The Asian continent is home to four of the 10 most expensive cities to live in 2021, with ShanghaiChina, heading the list of 24 countries evaluated by the banking institution Julius Bär.
According to the “Global Wealth and Lifestyle Report 2022”, Asia is in that position because its cities were the least affected by the Covid-19 pandemic.
Esteban Polidura, director of Consulting for the Americas at Julius Bär, estimated that the harsh confinements this year due to Covid-19 in China would have little effect on the next report.
“The effect that I see from the lockdowns in China is that a lot of consumption moved to the electronics sector but they continued to demand these brands and they continued to pay the prices, so there would not be a big change,” Polidura said.
The second most expensive city is London (UK) followed by Taipei Y Hong Kongboth in China, while in fifth place is Singapore.
Regarding America, this continues as the most accessible region to live. The largest increase in the cost of living was Sao Paulo(from 21st to 12th place) with prices rising 27%, driven largely by record inflation, high import tariffs and taxes.
The Mexico City It is one of the cheapest cities to live in, ranking 22nd out of 24, which has the least expensive residential properties, being 72% cheaper than the average for the region.
The Julius Bär Lifestyle Index tracks prices and consumer behavior to measure price inflation for a basket of goods and services representative of the lifestyle of high-net-worth individuals in cities across the globe. all the world.
Last year, the average price increase It was 7.46%, quite high compared to the 2020 report that showed an increase of just 1.05 percent. The rise was due to supply chains strained by the war in Ukraine and the slow economic recovery from the pandemic.
The cities that are included in the report are Bangkok, Hong Kong, Jakarta, Manila, Mumbai, Shanghai, Singapore, Sydney, Taipei, Tokyo, Barcelona, Dubai, Frankfurt, Johannesburg, London, Milan, Monaco, Paris, Zurich, City of Mexico, Miami, New York, São Paulo and Vancouver.