Dubai Drops Out Of Top 10 Most Expensive Cities
Dubai is no longer in the top 10 most expensive cities for the ultra-rich, even though it’s the richest city in the Middle East and a major financial center.
Rankings: This year, Dubai has dropped in both global and regional rankings. It is now the sixth most expensive city in the Europe, Middle East, and Africa (EMEA) region and 12th worldwide, according to the Global Wealth and Lifestyle Report 2024 by Swiss private bank Julius Baer.
However, the report suggests that this change might make Dubai even more appealing to wealthy people because it remains one of the strongest and most stable economic centers in the Gulf, making it an attractive place to live.
Other cities that saw a big drop in rankings include Tokyo, Japan; Bangkok, Thailand; and Taipei. Cities that moved up the list include Zurich, Switzerland; Milan, Italy; Sydney, Australia; Paris, France; and Mexico City, Mexico, which rose by 8, 6, 6, 5, and 5 spots, respectively.
Singapore has solidified its position as an important regional and global hub, as well as a highly desirable place to live and work. The report highlights its stable politics, good healthcare, low crime, and excellent public transport as key reasons.
Most expensive cities 2024:
1. Singapore
2. Hong Kong
3. London
4. Shanghai
5. Monaco
6. Zurich
7. New York
8. Paris
9. São Paulo
10. Milan
Important quote:
“Dubai is establishing itself as the new capital of global finance, serving as a link between traditional banking systems and a digital economy,” said Fahd Abdullah, head of Investment Advisory at Julius Baer Middle East, in a statement.
Strong US dollar
Currency fluctuations have had a big impact on some of the biggest changes in rankings, the report noted, using Tokyo as an example. Tokyo’s prices haven’t changed much, but its ranking dropped because of the strong US dollar.
“The dollar is strong overall, partly due to global instability since it is considered a safe-haven currency,” the Swiss bank explained.
In terms of lifestyle spending, the Middle East stands out. There is high demand for property in the region, especially in Dubai, where the property market is “hot.” The report revealed that over half of the survey respondents in the Middle East had spent more on residential property in the past year. “No other region in our survey comes close to this,” Julius Baer stated.
Published: 2nd September 2024
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