Shanghai displaced Hong Kong from the first position. Now it is in third place, and Tokyo is in second place.
Asia, according to the company, is the most expensive region in the world. The reason was the rapid economic recovery after the coronavirus.
“COVID-19 has not turned into an epidemic in rich Asian countries, unlike the United States and Europe. Shanghai became the most expensive city, as prices increased by 6% in 2020, while in Hong Kong, they did not change. There was a “real anomaly” in Shanghai: business class air tickets have risen in price by 82%, and prices for hotel rooms — by 15%,” according to data from Julius Baer.
The list of the most affluent cities also includes Monaco, Taipei, Zurich, Paris, London, Singapore, and New York.