The ranking of the most expensive places to live is rearranged this year. The Asia-Pacific region remains the most expensive place to live, but Shanghai has overtaken Hong Kong.
Shanghai is the most expensive city after commodity prices rose 6% last year, while those in Hong Kong remained virtually unchanged. This is shown by the data from Julius Baer Group, quoted by Bloomberg.
In addition, business class flights rose by 82% and hotel room prices – by 15%. Overall, luxury life around the world has become only 1% more expensive in 2020, the report said.
The report compares the prices of 20 luxury goods, indicative of the lifestyle of high-income people in 25 cities around the world.
Asian countries are the most expensive places to live because the coronavirus pandemic has taken place in exactly the same way and the way of life has not changed radically as in other countries.
Shanghai is the most expensive city in the world because many rich people now live there according to the Forbes rankings. The city is the sixth largest concentration of billionaires in the world, while last year it ranked 18th according to the ranking.
The boom in e-commerce and pharmaceutical companies over the past year has also helped increase the wealth of billionaires such as businessman Colin Huang.
This year alone, Shanghai plans to open 49 shopping malls, each with an area of more than 30,000 square meters.
Former No. 1 Hong Kong remains third in the rankings. It used to be a shopping destination for wealthy Chinese tourists, and now few spend their wealth in Hong Kong. The last two years of protests have repelled many tourists from China’s special administrative region.
Just before Hong Kong, Tokyo ranks in the rankings. Taipei (5) and Monaco (4) are also on the list. Except for Monaco, all the top five cities and most of the top 10 are Asian.
American and European cities, on the other hand, have become cheaper to live in, largely thanks to the “removal” of wealthy residents to the countryside in the past year.
The most expensive cities living in the world:
- Shanghai
- Tokyo
- Hong Kong
- Monaco
- Taipei
- Zurich
- Paris
- London
- Singapore
- new York
– .
