On January 16, 2020, According to the 1st ‘Global Wealth and Lifestyle Report 2020, released by Swiss private bank Julius Baer, India’s financial capital Mumbai was ranked last (28th ) in a list of the world’s 28 most expensive cities for luxury living.
Top 5: Hong Kong was the world’s most expensive city in the list followed by Shanghai (China), Tokyo (Japan), New York (US) and Singapore.Key Points:
i.Asian region: As per the report. Asian region home to 5 of the 10 most priciest cities globally- after Hong Kong, this included Shanghai, Tokyo, Singapore and Taipei- and it is the most expensive region for price tags for property, cars, a business class flight, fine dining, a wedding banquet and beauty services.
8 of the 10 most expensive region to buy a luxury car were in Asia, which the report attributed to high import taxes.
ii.Cheapest Mumbai (Maharashtra) is also in Asia. Here, high-end men’s suits, wedding banquets and personal trainers are all cheapest. India’s luxury goods market to grow 6 % annually valuing around $8.3 billion per annum.
iii.European region provides the most reasonable value for high-end goods and services as the London (United Kingdom) is the most priciest city in the Europe, Middle East and Africa (EMEA). London is the 3rd most expensive property market in the world.
iv.About the report:
The 28 cities around the world analyzed by Julius Baer includes; 10 in Asia, 12 in Europe, Middle East and Africa (EMEA), and 6 in the Americas.
The survey was based on the price comparison of 18 luxury goods across a wide spectrum of 5 major categories, including Home, Experiential,Fashion, Family and Wellness.
It tracked the price trends for a variety of luxury goods and services including watches, ladies’ handbags, men’s suits and pianos & Residential property ,Jewellery ,Cars.
About Julius Baer:
Headquarters– Zurich, Switzerland