Botox, cigars and pianos - Shanghai the most expensive city for luxury goods
If you’re a wealthy person looking to splash your cash on luxury items such as hotel suites or golf membership, you should avoid Shanghai - it’s the most expensive city in Asia for rich people.
Private banking group Julius Baer released their fifth annual Wealth Report on Wednesday, revealing which Asian cities were the most expensive for luxury goods and services.
Business class flights, plastic surgery, ladies’ handbags and jewellery were among the 20 services they compared in 11 cities across the region.
In total, Shanghai was ranked as the most expensive city for wealthy individuals, where botox treatments can cost up to US$1,293 each and cigars can set you back US$1,483 per box.
In Tokyo, hotels can cost you up to US$832 a room, the most expensive in Asia, while a bottle of wine in Manila, Phillipines, could set you back US$3,405.
Don’t gloat yet though if you’re living in Hong Kong - high cost housing in the city was almost five times as expensive as the average, leaving the competitors far behind.
Overall the report found the pool of investable assets available to Asia’s super wealthy could reach up to US$14.5 trillion by 2020, with more than US$8 trillion in China alone.
Julius Baer Asia Pacific region head Thomas Meier said through analysis of high wealth individuals and their spending they could learn more about Asia’s macroeconomic trends.
“In the end, there is a close link of growth of an economy with wealth that is being produced,” he said. “In high growth economies naturally there is a wealth creation process happening and that trickles down to the individuals.”
According to their report, Hong Kong was the second most expensive city for luxury goods and services in Asia, followed by Singapore in third place and Seoul in Third.
Of the 11 cities measured, Mumbai was the least expensive for luxury spending despite India’s rapidly growing high net worth individual wealth.