Singapore is the world¡¯s most expensive city for luxury spending for a fourth consecutive year, as prices on items such as watches and jewelry surge around the globe.
Zurich climbed to second place, edging out London, while Monaco entered the top three for the first time since the survey began in 2020, according to an annual report by Swiss wealth manager Julius Baer Group. Hong Kong and London rounded out the top five.
Zurich¡¯s three-place rise was propelled by the strengthening of the Swiss franc, supported by the country¡¯s reputation for stability and the currency¡¯s role as a ¡°store of value¡± in unpredictable times, the wealth manager said. Singapore¡¯s long-held top rank is driven by high prices of residential property and cars ¡ª the two categories with the heaviest weightings in the index ¡ª along with the strong Singapore dollar, it added. The index compares prices on a U.S. dollar basis.
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