Living in major capital cities such as Madrid and Barcelona becomes a challenge for people with fewer resources due to high housing prices. But luckily they are not the most expensive capital cities in the world.

Sky-high housing prices, the tax cost of private car maintenance or the high prices of private healthcare have made Singapore the most expensive city for the super-rich in 2024, according to the Global Wealth and Lifestyle 2024 report by . Swiss financial institution Julius Baer.

Comparing the price of luxury. This report analyzed the prices of 20 consumer goods and services commonly used by people with high purchasing power in 25 cities around the world. The products whose prices were compared included luxury cars, jewelry, homes or aged whiskey. In short, what really matters when you are in the top 1 percent of the population.

According to the report’s authors, the city-state continues to attract the attention of the ultra-rich due to its economic and political stability. “The Singapore government is working hard to make the country attractive to global businesses and wealthy individuals, and its currency remains strong. This is reflected in its continued status as the world’s most expensive city.”

It pays to live in Singapore. According to data from the Swiss organization’s report, owning a private vehicle in Singapore means paying an average of 2.5 times more than anywhere else in the world. The cost of maintaining a luxury car in Singapore has increased by 15% compared to last year’s report. While the cost of private education increased by 14 percent compared to 2023, luxury fashion products (bags, shoes, etc.) increased by 10 percent for women and 5 percent for men.

Hong Kong is second on the list. The former British colony ranks as the second most expensive city to live in the world, even when money is no object. For example, Hong Kong is the most expensive city in the world to hire a lawyer and the second most expensive city to buy a house due to the limited amount of space that can be built.

Hotels in the city are not seen as an alternative either, as suite prices have increased by an average of 22.9 percent and luxury women’s fashion has increased by 12.7 to 8.6 percent.

London is watching closely. The UK’s capital is not far behind in terms of cost of living, placing it third on the list of most expensive cities. The Swiss organization justifies this fact by arguing that the UK has just emerged from a technical recession and that the strengthening of the Sterling, together with the economic adjustments forced by Brexit, has caused the prices of different goods and services to become more expensive than others. Average of neighboring countries.

For example, education in private schools in London has been positioned as the most expensive in the world, with costs increasing by 14 percent compared to last year. Looking at the prices of other luxury goods, London was among the second and third most expensive cities in the world, with an increase of up to 38.3 percent in hotel accommodation prices and a 17 percent increase in the jewelery market.

Large luxury capitals are missing from the list. Years ago, to think of millionaires was to think of cities like Monaco, Zurich, Paris, Milan or New York. But in recent years, the takeover of emerging cities such as Shanghai or São Paulo has caused the traditional bastions of splendor and luxury to decline.

An example of this is Tokyo, Japan, which had the honor of being the most expensive city in the world for most of the 90s. In the 2024 list, Tokyo ranks 23rd due to the weakness of the yen against the dollar.

Here is a list of the 10 most expensive cities to live in 2024, even if you are a millionaire:

1. Singapore
2. Hong Kong
3. London
4. Shanghai
5. Monaco
6. Zurich
7. new York
8. Paris
9. Sao Paulo
10. Milan

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Image | Pexels (Timo Volz)