Every year, Swiss asset manager Julius Baer publishes a ranking of global cities with the highest cost of living. Rising prices are seeing some metropolises rising up the ranking, particularly those in Asia.
Singapore has become the world's most expensive city for the first time, ahead of Shanghai and Hong Kong.
Last year, the city-state ranked fifth in the Julius Baer list, which is based on "a basket of goods and services" associated with a high-end lifestyle (residential properties, luxury cars, designer handbags, etc.).
Singapore is a regular in annual rankings of the most expensive cities to live in, including the one compiled by British weekly
The Economist, where it tied with New York for first place last year.
Surprisingly, the Big Apple takes fifth place in the Julius Baer index. The United States city is outranked by two Asian metropolises as well as London, the most expensive capital on the Old Continent.
Monaco retains its sixth place in the ranking for the second year running, while Dubai leaps up to seventh. This favourite destination of the ultrarich (and influencers) was the world's 14th most expensive city last year.
Although Miami is in 10th place, the Florida seaside city saw the biggest increase in cost of living (22 per cent) in one year.
Conversely, Paris dropped three places in the ranking to 13th. Like Milan and Barcelona, the French capital fell down the index due to the euro's weakening against the dollar.
But these European cities continue to attract affluent customers thanks to the luxurious lifestyle they offer.
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