Shanghai: The Most Expensive City for the Elite in Asia
Shanghai, known as one of China’s most vibrant and cosmopolitan cities, is also infamous for its high cost of living. As a global financial hub and a major economic center, the city attracts expatriates, professionals, and entrepreneurs from around the world, contributing to its expensive lifestyle.
Swiss bank Julius Baer recently released its Lifestyle Index, which evaluates over 20 luxury items and services across 11 cities in Asia. According to this report, Shanghai remains at the top for the second consecutive year in terms of expensive living for the elite.
The report reveals that many luxury goods and high-end services in Shanghai are priced at twice the cost compared to other cities in the region. In the real estate market, Shanghai ranks as the second most expensive city after Hong Kong, and it is also the second most expensive city in Asia for purchasing a BMW7, following Singapore.
Over the past year, the price of luxury housing in Shanghai has increased by 15%. Alongside luxury watches and high-end skincare products, hospital costs for botox injections and cigars in Shanghai are also among the highest.
If you’re considering hosting a wedding at top hotels in the city center for around 500 guests, the minimum cost is approximately 137,684 USD. In contrast, a similar event in Bangkok would cost around 28,251 USD. Tokyo, another expensive city, would require about 148,674 USD.
Among the other cities in the report, Singapore has surpassed Hong Kong to become the second most expensive city in Asia. Tokyo has moved up from seventh place last year to fourth. The price of approximately 800 USD per night at a luxury hotel in Hong Kong remains three times higher than in Seoul and four times higher than in Kuala Lumpur. Mumbai is the most affordable city for the wealthy in Asia on the ranking.
Even without indulging in a lavish lifestyle, costs in Shanghai are still high. The city frequently appears on lists as one of the most expensive cities for expatriates in the Asia region.
Living in Shanghai is not only attractive due to its dynamic development and career opportunities but also presents challenges with its high cost of living. From housing prices and dining expenses to education and healthcare, these factors contribute to making the city an expensive place to live. However, the rich cultural experiences, career growth opportunities, and diverse lifestyle in Shanghai can compensate for these costs. For those willing to embrace the expenses, Shanghai remains a compelling and desirable place to live.
