Among the most expensive cities to live in across the world, the Asian city in China, Shanghai has emerged at the topmost position, which is also a global financial hub.
Bloomberg has curated and released the list of top 10 most expensive cities in the world recently, and Shanghai has topped this list, while New York in the US no longer finds itself among the top 10 costliest cities to live in.
Additionally, with inflation mounting and hitting multi-year highs of late, given the surging commodity prices and supply disruptions globally due to the Russia-Ukraine crisis, the heat of the economic events are being felt by the ultra-rich or high net worth individuals (HNIs) too, even though they have more money to spend.
This is because with input costs and everything surging, the prices of luxury items have also risen equally over the past year, creating a pressure on such individuals’ purchasing power, stated the Bloomberg report.
Most Expensive Cities Across the World
In the list, it can be seen that Asian cities tend/appear to be more expensive than the western ones.
Here’s the top 10 list in sequence.
- Hong Kong
The 11th most costliest city currently is New York, followed by Sao Paolo, Milan, Dubai, and Bangkok.
Effect of Inflation on HNIs
Due to inflation, cost of designer litems have gotten higher too, while for the ultra rich individuals in London and New York, the aggravating costs of designer handbags, shoes, suits and watches doesn’t even keep up with their countries’ overall inflation rates.
The world’s 500 richest people alone have seen a combined $1.4 trillion erased from their cumulative fortunes this year, according to the Bloomberg Billionaires Index.
“While the financial situation of many high-net-worth individuals has actually improved over the last year, the concurrent increase in the basket of goods and services that make up our lifestyle index means the ‘money illusion’ of previous years still lingers,” stated a report by Julius Baer.