Dubai has climbed seven places to become the world’s seventh most expensive city for luxury living, as reported by Swiss private bank, Julius Baer.
The Global Wealth and Lifestyle Report revealed this change, with Dubai surpassing Zurich, which now ranks 14th. The report analyzes the costs of various things like homes, legal services, and fancy handbags to determine its rankings.
Out of the 25 cities examined, Singapore took the top spot as the most expensive, followed by Shanghai, Hong Kong, London, and New York. Besides Dubai, the other cities in the top 10 were Monaco, Taipei, Sao Paulo (the first Latin American city to reach the top 10), and Miami. Paris, previously in tenth place, has now dropped to 13th.
This year, Europe, Middle East, and Africa (EMEA) emerged as the most affordable region to enjoy a high-quality lifestyle, a first in the report’s history. The weakening euro has caused European cities to fall in the rankings, according to Fawad Abdullah, Executive Director of Investment Advisory at Julius Baer in Dubai.
The report also highlighted significant price increases in different categories worldwide. Car prices went up by 9.26 percent, whisky by 16.15 percent, wine by 17.23 percent, business class flights by 10.13 percent, and hotel suites by 15.25 percent. In Asia, the highest price hikes were observed in hotel costs (39.1 percent), flights (32.9 percent), and cars (25.1 percent). Within the EMEA region, wine saw the greatest price increase at 37.1 percent, followed by whisky at 29.6 percent, and multi-course dinners at 23.1 percent.
In Middle East, spending habits have shifted, with 61 percent of wealthy individuals surveyed reporting increased property investments compared to previous years. This reflects changing preferences in the region.