Asia is the most expensive region with five of the most expensive cities globally. Furthermore, the three most expensive cities are all in Asia.
This is according to Julius Baer’s inaugural Global Wealth and Lifestyle Report. It looked premium good and services at 28 cities across the world. Strangely, the cheapest to live in, Mumbai, was also in Asia.
he world’s most expensive city is Hong Kong, which ranks above the 90th percentile for property, beauty services, fine dining, business class flights, and lawyer fees.
European cities were noted for offering the best value. The best for luxurious living were Barcelona and Frankfurt. London is the priciest city in the continent with Zurich a close second.
Rajesh Manwani, head markets and wealth management solutions Asia Pacific of Julius Baer, said: “The inaugural edition of Julius Baer’s Global Wealth and Lifestyle Report showcases the trends in high-end consumption around the world, which are of relevance to our clients. The methodology was pioneered in Julius Baer’s Wealth Report Asia, which has been issued since 2011. For the first time it has now been expanded to include 28 cities globally. We hope these findings will shed insight on global lifestyle trends in 2020.”
The report also focused on conscious consumption or a shift to “less is more”.
- European and North Americans are least likely to pay a premium for responsibly produced goods. This is due to regulation already providing a strict assurance on goods.
- Consumers in Asia and Latin America are more inclined to choose a product on its sustainability. One reason for this may be their first-hand experience of the man-made negative effects of economic growth.
Nicolas de Skowronski, head wealth management solutions and member of the Executive Board of Bank Julius Baer, added: “Our analysis reveals the growing desire among consumers to balance their buying decisions with their social, environmental and political convictions. This began with the millennials, but the baton has definitely been passed down the generations now. Even Generation Alpha is getting involved, as I know from personal experience. The conscious consumer is here to stay, and we see a fast evolution of existing offerings and major investments into innovations across industries as a response to this growing demand.”