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Hong Kong, Shanghai and Tokyo are the most expensive cities for luxury and services, it has been revealed by Swiss private bank Julius Baer’s Global Wealth and Lifestyle Report.
Hong Kong’s residential properties may be notoriously costly but luxury goods are not specifically taxed.
When it comes to services (not including property and hotels) Shanghai is more expensive than Hong Kong. Meanwhile Tokyo, the third most expensive city, has the most expensive hotel suites compared to other countries, yet offers good value for watches and fine wine.
Although New York is notably expensive for services and consumables, on a price-weighted basis it comes in 4th place, given its relatively inexpensive for items such as cars.
European cities tend to offer reasonable value. Europe’s best-value cities for luxury are Barcelona in 24th place and Frankfurt in 26th, whereas London (in 7th place) is the most expensive city in EMEA (Europe, the Middle East and Africa).
The most expensive cities for luxury and services:
- Hong Kong
- New York
- Los Angeles
- Rio de Janeiro
- Mexico City
A total of 28 cities around the world (10 in Asia, 12 in Europe, Middle East and Africa (EMEA) and six in the Americas) were surveyed.
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