Asia is the most expensive region with five of the most expensive cities globally, according to Julius Baer's inaugural Global Wealth and Lifestyle Report.
The most expensive city, according to a basket of luxuries tracked by the bank, is Hong Kong. In fact, four out of the five most expensive cities in Julius Baer's global ranking are in Asia: Shanghai, Tokyo and Singapore.
Hong Kong ranks above the 90th percentile for property, beauty services, fine dining, business class flights, and lawyer fees.
Julius Baer's Global Wealth and Lifestyle Report showcases the trends in high-end consumption around the world, which are of relevance to our clients"
European cities were noted for offering the best value. The best for luxurious living were Barcelona and Frankfurt. London is the priciest city in the continent with Zurich a close second.
Julius Baer looked at items and services their clients buy regularly, namely premium good and services at 28 cities across the world.
These relevant purchases include property, business class flights, cars, whisky, ladies' handbags, lawyers fees and laser eye surgery as well as other items and services.. For private banking clients, this type of thing matters.
"The inaugural edition of Julius Baer's Global Wealth and Lifestyle Report showcases the trends in high-end consumption around the world, which are of relevance to our clients," said Rajesh Manwani, head of markets and wealth management solutions Asia Pacific at Bank Julius Baer.
The report also features a special focus on ‘conscious consumption', highlighting how ethical choices about the environment and sustainability are causing a rethink in what it means to live well today.
Key findings of the report include, Europeans and North Americans are least likely to pay a premium for responsibly produced goods, because strict regulation already provides assurance on ‘ordinary' goods; and consumers in Asia and Latin America are more inclined to choose a product on its sustainability credentials. This may be driven by their first-hand experience of the man-made negative effects of economic growth.
The cheapest to live in was also in Asia: Mumbai.