyo join Hong Kong in the top trio of the most expensive cities in the world, while Singapore (5), Taipei (8) and Bangkok (11) are not far behind.
But if wealthy people want cheap products in the region, they should go to Mumbai, India, which is the cheapest of the 28 cities studied.In Mumbai, the rich can find personal coaches to 10% of the average of all cities, and goods at 12%.But beware, the pianos are dear there.
Paris is the most expensive city to eat for the rich
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Although it is the cradle of large cuisine, Paris is the most expensive city in the world for gastronomy. Cela fait d’elle la 12ème ville la plus chère au monde et la quatrième plus chère d’Europe, après Londres (7), Zurich (9) et Monaco (10).
While Europe "offers the best overall value for high -end items", in the words of Julius Baer, expensive real estate means that its cities are expensive even for the richest.Monaco has the highest real estate prices in the world: $ 1 million to buy only 16 square meters, according to the Wealth Report by Knight Frank.
Vancouver is the cheapest city of the Americas
Only three American cities made the jump: New York (4), Los Angeles (6) and Miami (13).
South America, on the other hand, has a much smaller market for luxury products.
The prices are therefore low for the rich in cities like Mexico City (18) and Rio de Janeiro (16), where hotel suites and wedding banquets are cheap.
It is however in Vancouver that there is the best value for money, where more than half of the 20 luxury items in the Julius Baer index are lower than the average world price. La ville canadienne se classe au 21ème rang sur la liste mondiale et est la ville la moins chère des Amériques.
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