In the world, Dubai ranked 14th most expensive city

Saturday, June 18, 2022

In the whole world, Dubai has ranked 14th-most expensive city in terms of high-net-worth individuals in 2022 as the long drawn inflation in developed markets worn away the purchasing power of the consumers, as per a recent report published by Julius Baer.

In the world, Asia is the most expensive region in terms of wealthy people, occupying six of the top 10 places, as per the 2022 Global Wealth and Lifestyle report of Swiss private bank. This report compiled an index making use of consumer goods and services that represent discretionary purchases by HNWIs. Later, the prices in 24 key cities around the world were analysed.

The top position was retained by Shanghai as world’s most expensive city for the rich. It was followed by London, Taipei, Hong Kong and Singapore. For HNWIs, Monaco, Zurich, Tokyo, Sydney and Paris completed the list of top 10 most expensive cities. These cities have been described in having more than $1 million in investable assets.

Mark Matthews, head of research for Asia Pacific at Julius Baer, explained that Dubai is not cheaper than 2021 as almost 19 percent, the prices for goods and services have risen. Prices in Shanghai in comparison have increased by almost 30 per cent. As an alternative, Sydney and São Paolo have become more expensive than Dubai.

The 500 richest people of the world have seen a combined $1.4 trillion erased from their growing wealth in 2022.

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