In Singapore (Photo: AFP)

Hanoi – Singapore has for the first time overcome Hong Kong (China), London (UK) and New York (US) to become the most expensive city for an upper-class lifestyle, according to the 2023 Global Wealth and Lifestyle Report released recently by Julius Baer Group based in Switzerland.

The report indicated that cars and basic health insurance in Singapore are more expensive than the global average, with costs standing at 133% and 109%, respectively. These figures are part of the 12 consumer goods and 8 services reflecting the spending patterns of the wealthy.

Singapore is one of the first cities in Asia to ease COVID-19 restrictions, and it has quickly witnessed an influx of wealth into the island state.

The report also highlighted that Singapore has a high demand for housing, expensive education, and a high cost of living in general.

Shanghai, which held the top position in 2022, has dropped to the second place, possibly due to prolonged pandemic restrictions compared to other cities. Hong Kong ranks third, while Johannesburg (South Africa) is placed at the bottom of the list, which includes 25 cities worldwide.

Last year, Singapore and New York topped the list of the world's most expensive cities to live in, according to the Economist Intelligence Unit (EIU).

The increasing population, both local and foreign, in a small land area is considered the primary reason for the consistently high cost of living in Singapore. The city-state has limited natural resources and needs to import almost all of its food. The cost of owning and using a car in Singapore is also among the highest in the world.