Well-known Chinese news site Sina (NASDAQ: SINA) recently reported that, according to Swiss Julius Baer Group’s Global Wealth and Lifestyle Report 2021, Asia remains the most expensive region in the world and Shanghai, replacing Hong Kong, has become the world’s top city with the highest living cost. The report showed that Shanghai’s consumer prices increased by six percent last year, while the global average was only one percent. Shanghai’s business class airfare and hotel lodging price both increased rapidly. Hong Kong dropped its ranking from number one to number three. Tokyo now ranks number two. The Julius Baer Report covers 25 major cities in the world, mainly tracking the prices of 20 high-end products and services to compose high-end lifestyle indicators. This year’s focal point was on the impact of the pandemic and the findings showed a serious drop for travel related industries.
Source: Sina, April 9, 2021