Shanghai reclaimed its title from Hong Kong as the most expensive city in Asia according to the eighth annual edition of the Wealth Report Asia released by Swiss private banking group Julius Baer on Dec 4. The Philippine capital, Manila, is ranked 9th.
The report tracks luxury expenditure trends among Asia’s high net worth individuals, or people with a net investable wealth of $1 million or more, excluding main residence property. This year’s report shows the cost of luxury living, as measured by the Julius Baer Lifestyle Index, rose 2.91 percent in USD terms, compared to a 1.42 percent gain in 2017.
The Julius Baer Lifestyle Index 2018 compares 22 goods and services across 11 Asian cities. The overall basket of goods and services in Shanghai rose by 4.8 percent in US dollar terms, and is also the most expensive city for six of the index’s items — hospital accommodation, watches, ladies’ handbags, wine, jewelry and skin cream. Kuala Lumpur remains the least expensive city on the list.
Let’s take a look at the top 11 most expensive cities in Asia in 2018.
No 1 Shanghai. The five-star Shanghai Tianmashan Pit Hotel, also known as the Shimao Wonderland Intercontinental Hotel or Shimao Quarry Hotel, is pictured in Shanghai, China on Oct 29, 2018. CHINA DAILY PHOTO
No. 2 Singapore. A view of the ION Orchard shopping mall in Singapore, on Aug 1, 2018. CHINA DAILY PHOTO
No. 3 Hong Kong.A giant Mickey Mouse cake to celebrate the mascot’s 90th anniversary at a shopping mall in Hong Kong, China on Nov 29, 2018. CHINA DAILY PHOTO
No. 4 Tokyo. French artist Nicolas Buffe exhibits his creation inside the famous Ginza 6 commercial complex in central Tokyo, Japan on Nov 12, 2018. CHINA DAILY PHOTO
No. 5 Taipei. A view of the ‘Taipei 101 Mall’ inside the skyscraper Taipei 101 in Taipei, China on May 3, 2016. CHINA DAILY PHOTO
No. 6 Seoul. Line Friends Flagship Store at Myeongdong in central Seoul, South Korea on Oct 4, 2018. Myeongdong is South Korea’s most expensive commercial district and one of Seoul’s main shopping and tourism districts.
No. 7 Bangkok. A man in a Santa Claus outfit waits to hand out small gifts to shoppers at the Toys R Us store in Central World in Bangkok, Thailand on Dec 1, 2018. CHINA DAILY PHOTO
No. 8 Mumbai. The Chhatrapati Shivaji Maharaj International Airport in Mumbai, India on July 2, 2018. CHINA DAILY PHOTO
No. 9 Manila. Fireworks light up the sky welcoming the new year at the Mall of Asia in suburban Pasay city south of Manila, Philippines on Jan 1, 2017. CHINA DAILY PHOTO
No. 10 Jakarta. A Garuda Indonesia Boeing 737-8 MAX airplane at Soekarno-Hatta airport in Jakarta, Indonesia on Jan 27, 2018.
No. 11 Kuala Lumpur. Shoppers gather around Christmas decorations at a shopping mall in Kuala Lumpur, Malaysia on Dec 4, 2018.