Singapore pushed Shanghai off the podium, marking the first time the Asian city-state topped the ranking. It came in fifth place last year and ninth in 2021.

Shanghai and Hong Kong are ranked second and third respectively on the 2023 index. Taipei is another Asian city in the top 10, coming in at number 8.

The report also notes that Asia is the most expensive continent to live on for the fourth year in a row even as inflation has been a global phenomenon, with prices for all goods and services in the index rising by 13 percent.

The index ranks the 25 most expensive cities in the world based on an analysis of residential property, cars, business-class flights, as well as other luxuries. Its results are from surveys conducted with high-net-worth individuals (HNWIs) who have $1 million or more in bankable household assets between February and March of this year.

Widely perceived to be a safe haven due to economic and political stability, as well as ease of doing business and low tax rates, Singapore has been attractive to both HNWIs and ultra-high-net-worth individuals (UHNWIs) for a number of years now.

According to the theindependent/ businessinsider