Singapore is top city in Global Wealth Lifestyle Index

This is the first time that Singapore topped the index.

Asia's status as the centre for the wealthy was highlighted in the latest 2023 Global Wealth Lifestyle Index as Singapore, Shanghai, and Hong Kong topped the list.

This year's Julius Baer Lifestyle Index featured Singapore as the top city, which moved from fourth place in 2022. In 2021, the city-state was at ninth place. 

Next is Shanghai, last year's first place, then Hong Kong at third place.

European cities dropped down from the rankings, with London falling to fourth and Monaco taking the sixth place. New York's ranking climbed to fifth from 11th place.

Dubai is at seventh place, followed by Taipei, which is the only other Asian city to be included in the top ten.

Government's policies made an attractive environment for Singapore investors, high-net-worth-individuals, and foreign residents. Data showed that by the end of 2022, Singapore counted 1,500 family offices in the territory, twice the number of the offices recorded in the past year.

But the study noted that in terms of the specific factors that make Singapore expensive, demand for accommodation is high, school places are at a premium, and the general cost of living is significant.

The study also advised that Singapore should retain its ingenuity to keep its place in the index.