According to a ranking based on a report by Swiss private bank Julius Baer, Dubai has moved up seven spots to become the seventh most expensive city in the world to live in luxury.
Meanwhile, according to The Global Wealth and Lifestyle Report, Dubai has moved up to the seventh most expensive city for high-net-worth individuals (HNWIs), surpassing Zurich, which is now ranked 14th.
By examining the cost of a variety of purchases and services, ranging from residential real estate to legal services to fast-moving consumer goods like designer handbags, Julius Baer’s Lifestyle Index ranks the world’s 25 most expensive cities.
Singapore was the most costly city of the 25 cities surveyed, followed by Shanghai, Hong Kong, London, and New York.
Dubai was ranked number seven, while the other cities in the top 10 were Monaco, Taipei in Taiwan, Sao Paulo in Brazil—the first city from Latin America to make the list—and Miami.
Last year, Paris ranked as the tenth most expensive city, but it is currently ranked thirteenth.
Europe the Middle East and Africa (EMEA) is the region where it is most affordable to live well, the report stated.
According to Julius Baer’s executive director of investment advisory in Dubai, Fawad Abdullah, European cities are falling down the rankings over the past few years.
The report also stated that the prices have increased significantly across the board in various categories, including business class flights by 10.13%, whisky by 16.15%, wine by 17.23%, and hotel suites by 9.26%.
While in Asia, the cost of hotels increased by 39.1%, that of flights by 32.9%, and automobiles by 25.1%.
Wine, whisky, and a degustation dinner saw the most price hikes in the EMEA region, at 37.1%, 29.6%, and 23.1%, respectively.
In the Middle East, spending priorities have changed; according to a study of 61% HNWIs, more money was spent on real estate last year than the year before.