Hong Kong now ranks lower among the costliest cities for rich people \u201cliving well\u201d, with Singapore the most expensive for a fourth consecutive year, according to Swiss private bank Julius Baer.<\/p>\n
This year\u2019s \u201cGlobal Wealth and Lifestyle Report\u201d, released by the bank on Tuesday, assessed the costs of living well in 25 major cities around the world for high-net-worth individuals with bankable household assets of US$1 million or more, based on data about 11 consumer goods and nine services between November and March.<\/p>\n
Hong Kong ranked fourth, down from third last year, with half the goods or services having become cheaper.<\/p>\n
It had the cheapest jewellery, dropping from 19th to 24th, with Johannesburg excluded due to unavailability.<\/p>\n
Once dubbed a shopping paradise for China\u2019s rich, Hong Kong\u2019s luxury goods sales are suffering due to changes in the spending habits of Chinese tourists, who, according to the bank, were increasingly turning away from traditional European luxury brands and favouring domestic labels.<\/p>\n
Despite a recent market slump, Hong Kong\u2019s homes remained the second-most expensive this year, trailing only Monaco.<\/p>\n","protected":false},"excerpt":{"rendered":"Hong Kong now ranks lower among the costliest cities for rich people \u201cliving well\u201d, with Singapore the most…\n","protected":false},"author":2,"featured_media":573504,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[174],"tags":[79,5214,179,18,4202,19,17,12502,42113,130,39694,2792,1999,2708,61364],"class_list":["post-573503","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-chinese","tag-economy","tag-eire","tag-hong-kong","tag-ie","tag-ireland","tag-johannesburg","tag-julius-baer","tag-london","tag-monaco","tag-shanghai","tag-singapore","tag-us-dollar","tag-zurich"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/116879422091297543","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/573503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=573503"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/573503\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/573504"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=573503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=573503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=573503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}