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For the Rich, Living in Asia Is Costlier Than Anywhere Else

  • Shanghai becomes the most expensive city, replacing Hong Kong
  • Prices for business-class flight tickets surged the most
Visitors walk on the Bund in Shanghai.
Visitors walk on the Bund in Shanghai.Photographer: Qilai Shen/Bloomberg
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If you’re wealthy, Asia Pacific is the most expensive place to live in, with Shanghai overtaking Hong Kong as the priciest city in the world.

Those are some of the key findings from a Julius Baer Group Ltd. report about luxury lifestyles released Friday, which stated that part of the reason for the region’s success was its swift recovery from the coronavirus pandemic. By contrast, the Americas was the most affordable because of the slumps in the U.S. and Canadian dollars and sharp devaluations of Latin American currencies.