From Shanghai To Paris: Lavish Cities In World For Opulent People

A luxurious lifestyle is a common way of living for the natives of London city. The cost of the lavish designer handbags, shoes, watches etc, is so high that it’s difficult to keep up with the overall inflation rates of other countries.

Listed below are the world's most expensive cities as per the Bloomberg report:

Shanghai: The city is pivotal for China, as all the global financial trade occurs here. It has bagged the top-notch position on the ladder of the world's most expensive cities. But inflation and growing prices, it has severely hit the purchasing capacity of the rich.

London: A luxurious lifestyle is a common way of living for the natives of London city. The cost of the lavish designer handbags, shoes, watches etc, is so high that it’s difficult to keep up with the overall inflation rates of other countries. The capital city of the United Kingdom has secured second place in the list, defeating Tokyo.

Taipei: The third place in the list is the capital of Taiwan, where the rich are not actually used to the inflation, which has peaked at 8.6 per cent in the United States and 9 per cent in the UK, as per the reports by Bloomberg.

On 15 June 2022, Julius Baer released a report which mentioned that the rich do have financial liquidity and their condition has improved. With the increase in the basket of goods and services that are included in their lifestyle index, they continue to maintain the illusion of money from previous years. Yet, the survey stated that the affluent after the post-pandemic have come back on track and are spending normally. 

Hong Kong: A Chinese city which has been mentioned in Julius Baer Group's 2022 global wealth and lifestyle report, is in the fourth spot. Divergences in price growth and monetary policy are noticed. On the basis of residential property, cars, airfare, business school and other luxuries, the fourth rank is allocated to them.

Singapore: A lavish city,  which stands at the fifth position, and where the cost of high-tech items, i.e. laptops, computers, smartphones, has actually benefited the financial situation of the city as it has surged the growth by 41 per cent. Due to the work-from-home culture and a global chip shortage, there has been a rapid increase in the buying of such items.

Monaco: The European city ranks in the sixth position. The Bloomberg report stated that after analysing prices of over 20 goods and services typically bought by people with bankable household assets of USD 1 million or more in 24 cities across four regions, the findings have been curated.

Zurich: Switzerland's most popular tourist destination, occupies the seventh rank. Two rounds of data were collected between November and April, according to the report. 

Tokyo: Having the amalgamation of the ultramodern and the traditional form of living, the Japanese capital has been placed on the eighth rank.

Sydney: As per the reports, Moscow, the capital of Russia has been eliminated from the list and replaced by Sydney, a city in Australia.

Paris: The last on the list is Paris, the French capital. Nicolas de Skowronski, the head of wealth management solutions at Bank Julius Baer, said that the global uncertainty caused by the pandemic, rising inflation, and increasing geopolitical tensions have only made investors more aware of the need to protect their purchasing power and to actively preserve their wealth in the long run.