From Shanghai to Paris: Here are world's most expensive cities to live in for rich people

Shanghai, China's biggest city and a global financial hub, has topped the list of the world's most expensive cities to live for the rich people. 

The increase in prices of luxury items and growing inflation have impacted the overall purchasing power of the ultra-rich living. 

London, the capital of the United Kingdom took second place from Tokyo to be in the second spot of the world's most expensive cities to live in for the wealthy people. 

For the wealthy people who live in cities London, the higher cost of luxury items like designer handbags, shoes, watches etc, doesn't even keep with up overall inflation rates of countries. 

Taipei, the capital of Taiwan, is at number three in the list. 

The Bloomberg reports states that the findings highlight that the rich aren't immune to inflation, which has reached 8.6 per cent in the United States and 9 per cent in the UK. 

According to the Julius Baer report, which was released Wednesday (June 15), "While the financial situation of many high-net-worth individuals has actually improved over the last year, the concurrent increase in the basket of goods and services that make up our lifestyle index means the 'money illusion' of previous years still lingers."  

Still, "our survey reveals a mildly optimistic post-pandemic picture," it said. "The wealthy are spending normally again." 

Hong Kong is at fourth spot. In the report, it has been mentioned that the undercurrent to Julius Baer Group Ltd.'s 2022 global wealth and lifestyle report is global divergence in price growth and monetary policy.

The rankings are done after analyzing the cost of residential property, cars, airfare, business school and other luxuries.  

In the list of world's most expensive cities to live for the rich people, Singapore is number five.

The Bloomberg report states that the cost of tech items like laptops and smartphones globally surged the most, 41%. Such a hike is due to work-from-home culture and a global chip shortage. 

This European city is at the sixth spot. In the Bloomberg report, the findings have been curated after analysing prices of about 20 goods and services individuals with bankable household assets of $1 million or more typically buy in 24 cities across regions. 

Zurich, a popular tourist destination in Switzerland is in the seventh spot. The report noted that the data was gathered in two rounds between November and April. 

Tokyo, the Japanese capital is number eight on the list of the world's most expensive cities to live in for the rich. 

The busy capital city is a mix of the ultramodern and the traditional form of lifestyle. 

Australia's Sydney is at number nine. 

The report has mentioned that the Russian capital Moscow was removed from the list. 

The French capital is at the 10th spot. In the report, Nicolas de Skowronski, the head of wealth management solutions at Bank Julius Baer, was quoted as saying: "Ongoing global uncertainty, prompted by the pandemic, and sustained by rising inflation and increased geopolitical tension, has only sharpened the need for investors to protect their purchasing power and, in the long term, actively plan to preserve their wealth." 

Here's the complete list by Bloomberg: 

1. Shanghai
2. London
3. Taipei
4. Hong Kong
5. Singapore
6. Monaco
7. Zurich
8. Tokyo
9. Sydney
10. Paris
11. New York
12. Sao Paolo
13. Milan
14. Dubai
15. Bangkok