If you’re a high-net-worth individual in Asia into fine dining, wine, jewelry and luxury skin cream, best not to live in Shanghai.
The Chinese city overtook Hong Kong as the most expensive for a basket of luxury goods and services on a price-weighted basis, according to Bank Julius Baer & Co.’s annual Wealth Report Asia, which tracks spending by the region’s rich.
Shanghai has also grown more pricey on a relative basis to buy property (although Hong Kong is still most expensive in that regard), hire a lawyer or purchase watches and handbags, the report found. Kuala Lumpur retained its claim as the least-expensive city in Asia -- Malaysia’s capital is the best place to pick up a piano, indulge in cigars or book a hotel suite.
It has overtaken Hong Kong to become No. 1 on a price-weighted basis.
The report, in its eighth year, also introduced a new His & Hers Index to compare the cost of luxury goods for men and women in an attempt to answer the question: Is there a pink tax? Or, does it cost more for a woman to look good versus a man?