The most expensive cities in the world to live in in 2023

The Swiss bank Julius Baer conducts an annual study to identify the most expensive cities in the world for billionaires to live in. This year's results were somewhat different from previous years. But Asia is still the most expensive region for people who prefer luxury. This is the fourth time she has held a leading position.

How the rating is compiled

Julius Baer analysts conduct their research every year. The rating includes 25 cities. When compiling it, the following factors are taken into account::

• the cost of luxury real estate;
• the price of premium cars;
• the average check for flights in first class;
• the price list of dishes in expensive restaurants;
• the number of banking transactions in the amount of one million dollars or more.

In addition, prices for men's suits and accessories are analyzed, demonstrating the status of the owner: watches, handbags and shoes. The cost of services is taken into account: legal consultations, education of children for an MBA degree, laser vision correction.

The most expensive city

Singapore unexpectedly took the first position in the ranking. Luxury housing is in high demand here. Taxes on cars are 133% higher than the global average, and health insurance costs more than twice as much.

The influx of multimillionaires caused by the coronavirus pandemic contributed to the price increase. The number of family offices has doubled over the year, reaching 1.5 thousand.

Other changes

Dubai has also become very popular with wealthy foreigners, which has brought it into the top ten of the rating. But London left the top three, which is largely due to its withdrawal from the European Union. And New York jumped five steps at once, rising from eleventh position to fifth. Such changes were facilitated by the strengthening of the dollar against the euro and other currencies.

Who entered the top 10

The top ten cities with the highest prices for premium services and goods are (in descending order):

• Singapore
• Shanghai
• Hong Kong
• London
• New York
• Monaco
• Dubai
• Taipei
• Sao Paulo
• Miami

The study showed that neither the shaky political situation nor the lack of stability in the economy prevent the demand for travel and entertainment from growing. Luxury goods are also still in high esteem. The increase in their prices is a direct proof of this.

Julius Baer experts believe that this is due to the fact that many people are still in a state of "post-pandemic partying."