Zurich back in the top ten most expensive cities in the world
Published: Tuesday, Jun 25th 2024, 11:20
Volver a Live Feed
Zurich has once again made it into the top ten. However, as this is the ranking of the world's most expensive cities from the perspective of the super-rich, it is doubtful whether the high society of the city on the Limmat will be happy about this ranking.
In this year's Global Wealth and Lifestyle Report published by Bank Julius Baer, Europe, the Middle East and Africa - EMEA for short - has overtaken the previous leader, Asia. In no other region is life as expensive as in our latitudes. This is not least due to high inflation.
Overall, Zurich has improved by eight places compared to the previous year and is now in sixth place - ahead of New York and Paris. The strong exchange rate against the US dollar also had a noticeable effect, as the index prices are converted into the US currency for better comparability, according to the report.
However, the two most expensive cities in the world are still in Asia - Singapore defended its top spot and Hong Kong moved up to silver. New in third place is London, which has pushed Shanghai off the podium. The comparatively cheapest places to live are still Johannesburg, Vancouver and - perhaps somewhat surprisingly - Tokyo.
Residential property particularly expensive in EMEA
A look at the individual components of the index shows that residential property is particularly expensive in the EMEA region. Prices here are 17 percent above the average. However, fine dining and an MBA degree are also "noticeably more expensive" than elsewhere.
And shopping also became more expensive: in the luxury fashion segment, prices for men's suits, women's shoes and handbags were up 15% on the previous year in some cases. Overall, prices in the region rose by 7 percent.
At the same time, the cost of business class flights in the Asia-Pacific region (APAC), for example, has fallen by 14% and hotel suites are also cheaper. On the other hand, people had to dig deeper into their pockets for jewelry and private schools. On average, however, prices in the region as a whole have only risen by 1 percent.
Meanwhile, nowhere is being ill as expensive as in North and South America - here, healthcare costs are a whopping 86% higher than the global average. The cost of champagne (27%) and whisky (22%) is also a much greater burden on shoppers. Hotel suites also cost almost 34% more than twelve months ago.
Demand is nevertheless rising
In addition to prices, the study also examined the consumer behavior of the super-rich, 70% of whom recorded an increase in their total wealth. This showed that the demand for private travel, fine dining and luxury hotels has risen significantly.
And this trend is likely to continue - the wealthy obviously want to "enjoy life in a way that is reminiscent of the upswing phases of the post-war period in the 20th century", according to the experts. The millionaires in the APAC region and the Middle East are leading the way and will not relinquish this role in the near future.
©Keystone/SDA
Spanish 
English 
German 
French 
Arabic