The Most Expensive Cities, The World, world's greatest cities, Shanghai, Julius Baer Group Ltd, world's wealth, The rising prices of luxury items
These Are The Most Expensive Cities In The World To Live In
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The rising prices of luxury items in some of the world’s greatest cities, such as Shanghai and Hong Kong, have reduced the ultra-fast rich’s purchasing power in the last year.
For the wealthy residents of London and New York, the higher cost of designer handbags, shoes, suits, and watches does not even keep pace with their countries’ overall inflation rates.
The undertone to Julius Baer Group Ltd.’s 2022 world’s wealth and lifestyle report is the global divergence in price growth and monetary policy, which ranks the world’s most expensive cities by analysing the cost of residential property, cars, airfare, business school, and other luxuries.

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Shanghai topped the list once more, while London took over second place from Tokyo, which dropped the most of any city to eighth. New York was ranked 11th, one spot lower than in the previous year’s survey.

The findings show that the wealthy are not immune to inflation, which has reached 8.6 percent in the United States and 9 percent in the United Kingdom, even if they are more easily able to withstand it than the less wealthy. Furthermore, wealthy individuals are substantially more likely to own stocks, which have fallen in value as central banks raise interest rates to combat price inflation. According to the Bloomberg Billionaires Index, the world’s 500 wealthiest people have had $1.4 trillion deducted from their total fortunes this year.
“While the financial condition of many high-net-worth individual people has actually improved over the last year,” according to the Julius Baer report, “the concurrent increase in the set of goods and services that comprise our lifestyle index means the’money illusion’ of previous years still lingers.”

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Nonetheless, “our survey reveals a mildly hopeful post-pandemic picture,” according to the report. “The wealthy have resumed normal spending.”

The cost of technology items such as laptops and smartphones increased the most globally, by 41 percent, owing to the shift to working from home and a global chip shortage. Hiring a lawyer has increased by 33%, while bike prices have increased by 30%. Wine, on the other hand, has dropped by 26%, more than any other category.
The report examined the prices of about 20 goods and services that people with bankable household assets of $1 million or more typically purchase in 24 cities across regions, with data collected in two rounds between November and April. Moscow was taken off the list.

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