SINGAPORE&nbsp;(Reuters) -&nbsp;Singapore&nbsp;for the first time became the most expensive city for&nbsp;goods&nbsp;and&nbsp;services&nbsp;for&nbsp;wealthy&nbsp;people, overtaking Hong Kong, London and New York, according to a report on Tuesday.
Cars and essential health insurance in&nbsp;Singapore&nbsp;are 133% and 109% more expensive than the global average, among 12 consumer&nbsp;goods&nbsp;and eight&nbsp;services&nbsp;that reflect the spending patterns of high-net-worth individuals, according to Julius Baer's Global Wealth and Lifestyle report this year.
The politically stable and tax-friendly city-state was one of the first Asian&nbsp;cities&nbsp;to significantly ease pandemic restrictions, and has started to see an influx of wealth.
Demand for accommodation is high, school places are at a premium, and the general cost of living for everyone is high in&nbsp;Singapore, the report added.
Shanghai, in first place last year, fell to second. Possible factors include longer pandemic restrictions than in other&nbsp;cities, the report said. Hong Kong was ranked third.
Johannesburg was at the bottom of the&nbsp;list, which covered 25&nbsp;cities&nbsp;across the world.
&nbsp;
(Reporting by Chen Lin in&nbsp;Singapore. Editing by Gerry Doyle)

you might like

Singapore tops list of costliest cities for goods, services aimed at the wealthy