Dubai 7th most expensive city for high-class living

Dubai has jumped from 14th in 2022 to seventh place this year for high-class living costs following the strong recovery in the post-pandemic period, according to the fourth edition of the Global Wealth and Lifestyle Report released by Swiss bank Julius Baer.

The ranking is based on the analyses of the cost of a basket of goods and services such as cars, jewellery, residential property, education, insurance, hotels and others across 25 cities around the world.

Globally, Singapore ranked in the top position, followed by Shanghai, Hong Kong, London, New York and Monaco. Taipei, Sao Paulo and Miami followed Dubai in the top ten spots.

For Dubai, the study rated the cost of bicycles, ladies' handbags, treadmills, watches, MBA degrees and hotel suites among the highest while prices of cars, jewellery, ladies' shoes, residential property and business class flights are among the least expensive.

“Dubai also offers a more exuberant lifestyle than established financial hubs such as Zurich, making it perfectly positioned to capitalise on the shift in economic gravity towards Asia, and continue growing as a hub that appeals to hyper-mobile wealthy people,” the report said.

Globally, the average price of Julius Baer’s Lifestyle Index increased by 6 per cent in US dollar terms, but by 13 per cent in local currencies due to high rates of energy, fuel, and staffing.

Fahd Abdullah, executive director, investment advisory, Julius Baer (Middle East) Ltd, said the emirate is perfectly positioned as a gateway between East and West and it will continue to grow as a hub that appeals to hyper-mobile wealthy people.

“By offering a friendly tax regime and investment incentives, high standards of living, safety and security for its residents, good global connectivity and infrastructure, Dubai looks set to remain a fixture in the higher end of our city rankings,” he said.

“Dubai has firmly set its sights on becoming one of the top four financial centres in the world. This is further cemented by the recent announcement of the Dubai Economic Agenda – D33 that aims to double the size of its economy in the next decade.”

Abdullah added that the emirate has become the place that companies and entrepreneurs seeking a base in the Middle East turn to and is popular with expatriates.

“Additionally, mega events such as Expo 2020 and the upcoming COP28 continue to play an important role in solidifying Dubai’s footprint on the world map,” he said.

• Business