Singapore pips Hong Kong as world’s most expensive city to live ‘extremely well’

Hong Kong’s US$8 billion government fund inks deal with Beijing biotech start-up as city aims for tech hub status

The Swiss bank’s fourth annual global wealth and lifestyle report compared the cost of a basket of goods and services in 25 cities from November 2023 to March 2024, analysing the consumption patterns of high-net-worth individuals – those with at least US$1 million of investible assets.

Hong Kong also saw an increase in the prices of many other luxury items. The price of a hotel suite surged by 22.9 per cent and ladies’ shoes by 12.7 per cent. However, the price of whisky declined by 18.8 per cent. “This year’s report shows that currencies matter a lot,” said Christian Gattiker, the head of research at Julius Baer.

“The technological advancements of China and India, along with the robust economies of Southeast Asia, contribute to the region’s resilience and growth,” Matthews said. “Singapore, located in this dynamic environment, is leading the digital transformation.”

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