Asia is the world’s most expensive region for the wealthy. Here’s how 25 global cities stack up

Asia is the world’s most expensive region for the wealthy. Here’s how 25 global cities stack up

Asia continues to be the most expensive place in the world to be rich, according to a new report, which saw the region's resilience to the Covid-19 pandemic hold high prices steady.The world's most populous continent remained the most costly for high-and ultra-high net worth individuals (HNWIs) in Bank Julius Baer's Global Wealth and Lifestyle Report 2021 as its swift response to the global health crisis and overall currency stability maintained the cost of luxury goods in the region.Four of the five most expensive cities for HNWIs “” individuals with $1 million or more in investible assets “” are now in Asia, according to the annual report.

Shanghai, China jumped to the top of the ranking of 25 global cities to be named the most expensive place to live as a wealthy individual. Hong Kong, last year's number one, slipped to third place, while Tokyo, Japan held steady in second position.Monaco, a small wealthy state in Western Europe, and Taipei, Taiwan rounded out the top five.

"Covid didn't become an epidemic (in Asia) in quite the same way as the other countries in the index," said Rajesh Manwani, head of markets and wealth management solutions for Asia-Pacific at Bank Julius Baer.Europe and