The Swiss private bank released its 2023Singapore pushed Shanghai off the podium, marking the first time the Asian city-state topped the ranking. It came in fifth place last year and ninth in 2021.
Julius Baer analysts wrote that Singapore's government had succeeded in their attempts to make it an attractive place for high net-worth individuals to live and work but that this had also pushed prices up., has high rent, house prices, school fees, taxes on cars, and general living expenses, the analysts wrote. Essential health insurance is more than double the global average, they added.
By the end of 2022, Singapore had an estimated 1,500 family offices – twice the number of the previous year.
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