Asia, Shanghai, Tokyo, Hong Kong costliest cities for the rich

Asia continues to be the most costly place on the planet to be wealthy, in keeping with a brand new report, which noticed the area’s resilience to the Covid-19 pandemic maintain excessive costs regular. The world’s most populous continent remained the costliest for high-and ultra-high web value people (HNWIs) in Financial institution Julius Baer’s World


Asia continues to be the most costly place on the planet to be wealthy, in keeping with a brand new report, which noticed the area’s resilience to the Covid-19 pandemic maintain excessive costs regular.

The world’s most populous continent remained the costliest for high-and ultra-high web value people (HNWIs) in Financial institution Julius Baer’s World Wealth and Life-style Report 2021 as its swift response to the worldwide well being disaster and total forex stability maintained the price of luxurious items within the area.

4 of the 5 costliest cities for HNWIs — people with $1 million or extra in investible property — are actually in Asia, in keeping with the annual report.

Shanghai, China jumped to the highest of the rating of 25 international cities to be named the most costly place to stay as a rich particular person. Hong Kong, final 12 months’s primary, slipped to 3rd place, whereas Tokyo, Japan held regular in second place.

Monaco, a small rich state in Western Europe, and Taipei, Taiwan rounded out the highest 5.

Covid did not develop into an epidemic (in Asia) in fairly the identical method as the opposite international locations within the index.

Rajesh Manwani

head of markets and wealth administration options (Asia Pacific), Financial institution Julius Baer

“Covid did not develop into an epidemic (in Asia) in fairly the identical method as the opposite international locations within the index,” stated Rajesh Manwani, head of markets and wealth administration options for Asia-Pacific at Financial institution Julius Baer.

Europe and the Center East ranked in second place, with nearly all of international cities represented within the area buoyed by the energy of the euro and Swiss franc.

The Americas, in the meantime — arduous hit by the pandemic — emerged as the most affordable area to stay a luxurious life-style, because the U.S. and Canadian {dollars} fell towards different main international currencies.

The brand new must-have luxurious items

The rating is predicated on the value of a basket of luxurious items representing discretionary purchases by HNWIs throughout the 25 international cities.

This 12 months, the record noticed main modifications as 4 of the 18 gadgets have been changed because the pandemic shifted client spending habits.

Private trainers, wedding ceremony banquets, Botox, and pianos have been booted out and changed by bicycles, treadmills, medical health insurance and a know-how package deal, together with laptop computer and cellphone.

“Throughout a 12 months beset by international lockdowns, private know-how and treadmills have surged in recognition, whereas the value of girls’ sneakers has plummeted,” the report famous.

“Going ahead, we predict all these things will proceed to have a spot within the record,” Manwani added, predicting that the pandemic-induced shifts would develop into everlasting.

General, the luxurious items that noticed the best worth falls in U.S. greenback phrases have been women’ sneakers (-11.7%), resort suites (-9.3%), and wine (-5.3%). Enterprise class flights (11.4%), whisky (9.9%), and watches (6.6%) noticed the most important enhance.

Asia wealth tendencies to observe

Asia is anticipated to take care of its stronghold because the world’s costliest area for the rich over the approaching years, as its financial development continues apace, the report famous.

India — at present dwelling to one of many area’s extra reasonably priced international cities, Mumbai — shall be one of many international locations main that cost, stated Mark Matthews, head of analysis Asia-Pacific, Financial institution Julius Baer.

India goes to get costlier. Now it is a cut price.

Mark Matthews

head of analysis (Asia Pacific), Financial institution Julius Baer



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