Shanghai has officially overtaken Hong Kong as Asia’s most expensive city for living in luxury, WARC reports. The results were found by Julius Baer’s 2018 Wealth Report Asia. Conducted annually, the report collects data by examining the way those who have net investable assets of at least RMB6.9 million (USD1 million) – not including their main residence – spend their money.
The report compares the cost of luxury items and services in Asian cities. A total of 22 categories make up the Lifestyle Index which is used to rank each city. Shanghai ranked the highest in six categories: wine, jewelry, skin cream, watches, handbags and hospitals. Prices for cigars, wedding banquets, lawyers and even cars were also high compared to other Asian cities.
Having been dethroned as the number one city, Hong Kong now sits at number three behind Shanghai and Singapore. Hong Kong is still the most expensive city in the region for flying business class, obtaining a lawyer, purchasing a home and getting Botox. That being said, the cost of wine, jewelry and skin cream is cheaper compared to Shanghai
This year, Julius Baer created a ‘His & Hers Index’ and found that women are responsible for half of spending on Chinese luxury goods, indicating that women have more purchasing power than in years past.
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