Last Updated on: 26th June 2023, 09:35 pm
Dubai is The 7th Most Expensive City in The World For Luxury Lifestyle
According to a report by Swiss private bank Julius Baer, Dubai has climbed seven places and is now the seventh most expensive city in the world for luxury living.
The Global Wealth and Lifestyle Report revealed the change, with Dubai overtaking Zurich, which is now ranked 14th. The report examines the cost of various things like homes, legal services, and luxury handbags to determine its ranking.
Of the 25 cities surveyed, Singapore was the most expensive city, followed by Shanghai, Hong Kong, London, and New York. In addition to Dubai, Monaco, Taipei, Sao Paulo (the first Latin American city to make the top 10), and Miami were other cities in the top 10. Paris, previously in 10th place, is now in 13th place.
This year, Europe, the Middle East, and Africa (EMEA) emerged as the most affordable region for a quality lifestyle, a first in the report’s history. According to Fawad Abdullah, managing director of investment advice at Julius Baer in Dubai, the weakening euro has pushed European cities down the rankings.
The report also highlighted significant price increases in various categories around the world. Car prices increased by 9.26%, whiskey by 16.15%, wine by 17.23%, business class flights by 10.13%, and hotel suites by 15.25%. In Asia, the biggest price increases were for hotels (39.1%), flights (32.9%), and cars (25.1%). In EMEA, wine saw the largest price increase at 37.1%, followed by whiskey at 29.6% and multi-course dinners at 23.1%.
Spending habits have changed in the Middle East, with 61% of affluent people surveyed saying they have increased their real estate investments compared to previous years. This reflects changing preferences in the region.
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