Most Expensive City: A new list of most expensive cities for high-class life in the world has come out, in which Mumbai, also known as the city of dreams in India, is also included. Mumbai has always been the most expensive city in India, but now it has slipped from 24th place to 18th place in the world’s most expensive cities.
Julius Baer’s Lifestyle Index ranks the world’s major cities based on their cost of living. It is ranked on the basis of cost of living, hotel food, commercial flight ticket rates, property prices, premium car cost etc. in that city. The cities which are expensive on all these criteria get a place in this list.
Singapore most expensive city in the world
Singapore is still the most expensive city in the world in terms of luxury goods and amenities. This year it has left behind Shanghai, Hong Kong and Taipei. Shanghai is the second most expensive city in the world. But the price in local currency has increased by only three per cent. Hotel and business class flight rates in Hong Kong have increased by 102 percent, while the cost of fine dining has increased by 45 percent.
In the case of luxury goods, Asia is becoming expensive in the whole world. For the last four years, Asian countries and cities have been ahead in all parameters of inflation. The survey revealed that the travel and entertainment industry has picked up pace again as restrictions that were in place during the Covid period have been lifted. In the last 12 months, the prices of all luxury items in Asian countries have increased by 13 percent. The average cost of hotel suites, business class flights and cars has gone up. Luxury hotel prices have gone up by 39.1 per cent, flight prices by 32.9 per cent while car prices have gone up by 25 per cent.
The pace of developing Asian economies is more than the growth rate of Europe-America. Along with this, the prices of consumer goods are also increasing. In Indonesia’s capital Jakarta, the price of premium goods has increased by 22 percent in a year. Cities like Bangkok, Jakarta and Mumbai are likely to become costlier the fastest.
In this ranking, Tokyo and Sydney are trailing while Mumbai, Bangkok and Jakarta are leading. Commodity prices have risen in local currency in Tokyo, but cities in India are far ahead. According to the lifestyle survey, the use of commercial flights and private vehicles has increased the most. The pace of sale of fashion and luxury goods is likely to remain intact.
