KUALA LUMPUR: Singapore remains the world's most expensive city for luxury goods and services, according to an annual report by Swiss wealth manager Julius Baer Group.
The city-state's political and economic stability, along with its pro-business environment has continued to attract the ultra-wealthy.
However, there is a trend towards more discreet expressions of wealth with a decrease in luxury sales such as watches, cars, apartments and other luxury goods dropping.
Overall, price increases slowed to 4 per cent from 6 per cent in 2023.
The cost of bicycles fell globally, which may have been attributed to an oversupply post-Covid-19, while business class flight prices also dropped.
Jewellery, ladies' shoes, and men's suits saw the biggest price increases.
Hong Kong climbed to second place, noted for its high costs in legal services and property, while London rose to third due to the strength of the British pound and post-Brexit normalisation.
Shanghai dropped to fourth due to real estate challenges and softening consumer confidence.
Tokyo fell to 23rd as a result of the weakening yen, while Zurich, bolstered by a strong Swiss franc, climbed to sixth place.
The report highlighted many shifts in the rankings driven by currency fluctuations, with Santiago, Chile now more expensive than Tokyo, Japan in US dollar terms.
Europe, the Middle East and Africa saw significant price increases, making it the most expensive region, with European cities climbing the rankings.
Dubai fell to 12th spot from seventh, and other Asian cities like Tokyo, Bangkok and Jakarta also saw declines.