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SINGAPORE: A report from Julius Baer released on Tuesday (June 25) showed that Singapore is still the most expensive city in the world for luxury spending . However, Hong Kong, ranked third on 2023’s list, is now the runner-up. The Swiss private banking corporation published its Global Wealth and Lifestyle Report 2024, which said that Singapore is the most expensive location to own a car.

The Little Red Dot keeps attracting the ultra-wealthy to its shores due to its reputation for political and economic stability and its pro-business environment. It added that the proof of Singapore’s stability is that the average price of luxury goods year-on-year is virtually unchanged, at -0.46 per cent in local currency terms and +0.



8 per cent in US dollar terms. Moreover, inflation levels remained steady across 2023 at 4.8 per cent.

Singapore came in pole position on the report for the first time last year after ranking fifth in 2022. The index ranks the 25 most expensive cities in the world from November 2023 to March 2024, based on an analysis of residential property, cars, business-class flights, as well as other luxuries of people with at least US$1 million in investable assets (S$1.35 million).

The report says that this year, prices have grown faster for goods, up by 5 per cent, than for services (4 per cent). And while cities keep becoming more expensive, the ultra-wealthy are still willing to spend more, especially on hotels, high-end meals, fashion, and accessories. In 2024, .

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