Zurich slips down list of expensive cities for the super-rich
The ranking is based on a basket of goods and services reflecting the lifestyle of the super-rich.
Keystone / Matt Sayles
Zurich dropped last year from seventh to 14th place in a world ranking of most expensive cities. The ranking by private bank Julius Bär is based on cost of lifestyle for the super-rich.
This content was published on
2 minutes
Keystone-SDA/jc
In a European comparison, Zurich is only in fifth place behind London, Monaco, Paris and Milan, according to the fourth “Global Wealth and Lifestyle Report”. In all 25 cities surveyed, however, the costs of the super-rich’s high standard of living have risen sharply.
Luxury living was particularly costly in Asia. Singapore was the most expensive city for the world’s rich, followed by Shanghai and Hong Kong, with Taipei also at number eight.
The fact that Zurich has fallen down the ranking is probably due to the comparatively low inflation in Switzerland, says the report. The average price level of the Lifestyle Index across all cities increased by 6% in US dollars and 13% in local currencies.
The report is based on a basket of consumer goods and services that reflect the luxurious lifestyles of the very wealthy. Things included extend from residential property to lawyers to ladies’ handbags.
The biggest price increases are in high-demand premium consumer goods such as wine and whisky, as well as luxury cars and hospitality services. Prices for hotel suites, business class flights and fine dining have increased significantly in the wake of a marked rise in demand for travel and entertainment, according to the report.
In general, the rise in prices in the index reflect the impact of cost increases in energy, raw materials and personnel. Coupled with inflation, exchange rate fluctuations and ongoing supply chain disruptions, the result is that every industry, every company and every individual feels the impact on their purchasing power, says the report.
More
More
Swiss cities slip down ‘most-liveable-cities’ ranking
This content was published on
Zurich and Geneva remain in the top 10 of the latest Economist quality-of-life ranking, but have slipped several places.
Bodycams: essential for good law enforcement, or a privacy risk?
Did you ever come across bodycams in your place of residence and if so, how do you think the use of bodycams alter the relationship between the public and (transport) police?
This content was published on
Swiss wheelchair racer Catherine Debrunner won the 5,000 metres to bring home Switzerland’s first gold medal at the Paralympics in Paris.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Wealthy echelons thrive amid economic volatility
This content was published on
The world’s richest people saw their wealth expand last year as stock markets and real estate gained in value, according to Swiss bank Credit Suisse.
This content was published on
How did the small mountainous country become one of the wealthiest in the world? This SRF documentary examines some of the possible factors.
Zurich drops to fourth in ranking of most expensive cities
This content was published on
Soaring inflation, supply chain disruptions and high oil prices have shuffled this year’s ranking of the most expensive cities.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.