If there’s one city in the world where everyone wants to be right now, it is Dubai. Offering the best attractions, beaches, Michelin restaurants, and luxurious resorts- the emirate offers everything you need for a perfect vacation. And while Dubai is the best city, it is equally expensive too. Yep, you read that right, Habibi; the city is expensive- in fact, the seventh most expensive in the world. As per reports by Swiss private bank Julius Baer, Dubai is the seventh expensive city for luxury living in the world. Singapore has bagged the first rank, followed by Shanghai, Hong Kong, then London and New York. Read on to know more.
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Swiss Private Bank Julius Baer Names Dubai As Seventh Most Expensive City
Dubai replaced Zurich to bag the seventh spot on the top 25 list, whereas Zurich is now in the 14th place. Julius Baer’s Lifestyle Index ranks 25 cities by analysing the cost of purchases and services, fast-moving consumer goods like business class flights, fine dining experience and more. Other cities that made it to the top 10 list include- Monaco, Taipei, Brazil and Miami. Paris bagged the 13th spot, followed by Zurich in the 14th position.
As per the Global Wealth and Lifestyle 2023 report, Singapore took Shanghai’s position and became the world’s most expensive city for luxury living.
When it comes to cities in the Middle East, for the first time since the report started, Europe, the Middle East and Africa (EMEA) is the most affordable region to live well, with European cities dropping down the rankings. The report furthermore highlighted that prices in categories have sharply risen. Car prices are up by 9.26 per cent, whisky by 16.15 per cent, wine by 17.23 per cent and business class flights by 10.13 per cent.
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Meanwhile, the report also stated that 61 per cent of high-net-worth individuals (HNWIs) spent more on property in the past year than previously. And thanks to offering the best of everything, Dubai will continue to be a hub for attracting the rich globally.
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