Swiss Bank Julius Baer released the “2024 Global Wealth and High-End Living Report”, showing that Hong Kong has risen from third to second place in the global rankings. The real estate prices in Hong Kong remain the second highest globally, making it also one of the most expensive cities to hire lawyers.
According to the report, although the average price increase in USD has slowed from 6% last year to 4% this year, the increase in commodity prices is higher than service prices. Commodity prices have risen by an average of 5%, 1 percentage point higher than service prices.
In terms of the rankings of the most expensive cities globally, the top ten are Singapore, Hong Kong, London, Shanghai, Monaco, Zurich, New York, Paris, Sao Paulo, and Milan.
The report indicates that although the Asia-Pacific region has the two most expensive cities in the index, with several cities experiencing price decreases, the Asia-Pacific region is no longer the most expensive region, now ranking second regionally. For instance, Tokyo has dropped from 15th place to 23rd, Shanghai has fallen from 2nd place last year to 4th, Bangkok has declined from 11th to 17th, and Jakarta has moved from 12th to 14th place.