What are the most common luxury services
Asia is generally the most expensive region for a luxury life, states the new report published by the private bank on Friday. Tokyo and Hong Kong follow in second and third place out of a total of 25 global metropolises. The study cites Asia's rapid recovery from the corona crisis and currency stability as the reasons for the top spots.
Life as a millionaire has become more expensive in Europe because of the strength of the euro and the Swiss franc. Zurich ranks sixth among the most expensive cities for a luxury life, followed by Paris and London. The British capital was the only European metropolis to have slipped due to the uncertainties surrounding Brexit.
Life is much more affordable for the upper class on the American continent. This is primarily due to the devaluation of the US and Canadian dollars and the depreciation of Latin American currencies. However, New York (10th place) remains in the top ten most expensive cities, while Mexico City (23) and Vancouver (24) are suitable places to live for more thrifty millionaires.
Flights and whiskey have become more expensive
The global rise in prices for goods that are apparently indispensable for millionaires was meanwhile limited: the shopping cart with twelve consumer goods and eight luxury services compiled by Zurich-based private bank rose by 1.05 percent in 2020.
Flights in business class (+ 11.4%) and whiskey (+ 9.9%) became significantly more expensive. On the other hand, millionaires got significantly better off than last year when buying women's shoes (-11.7%) or booking suites in five-star hotels (-9.3%).
The composition of the millionaire's shopping cart seems to reflect the Corona situation: The Julius Baer experts have recently added mountain bikes, treadmills and health insurances. Concert grand pianos, wedding banquets or beauty services are no longer part of the shopping cart.
The wealthy also do not escape the trend towards sustainability and ethical buying behavior, as the report says: Even with “high-end products” and premium services, the trend is towards more conscious decisions. For producers, this could translate into fairer prices. (pbe / SDA)
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