According to the global wealth and high-end life report 2021 released by Julius Baer, a Swiss private bank on Friday, Asia Pacific region has become the most expensive place for high-end living costs in the world, among which Shanghai surpasses Hong Kong and becomes the most expensive city with the world’s high-end living costs, and Tokyo and Hong Kong are ranked second and third.
The report said part of the high-end cost of living in the Asia Pacific region was its rapid recovery from the new crown virus pandemic. By contrast, America has become the cheapest area for high-end living costs, thanks to the sharp devaluation of the dollar and the Canadian dollar and Latin American currencies.
The bank’s report tracks a basket of consumer goods and services that reflect the lifestyle of high net worth people and analyzes their price trends in 25 major cities around the world. In dollar terms, the most expensive items for which prices fell were women’s shoes (-11.7%), hotel suites (-9.3%) and high-end wine (-5.6%). The biggest gains were business class air tickets (+11.4%), Whisky (+9.9%) and name list (+6.6%).
Overall, however, the report says, the cost of high-end lifestyle globally has increased by only about 1 per cent, and that the rich are increasingly turning to conscious choices, which could bring more fair prices to producers.