SINGAPORE: Singapore has again been named the world’s most expensive city , according to Julius Baer’s The Global Wealth and Lifestyle Report 2024. This recognition has raised concerns among residents, with one Singaporean asking, “What about the struggling middle class?” highlighting the financial strain on the middle class, who face rising living costs amidst the city’s attraction to the ultra-wealthy. The city-state has also been noted as the priciest location globally for car ownership .
Singapore’s reputation for political and economic stability and its business-friendly environment continue to draw affluent individuals from around the world. The report shows that the average price of luxury goods in Singapore has remained almost unchanged year-on-year, with a drop of 0.46 per cent in local currency terms and an increase of 0.
8 per cent in US dollar terms. Additionally, inflation levels have stayed steady across 2023 at 4.8 per cent.
Julius Baer’s 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, and other luxuries for people with at least US$1 million (S$1.35 million) in investable assets. This year, prices for goods have grown faster (5 per cent) than services (4 per cent).
Despite these rising costs, the ultra-wealthy continue to spend more, especially on hotels, high-end meals, fashion, and accessories. In 2024, premium consumer items such a.
