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1、GLOBAL WEALTH AND LIFESTYLE REPORT 2023FOREWORDWe are navigating uncharted territory when it comes to understanding the lasting effects of the pandemic and finding a way forward in the new normal.Will life go back to as it was before,or are the changes irreversible?It is too early to tell definitive

2、ly,but this brings us to the core of this years Global Wealth and Lifestyle Report:analysing the cost of living well and the reactions of wealthy individ-uals in an environment that is still shaken by the pandemic.One of the key,and somewhat surprising,takeaways in this edition is that the average c

3、ost increase of our proprietary Lifestyle Index is bang in line with previous readings.This means prices of premium goods and services kept climb-ing at their normal levels of mid-to high-single-digit per-centage points.Before 2022 the rule of thumb was that the affluent con-sumer had to face about

4、double the rate of inflation of the Christian Gattiker-Ericsson,CFA,CAIA,Head of Research2average consumer.Taking 2022 as a basis(with global inflation flirting with 8 per cent)this would have meant our Index would have overshot 15 per cent in US dollars.Considering the unexpectedly strong performan

5、ce of the dollar in 2022 and the general inflationary environment,this figure was only 6 per cent,although it did reach 13 per cent in local currencies.With this backdrop,and the enduring influences of geo-political and market uncertainty,wealthy individuals are adapting their consumption and lifest

6、yle habits both to make hay while the sun shines and to brace for any future shocks.Our findings show that the world is on the move again,the thirst for travel,experiences,and luxury goods has risen significantly,and people are consistently spend-ing more.They are also conscious that health and well

7、-being are essential to future-proofing themselves and their families,as well as shoring up their finances to face any unexpected adversity.Within the city rankings we see notable shifts,with Singapore rising to first place.Asia remains the costliest region,while Europe,Middle East,and Africa,(EMEA)

8、becomes the most affordable region,despite Dubai racing into the top ten.The Americas are resurgent,particularly New York,and So Paulo becomes the first Latin American city to reach the top ten.Considering these changes,high-end consumption may not be driven as much as we might expect by input price

9、s such as commodities that spurred broad-based inflation gauges.Price rises in premium goods and services under-pin the case that wealthy consumers need to achieve a high-single-digit investment return in US dollar terms to preserve their wealth.These findings also support the insight that rock soli

10、d currencies and,in particular,assets denominated in such currencies(e.g.the US dollar or Swiss franc)help you to weather these storms and secure a healthier,wealthier future.We hope this years Global Wealth and Lifestyle Report proves an enjoyable and insightful read.3The Julius Baer Lifestyle Inde

11、x:Global city ranking 9 Key findings 10 Global item price changes 14 Evolution of top ten city rankings 15 Movers and shakers 17The Julius Baer Lifestyle Survey:Key findings 18 Lifestyle spending habits 24Health and fitness habits 25Travel and transport habits 26Sustainability considerations 2701 02

12、 03 04 05 CONTENTSRegional Overviews:Asia 29 Europe,Middle East,and Africa 35 The Americas 41Appendix:Methodology 47Global rankings by item 49 Asia 51 Europe,Middle East,and Africa 56 The Americas 60Disclaimer and masthead 64-654Global Wealth and Lifestyle Report 2023EXECUTIVE SUMMARYAgainst a backd

13、rop of a cost-of-living crisis,soaring en-ergy costs,rampant inflation,and war in Europe,this years Global Wealth&Lifestyle Report shows that the top pri-orities among affluent individuals and families across the globe are a contrast between financial stability and per-sonal resilience.Wealth is now

14、 as much about ensuring the health and security of your family,both physical and mental,as it is about maintaining your lifestyle.Hedging against global turbulence has been a key theme in recent years,with the Covid-19 pandemic causing a sig-nificant shift in mindset towards preservation across near

15、-ly all demographic groups.However,as the final pandem-ic restrictions lifted and freedom returned,we have seen that the world is on the move again and those with dis-posable income are enjoying it while they can.As in previous years,the Julius Baer Lifestyle Index analyses the cost of a basket of g

16、oods and services representative of living well in 25 cities around the world.This provides an overview of the relative cost of maintaining a high-net-worth lifestyle in various major urban centres.The addition of the Lifestyle Survey,now in its second year,supports the Index findings with quantitat

17、ive analysis of the personal habits and sentiments of high-net-worth in-dividuals(HNWIs).Together,they provide insight into the lifestyles,habits,and priorities of Julius Baers clients and prospective clients around the globe.The leader of the packThe 2023 Index findings reconfirm Asias importance a

18、s a centre for the wealthy.It remains the most costly region in which to live well for the fourth year in a row.For the first time,Singapore is the highest-ranking city in the Life-5Executive Summarystyle Index,followed by Shanghai last years leader and Hong Kong in second and third respectively,mak

19、ing up a fully Asian podium.The Taiwanese capital Taipei is the only other Asian city to feature in the top ten,taking the eighth spot.For the first time since the report began,Europe,the Mid-dle East,and Africa(EMEA)is the most affordable region in which to live well,with European cities in particu

20、lar drop-ping down the rankings.London,last years second place,falls to fourth,and,apart from Monaco holding firm in sixth,Britains capital is the only European city in the top ten.Dubai has enjoyed a rapid rise up the ranking to sev-enth place,helping to relegate Zurich to Dubais former position of

21、 14th.In the Americas,New York makes a significant climb to fifth place from 11th and Miami rises eight places to tenth,while the Brazilian metropolis of So Paulo breaks into the top ten for the first time in ninth place.Santiago de Chile,newly added to the Index this year,joins in 23rd place.This r

22、eturn to form of both North and South American urban centres results in the Americas overtaking EMEA as the second most expensive region in which to live well.Higher and higherCompared to 12 months ago,the overall price for our In-dex of goods and services has increased on average by 13 per cent in

23、local currencies and by 6 per cent in USD.As recession fears mounted during the second half of 2022,the safe-haven US dollar rose to unexpectedly high levels,exponentially weakening other major currencies such as the euro,Japanese yen,and pound sterling.This had particular influence when converting

24、prices to USD for comparison purposes and is worth keeping in mind with regards to the analysis in this report.The greatest price increases are in high-demand,premium consumables such as wine and whisky,as well as luxury cars and hospitality services.Hotel suites,business class flights,and fine dini

25、ng all experienced significant price in-creases as the demand for travel and entertainment has 6Executive Summarysurged.Overall,the cost of services grew more than the cost of goods,but across the board,price changes of both goods and services in the Index show the impact of in-creased energy,raw ma

26、terial,and staffing costs.Coupled with inflation,currency fluctuations,and ongoing supply-chain disruption,these conditions mean that every indus-try,business,and consumer is feeling the effects on their purchasing power.But what does that mean for the habits and attitudes of HNWIs globally?This yea

27、rs Lifestyle Survey has been expanded to include North America,Singapore,and Qatar,and asks more in-depth questions about the health and wellbeing,sustainable practices,and financial situa-tions of affluent consumers,enabling us to provide more nuanced analysis on these key themes.Fiscal fitnessOur

28、quantitative research shows that HNWIs are taking steps to preserve their health and wealth on an ever-increasing level.Fitness and wellbeing practices,health insurance,and education,as well as family and financial resilience,are top priorities to help prepare for future dis-ruptions.However,people

29、also want to enjoy life once again,almost certainly as a direct result of the restrictions of previous years.Social experiences such as fine dining are having a resurgence,particularly across Asia and the Middle East.Additionally,booming demand for personal mobility and long-haul travel in all regio

30、ns surveyed shows a world that is truly on the move again,with levels of both leisure and business travel set to continue to grow in the coming year.Another key finding in this years Survey is an increased consideration of sustainability and environmental,social,and governance(ESG)matters in investm

31、ent decisions,with the vast majority of HNWIs in all regions now consid-ering them important.However,this must be balanced with the say-do gap between investment and consumption.Although respondents in all regions recycle,they are yet to fully embrace a sustainable approach to consumption 7Executive

32、 Summarythe intention is highest in the Middle East,with respond-ents looking to consume sustainably and use green ener-gy where possible.HNWIs in the Middle East and Asia are also concerned with embracing future trends and aligning their invest-ments with their personal values,both considerations t

33、hat are less important than capital generation for respondents in Latin America and Europe.In all regions,at least a quarter of respondents stated that they invested more money during 2022 than in the pre-vious year,with the highest proportions in Asia and the Middle East.This tallies with the overa

34、rching investment intention of increasing wealth that is most prominent in North America and Europe.A significant proportion have also spent more in the past 12 months.This indicates two things:that even the wealthy are not cushioned from rising living costs,and that they are de-ploying recently acc

35、rued capital.More than half of re-spondents from all regions,barring North America,have seen the total value of their assets increase.This is most pronounced in Asia,followed by the Middle East and Lat-in America.More than ever,the results underline the importance of a robust wealth management strat

36、egy that can support the needs of both the individual and their families for gener-ations to come.As complexity grows across cities,continents,and finan-cial jurisdictions,the value of a trusted,experienced part-ner is incalculable.Ensuring the health of personal and financial matters today will pro

37、vide greater resilience to any unpredictable events to come tomorrow.8Executive Summary10MIAMI1821MEXICO CITY229SO PAULO121824MUMBAI714DUBAI179SYDNEY2523JOHANNESBURG2021MANILA83TAIPEI15SINGAPORE1219JAKARTA34HONG KONG1115BANGKOK158TOKYO21SHANGHAISANTIAGO DE CHILE11NEW YORK51124VANCOUVER201916BARCELON

38、A4LONDON213PARIS10147ZURICH66MONACO2217FRANKFURT1613MILAN EUROPE23NAMoved upMoved downNo change3City rank 2023 3City rank 2022 The Julius Baer Lifestyle Index is based on a basket of 20 goods and services that repre-sent discretionary purchases by HNWIs globally.Here we show the global rank of the 2

39、5 cities included in the Index this year.GLOBAL CITY RANKING9Lifestyle Index0405010203THE JULIUS BAER LIFESTYLE INDEX:KEY FINDINGSIn 2023,after a number of tumultuous years,we can rea-sonably say that much of the world is back to normal or at least a new kind of normal.The pandemic,while not entirel

40、y gone,has receded to the point where the world has learned to live with it.However,we now contend with the ongoing war in Ukraine just one example of geo-political issues and the return of inflation,all while at-tempting to mitigate climate change and address vital sustainability concerns.As old pa

41、tterns and habits are resumed,what has changed,and,in particular,what has changed in the world of high-Affluent consumers are back to travelling,shopping,and wanting to enjoy life,but this is underscored by an air of caution and preparation for the future.end consumption?People are flying,holidaying

42、,and eat-ing out as before early 2020.Demand spikes on lockdown favourites such as laptops and bicycles have eased,and the luxury goods sector is thriving as people want to in-dulge themselves again.Our Lifestyle Index looks at a basket of discretionary goods and services that affluent consumers buy

43、 and use.These range from residential property to lawyers to ladies hand-bags.The cost of these items in 25 key cities around the world are compiled so that global,regional,and categor-ical changes can be examined.The cities are then ranked 10Lifestyle Index0405010203from most to least expensive in

44、terms of how much it costs to live well from the perspective of high-net-worth indi-viduals(HNWIs).The findings are both a resource for this demographic of consumer and a fascinating indicator of changing lifestyles.Starting with the top five most expensive cities for living well,we have a bit of a

45、surprise.Singapore is now in the number one spot,rising from fifth.Shanghai is second,down from number one,and Hong Kong makes up a ful-ly Asian top three.This is likely to reflect several factors.China endured longer pandemic restrictions than many other countries,although it remains the economic e

46、ngine of Asia.Moreover,the yuan,although up from its late-2022 low,is not as strong as it has been against the US dollar in recent years.Singapore has positioned itself as an excellent regional hub for both investors and foreign residents.The government has worked hard to create an attractive enviro

47、nment to live in and HNWIs have taken note,but this attractiveness is 11Lifestyle Index0405010203reflected in the prices local consumers now face.In terms of the specific factors that make Singapore expensive,de-mand for accommodation is high,school places are at a premium,and the general cost of li

48、ving is significant.One notable cost in Singapore is the high tax on cars,al-though this is not purely negative.For starters,strict con-trol of cars helps reduce pollution and congestion in the densely populated country.Secondly,Singapore has ex-cellent public transport.And finally,for many of the y

49、oung-er wealthy,cars are no longer quite the status symbol they were for their parents generation,partly due to the in-creased focus on making sustainable choices.Another big riser has been New York,now in fifth place.The strengthening of the dollar over the past 12 months is one of the key factors

50、here,but after initially recovering slowly from the pandemic,the city has now strongly re-bounded.Travel in general has become much easier and New York is a major destination for both work and play.Some of this may simply be a correction from 2022,when New York plunged to number 11 in the ranking,wh

51、ich felt very affordable for the biggest city in what is still the worlds biggest economy.London has slipped this year from second to fourth.While the performance of pound sterling is a factor,Brexit and the ensuing turmoil continue to dent the UKs reputation and cause economic complications.Once se

52、en as a mod-el of good governance and stability,London now faces strong competition from burgeoning financial centres such as Dubai and Singapore.The city remains the most ex-pensive in Europe,Middle East,and Africa(EMEA)for many Index items,but,despite still being a global transport hub,it might no

53、t be as attractive as it once was to the wealthy who will see their money go further elsewhere.Further down the ranking,the shifts tend to be larger.Dubai has risen seven places to seventh.The emirate remains an object lesson in the saying build it and they will come,and also a testament to the powe

54、r of govern-ment to create hubs using financial and other incentives.12Lifestyle Index040501020313It has become the place that companies and entrepre-neurs seeking a base in the Middle East turn to and is popular with expats.Most recently,it has seen the reloca-tion of large numbers of wealthy indiv

55、iduals,which has affected property prices and demand.Dubai also offers a more exuberant lifestyle than estab-lished financial hubs such as Zurich(with which it has swapped places since 2022),making it perfectly posi-tioned to capitalise on the shift in economic gravity to-wards Asia,and continue gro

56、wing as a hub that appeals to hyper-mobile wealthy people.Turning to the southern part of the Americas,although relatively small in economic terms,the region is home to fast-growing economies,not least Brazil.Here it is interest-ing to note that So Paulo has risen to be the first South American city

57、 in the top ten and is definitely one to watch.Santiago de Chile is a new entrant in the Index that reflects Chiles growing economic importance in the region.Stepping back from cities and regions,the overall trend in the past 12 months is that prices are rising and the cost of living is increasing f

58、or all consumers.The average price of our Lifestyle Index has increased by 6 per cent in USD,but by 13 per cent in local currencies.Broadly,this is due to persistent high rates of global inflation and the fact that raw materials,energy,fuel,and staffing have all become more expensive.Moreover,consum

59、er demand,pent up over the pandemic,has increased dramatically.Some of the largest price increases are in luxury consum-ables whisky and wine have been big risers,as well as cars,and services such as hotels and flights.The last two of these might be explained by the knock-on effects of the pandemic.

60、Both demand and costs are high,and the world is on the move again as people seek entertainment and social experiences.Whisky and wine-both of which have seen sharp price rises-are intriguing.At the high end,they both have considerable rarity value and constrained supply and 13Lifestyle Index04050102

61、03LAWYERNA*BUSINESS CLASS FLIGHT10.13%DEGUSTATION DINNER3.84%CAR9.26%LADIES HANDBAG5.38%MENS SUIT0.47%RESIDENTIAL PROPERTY-5.76%WATCH-0.8%WINE17.23%LADIES SHOES0.51%BICYCLE-1.84%TECHNOLOGY PACKAGE-2.85%WHISKY16.15%HEALTH INSURANCENA*LASIK0.24%TREADMILL3.92%MBA-1.11%HOTEL SUITE15.25%JEWELLERY-0.47%PR

62、IVATE SCHOOLNA*collecting,investment,and speculation can drive their pric-es.Tech goods are a rarer faller in local currency(in the Americas)and a small riser elsewhere.This is likely to be down to a correction after a spike in demand during the pandemic.Bicycles,similarly,became hugely expensive in

63、 the pandemic,both because of increased demand and supply-chain problems,but have barely moved now.More generally,experiential spending has increased with people embracing their freedom and indulging in social experiences.Health and wellbeing has held up well too treadmill costs have gone up,but cos

64、t of raw materials plays a role here and it emerges as one of the strongest themes for HNWIs in our Lifestyle Survey(see page 18).For comparison purposes,the Index is converted into US dollars and this affects regional price changes.The dollars performance over the past 12 months has been mixed,incl

65、uding rising to unexpected highs in 2022,climbing sig-nificantly against both the euro and sterling before falling back slightly.The dollar also climbed against most Asian LIFESTYLE INDEX:GLOBAL PRICE CHANGES How have Index prices changed in the last year?Year-on-year percentage change of average gl

66、obal price in USD*note:new methodology1414141414Lifestyle Index0405010203SINGAPORE12SHANGHAIHONG KONG3LONDON4NEW YORK5SO PAULO9MONACO6MIAMI10DUBAI7TAIPEI8202312345961078SHANGHAILONDONTAIPEIHONG KONGSINGAPORESYDNEYPARISMONACOZURICHTOKYO20221SHANGHAI2TOKYO3HONG KONG4MONACO5TAIPEI9SINGAPORE6ZURICH10NEW

67、 YORK7PARIS8LONDON2021EVOLUTION OF THE TOP TEN CITY RANKINGSHow have the top ten cities changed since 2021?APACEMEAAmericasGlobal Rank15currencies.That said,the shifts have not been enormous and Europes relative affordability is at least partly down to its overall anaemic growth.In many ways,the big

68、 story remains similar to last year:Asia reaffirms its dominance as a centre for wealth and lifestyle,as well as an essential driver of the global econ-omy.Overall,six cities in Asia rose in the rankings,while four fell;seven EMEA cities fell in the ranking,with only one rising(Dubai);and,in the Ame

69、ricas,four cities rose and one fell.This is the most movement seen in the past three years,but has left us with one of the most evenly spread top ten global city rankings in the reports history(see opposite).The secondary tale here is not just an American resur-gence it is also Europe and the Americ

70、as jockeying for second place while Asia,which has a clean sweep of the top three,powers ahead.That could potentially remain the case for years to come.15Lifestyle Index0405010203Economic developments in 2022 were character-ised by the unfolding of two exogenic shocks;the continuation of the post-pa

71、ndemic recovery of demand and the energy crisis stemming from the Russian invasion of Ukraine.To fight high inflation,the US Federal Reserve started to hike interest rates rapidly in March 2022,which was a major driver of the USD outperformance during 2022.Inflation pressure from high energy prices

72、be-gan to recede at the end of 2022 and is cur-rently a disinflationary factor.Moreover,goods inflation pressure is abating as bottlenecks and logistical constraints ease,and demand is shift-ing towards services consumption.While food inflation remains elevated,headline inflation continues to recede

73、 from its 2022 peak,albeit more slowly than anticipated.Tight labour mar-kets have led to higher wage agreements and service prices are increasing as demand for ser-vices is booming.As a result,core inflation re-mains sticky,and central banks are still under pressure to continue monetary tightening.

74、USD outperformance in the first half of 2022 was particularly strong against the euro and the Japanese yen.With respect to economic growth,2022 had its ups and downs but over-all was within historical average.While there had been big hopes that the reopen-ing of China in late 2022 would fuel global

75、growth in 2023,Chinese domestic demand continues to be restrained by structural issues,such as the ail-ing property market and high youth unemploy-ment.Today it seems clear that 2023 is going to be a year of cooldown for the US and Eurozone economies,whereas in 2024 both are likely to grow but only

76、poorly as tighter monetary policy will unfold its full-scale effects.We believe that consumers remain the stronghold against a downward spiral into a deep recession.House-hold balance sheets are strong due to excess sav-ings during the pandemic and high employment should ensure that real disposable

77、income and,subsequently,consumer demand holds up well.THE ECONOMIC BACKDROPStephanie KennedyEconomist16Lifestyle Index0405010203MOVERS AND SHAKERS:THE BIGGEST PRICE CHANGESYear-on-year percentage change of average global price in USD+15.25%Hotel Suite+17.23%Wine+10.13%Business Class Flight+9.26%Car-

78、5.76%Residentialproperty-1.84%Bicycle-0.8%Watch-2.85%Technologypackage-1.11%MBA-5%+20%0%+16.15%Whisky17Lifestyle Index0405010203THE JULIUS BAER LIFESTYLE SURVEY:KEY FINDINGSTracking the cost of premium goods and services is just one way of evaluating the lifestyle of the high-net-worth demographic.B

79、ut how have their habits and outlook changed in the past 12 months,and what do they expect in the future?Now in its second year,our Lifestyle Survey aims to answer these questions by looking at the lifestyle and consump-tion trends of HNWIs in Europe,Asia Pacific(APAC),the Middle East,Latin America,

80、and North America.This year we see that wealth continues to take on a broader mean-ing for HNWIs:it is no longer only about financial health,As the meaning of wealth continues to broaden,how has this impacted the consumption and lifestyle habits of high-net-worth individuals across the globe?freedom

81、,and security but also physical health,freedom,and security.Health:our most valuable assetHaving come through the pandemic,respondents to our Survey listed maintaining their and their families health as one of the top priorities.Improving nutrition,taking time to recuperate and relax,and raising fit

82、ness levels have all been highlighted.More than half of respondents in all re-gions have used gym memberships in the past year,and in Europe and APAC one in four exercised almost once a day.Personal gym equipment is also high on the list,with 18Lifestyle Survey0405010203home exercise being particula

83、rly popular in APAC.It isnt only physical preparedness,though,that has become a top expenditure.HNWIs in all regions are spending more on health insurance to secure the best healthcare should they need it in the future.This future-proofing of body and mind also extends to building better relationshi

84、ps with family and friends a high priority in all regions and creating a secure and ef-ficient home environment in which to live and work,though how this manifests varies from region to region.In the Middle East 61 per cent of HNWIs,for example,invested more in property over the past year more than

85、twice the percentage for every other region except APAC.Else-where,given the increased importance of maintaining connectivity for both work and family purposes,technol-ogy has seen further spending increases.This skews pre-dominantly towards the Middle East and APAC and is notably focused on smartph

86、ones.Let the good times rollTaking care of family and health does not mean that HNWIs just want to stay at home.After several years of being constrained in what they can do and where they can go,they like everyone else are ready to enjoy them-selves.This means increased demand for entertainment,hosp

87、itality,and social experiences.They also want to treat themselves to luxury goods and premium services,as well as racking up air miles in a pronounced return to the skies.We see that spending on hospitality(gourmet meals and five-star hotels)has risen in all five regions surveyed in the past 12 mont

88、hs,and is particularly strong in APAC and the Middle East.More than half of respondents in APAC have spent more on fine dining and hotels,while in the Middle East 74 per cent of respondents say they spent more on fine dining and 69 per cent spent more on five-star hotels.This years Survey also revea

89、ls a focus on high-end con-sumption.In terms of products,fashion and accessories,19Lifestyle Survey0405010203including designer clothing,watches,handbags,and shoes,are top of respondents lists.Spending has increased the least in North America,at middling levels in Latin Amer-ica and Europe,and fairl

90、y significantly in APAC,but the Middle East has markedly increased its discretionary spending,particularly on fine jewellery(62 per cent)and watches and mens designer clothing(both 61 per cent).The desire to be in fashion while enjoying being out and about is clearly one our respondents are indulgin

91、g.A world on the moveWith travel restrictions no longer an issue,HNWIs around the world are on the move again.Travel for both leisure and work is on the up and respondents are increasingly spending on flights.This trend is particularly strong in APAC and the Middle East 62 per cent of Middle East-er

92、n respondents spent more in the past year.The frequen-cy of leisure travel has also increased significantly,led by APAC,Europe,and the Middle East,and demand looks set to remain strong for the next 12 months.Given the size of APAC,flying tends to be more common between 20Lifestyle Survey0405010203de

93、stinations than in Europe,while as one of the worlds busiest hubs,travel far and wide is within easy reach of the Middle East.Additionally,airlines underestimated the re-surgence in demand,and many have drastically increased their fares to try to compensate.As a result,respondents have had to spend

94、more to fulfil their wanderlust.Business travel,contrary to many recent predictions,has increased significantly in all regions bar Europe and North America,and also looks set to continue.Comparing the two,leisure travel was by far the priority in the past 12 months for Europe and North America,where

95、as business travel saw stronger demand in both the Middle East and Latin America.But just how are HNWIs travelling?Commercial flights are used more frequently by a significant portion,though most in APAC,where more than half of respondents have taken them more often in the past year.Interestingly,pr

96、i-vate aircraft and private charter service use is decreasing across all regions except Latin America.Conversely,use of private road transportation is marked-ly on the up.Again,respondents in APAC have increased their use of all forms of vehicle the most.Despite a strong push towards more environmen

97、tally friendly options such as public transportation or bicycles,respondents still pre-fer personal vehicles,perhaps for the privacy and flexibil-ity they offer.APAC has also seen the strongest increase in use of chauffeur and ride-hailing services.While much has been said about the uptake of electr

98、ic vehicles,use of petrol or diesel vehicles still dominates across all regions,most significantly in APAC and the Middle East.Encouragingly,however,half of respondents in APAC and 40 per cent in Latin America have increased their use of eco-friendly vehicles.Sustainable growthWith strong evidence t

99、o suggest that human encroach-ment and impact on nature are the causes of a growing number of life-threatening hazards,are people prioritising sustainability more highly than before?21Lifestyle Survey0405010203Yes,but,there is a noticeable say-do gap between inten-tion and action.While sustainabilit

100、y is seen as an impor-tant topic,it does not appear to play a big part in most HNWIs daily purchasing decisions;enjoyment,distrac-tion,product innovation and design are bigger influencers here.Europe and North America are markedly less focused on living sustainably than other regions,while the Middl

101、e East emerges as the most eco-conscious 56 per cent try to buy products made from sustainable materials,while around half try to use renewable energy when possible.However,environmental,social,and governance(ESG)considerations do play an increasingly important role in HNWI investment decisions,with

102、 the vast majority of all investors seeing the importance of sustainable investment decisions.This sentiment is particularly strong in Latin America,APAC,and the Middle East.Interestingly,North America is a real outlier here with 40 per cent of respond-ents considering ESG and sustainability as eith

103、er not so important or not important significantly more than any other region.22Lifestyle Survey0405010203Financial healthFinally,we should look at the financial habits of HNWIs globally.In perhaps a reflection of post-pandemic uncer-tainty,people are taking the opportunity to invest more,with very

104、few investing less than in previous years.Again,the Middle East and APAC lead,with 67 per cent and 73 per cent of respondents doing so respectively.Given the rising cost of living across the globe,many are also having to spend more to sustain their lifestyles.How-ever,37 per cent of respondents in L

105、atin America are ac-tively trying to reduce costs while boosting their invest-ments.Considering where HNWIs invest,North Americans and Europeans have tended to be more conservative and have not changed the diversity and focus of their assets in the past year,choosing to prioritise equities and real

106、estate,potentially to mitigate the effects of future inflation.Port-folios across other regions are spread more diversely.And,while all regions see increasing wealth as their prima-ry investment objective,HNWIs in APAC and the Middle East appear more interested in investing in future trends and alig

107、ning their investments with their personal values than their counterparts in Europe and North America.A contradictory outlookOverall,the broad picture is one of cautious optimism.People are mostly spending more,travelling more,and taking care of themselves,but they are also preparing and investing f

108、or the future,and considering the impact of their decisions.Family,health,and resilience are the top prior-ities for good reason.As the world grapples with the legacy of the virus,an un-predictable financial outlook,and a war being waged in Europe,it is more important than ever to have a plan for bo

109、th family and finances.We should enjoy today,but must also be prepared for whatever tomorrow might bring.Ex-plore some of the Survey results in the following pages.23Lifestyle Survey0405010203Latin America47%42%38%37%37%North America43%41%36%34%34%APAC63%55%54%55%56%Top 5 spent more than the year be

110、foreEurope54%41%47%42%44%Middle East74%66%69%62%62%LIFESTYLE SPENDING HABITSWhat products and services have HNWIs spent more money on in the past 12 months?Fine jewelleryFine diningHotelsFine winePersonal computersWomens designer clothesBusiness class flightsHealth insuranceSmartphonesThe Julius Bae

111、r Lifestyle Survey assesses changes in HNWI consumption and lifestyle habits over the past 12 months.Here we show what areas the greatest percentage of respondents have spent more money on.2424Lifestyle Survey040501020353%Gym/fitness club membership43%Spa and wellness treatments/retreats3North Ameri

112、ca61%Nutritional consultant55%Online exercise classes55%Home exercise equipment46%Cosmetic treatments/procedures46%Fitness retreats46%Home exercise equipment53%Home exercise equipment1111112222333APACMiddle EastLatin America1231 1231 1 1231 12348%Home exercise equipment57%Gym/fitness club membership

113、47%Medical treatments/procedures123Europe1 12359%Spa and wellness treatments/retreats67%Gym/fitness club membership57%Gym/fitness club membership71%Gym/fitness club membership59%Spa and wellness treatments/retreatsThe Julius Baer Lifestyle Survey assesses changes in HNWI consumption and lifestyle ha

114、bits over the last 12 months.Here we show which health,fitness,and beauty services the greatest percentage of respondents have used most frequently.%-percentage of respondentsHEALTH AND FITNESS HABITSWhich health,fitness,and beauty services have HNWIs used most frequently in the past 12 months?2525L

115、ifestyle Survey0405010203APACNorth AmericaMiddle EastCommercial flights 51%Personal vehicles:petrol or diesel cars 61%Personal eco-friendly vehicles:electric or hybrid cars 50%Chauffeur or private-hire car services 50%Ride-hailing services(Uber,Lyft,etc.)40%EuropePersonal vehicles:petrol or diesel c

116、ars 33%Commercial flights 44%Public transport(including rail)31%Small personal transport:e-Bike,e-scooter,bicycle 30%Ride-hailing services(Uber,Lyft,etc.)29%Commercial flights 41%Personal vehicles:petrol or diesel cars 44%Personal eco-friendly vehicles:electric or hybrid cars 36%Chauffeur or private

117、-hire car services 34%Personal aircraft 30%Personal vehicles:petrol or diesel cars 30%Commercial flights 33%Ride-hailing services(Uber,Lyft,etc.)25%Personal eco-friendly vehicles:electric or hybrid cars 25%Chauffeur or private-hire car services 18%Latin AmericaPersonal eco-friendly vehicles:electric

118、 or hybrid cars 40%Personal vehicles:petrol or diesel cars 42%Small personal transport:e-Bike,e-scooter,bicycle 35%Commercial flights 33%Ride-hailing services(Uber,Lyft,etc.)33%The Julius Baer Lifestyle Survey assesses changes in HNWI consumption and lifestyle habits over the last 12 months.Here we

119、show which means of transport the greatest percentage of respondents have used more frequently.Shares in%TRAVEL AND TRANSPORT HABITSWhich means of transport have HNWIs used more frequently in the past 12 months?2626Lifestyle Survey0405010203North America8%21%31%60%Europe32%12%39%83%Middle East28%16%

120、46%90%Latin America38%33%25%96%APAC33%18%45%96%The Julius Baer Lifestyle Survey assesses changes in HNWIs consumption and life-style habits over the last 12 months.Here we show,via percentage of respond-ents,how important sustainability and ESG considerations are in HNWIs investment decisions.Import

121、antNot so importantExtremely importantVery importantSUSTAINABILITY CONSIDERATIONSHow important are sustainability and ESG considerations in HNWIs investment decisions?2727Lifestyle Survey0405010203Although Covid-19 is officially no longer a glob-al health crisis,it has changed the way many of us vie

122、w the world and our priorities.Health and wellbeing remains one of the top concerns for HNWIs surveyed in this years Julius Baer Lifestyle Survey,as individuals and families now view good health as one of their most valuable assets.In addition to focusing on good nutrition and building better relati

123、onships with friends and family,staying physically and mentally fit is a top priority.This investment in personal health and fitness is reflected in the Survey,where home gym equipment(such as treadmills),gym memberships,and wellness treatments were among the most popular areas of health and fitness

124、 for respondents.This couples with the general growth in popularity of electronic wear-able devices such as fitness trackers,blood pressure monitors,and mood sensors due to the positive benefits they offer to wearers.Leading a healthy lifestyle is not only important to fight off new and novel illnes

125、ses such as Cov-id-19,though.According to the United Nations,the world is now home to more than 8 billion people,but whats more,there is an increasing-ly large elderly population.While improvements in lifespans and reductions in maternal and child mortality rates are hugely beneficial,popula-tion gr

126、owth,increased longevity,and diseases linked to ageing and lifestyle are putting strain on both our resources and our often-strapped healthcare systems.Population ageing is poised to become a dom-inant global demographic trend of the 21st cen-tury,if not the most dominant.How we deal with these new

127、challenges be it through in-vesting in healthier lifestyles or through tech-nological and scientific breakthroughs will occupy us for years to come.Discover more about Shifting Lifestyles and Next Generation Megatrends hereTHE HEALTHIEST OF INVESTMENTSDr Damien NgNext Generation Research Analyst28Li

128、festyle Survey0405010203REGIONAL OVERVIEWS:ASIAReinforcing its position as the most costly region to live well for the fourth year,Asia continues to dominate the global city rankings.In the past 12 months prices in local currency for all Index items in the region have risen on average 13 per cent,so

129、me significantly more.Hotel suites,business class flights,and cars have seen the highest av-erage rises of all regions:hotels by 39.1 per cent,flights by 32.9 per cent,and cars by 25.2 per cent.However,there are surprising pockets of affordability such as ladies shoes(+5.7 per cent),jewellery(+4.5 p

130、er cent),and watches(+4 per cent),as well as bicycles(+3.2 per cent),that have seen lower rises than average.Residential property also showed only small increases although ac-tual purchase costs in many cities remain high.Between cities there have been notable changes.Singa-pore has taken the top gl

131、obal and regional rank,overtak-ing Shanghai,Hong Kong,and Taipei.Although Shanghai slides into second place,it remains an expensive city,but average prices in local currency rose only 3 per cent the lowest increase of all cities seemingly due to the ongoing pandemic restrictions in 2022.Hong Kong,wh

132、ich saw final restrictions lift before Shanghai,has seen prices continue to rise,notably in hospitality hotel suite prices rose by 102 per cent and fine dining by 45 per cent on average.Among other cities in the region,two distinct pictures emerge.Those in developed economies such as Tokyo and Sydne

133、y continue to slip down the rankings,while those in developing economies such as Bangkok,Jakarta,and 29Regional Overviews0405010203Mumbai increasingly rise.The Japanese yen has had a turbulent 12 months,particularly against the dollar when prices are converted for global comparison.Prices in Tokyo i

134、n local currency have risen for all but one Index item(fine dining-2 per cent),and prices in Japan are said to have risen at their fastest rate in four decades during 2022.In Asias developing economies there is impactful growth coupled with strong price increases in consumer goods local currency pri

135、ces in Jakarta rose an average of 22 per cent,the highest increase globally.Bangkok,Jakarta,and Mumbai are all likely to continue to challenge their more established neighbours for higher places in the city ranking.Across the region,our Lifestyle Survey shows that people are on the move again,with t

136、he highest rises globally in use of commercial flights and private vehicles.Demand for hospitality and travel will continue,while discretionary spending on fashion and luxury goods is likely to maintain momentum,particularly since the reopening of China at the start of 2023.+39.1%+25.1%+12.3%+25.2%+

137、32.9%HotelFlightsWineMens SuitCar179SYDNEY2021MANILA121915JAKARTASINGAPORE83TAIPEI1115BANGKOKSHANGHAI2134HONG KONG158TOKYO1824MUMBAIGLOBAL CITY RANKINGS:ASIAGREATEST REGIONAL PRICE CHANGESMoved upMoved downNo change3City rank 2023 3City rank 2022%Average year-on-year price change in local currency 3

138、0Regional Overviews0405010203Spotlight on Singapore Long considered liveable,stable,and cosmopolitan,Sin-gapore is now vying to become a leading global centre for the wealthy.Determined efforts in financial regulation and government policy to attract HNWIs are clearly paying off:by the end of 2022,S

139、ingapore counted an estimated 1,500 family offices in the territory,twice the number of the previous year.As one of the first places in Asia to reopen its borders during the pandemic,Singapore has proved popular with new arrivals.Changi has been voted one of the worlds best airports,and air traffic

140、volume is now greater than Hong Kongs for the first time since 1998.The city is po-litically stable,increasingly digitally advanced,and offers one of the worlds highest GDPs per capita.High living standards and ballooning demands on local infrastructure mean life here does not come cheap:residential

141、 property is in extremely high demand,and punitively taxed cars and essential health insurance are 133 per cent and 109 per cent more expensive than the global average respectively.31Regional Overviews0405010203While prices in Singapore have not risen the most in the region on average(this is Jakart

142、a with 22 per cent),more than half the Lifestyle Index items are in the three most expensive regionally,and it is significantly dearer than neighbouring cities for hospitality and travel.The cost of fine dining and premium whisky are 33 per cent and 24 per cent greater than the regional average resp

143、ectively,while business class flights cost 44 per cent more on average.With much to count in its favour but limited space in which to accommodate inflows of wealthy residents,Singapore will need to continue deploying its signature ingenuity to re-tain the top spot on the podium in coming years.Spotl

144、ight on Hong KongThe regions pre-eminent centre of wealth might have been eclipsed in the rankings this year by Singapore,but that doesnt mean it is fading from influence on the global stage.Reclaiming its 2021 global ranking of third,Hong Kong still holds greater total assets under management than

145、Singapore,and with its proximity to the now fully reopened Chinese mainland,the IMF predicts its economy will grow by 3.5 per cent this year,faster than the estimated 1.5 per cent of Singapore.The city has also recently introduced attractive tax concessions for eligible family office invest-ments in

146、 a bid to woo the affluent.Although lingering Covid-19 restrictions did dent Hong Kongs position as a global transport hub air traffic vol-ume at its airport has dipped below Singapores for the first time in more than two decades recent efforts and incentives,including giving away half a million fli

147、ghts on national carrier Cathay Pacific,are targeted at drawing tourism back to the city.With Chinese domestic tourism seeing a sharp rebound in 2023,discretionary spending is also benefiting the citys high-end boutiques.For wealthy consumers in the city,prices of goods and services in our Lifestyle

148、 Index have risen around 13 per cent on average in local currency.Only the cost of LASIK surgery(-5 per cent),an MBA(-4 per cent),and residential property(-2 per cent)have slipped marginally,though 32Regional Overviews0405010203housing remains the priciest in Asia and the second most expensive globa

149、lly.The city is also the most expensive in the world for legal services.Some of the greatest rises have been seen in hotel suites(+102 per cent)and fine dining(+45 per cent)as tourist demand has rebounded and the hospitality industry has grappled with pricier running,food,and staffing costs seen in

150、many other cities.Car prices have also increased year on year(+30 per cent),and Hong Kong is one of the worlds most expensive cities for car ownership due to fuel and storage costs,as well as heavy registration taxes for luxury models.Fashion and designer accessories have seen marginal price increas

151、es watches by 3 per cent,ladies shoes 4 per cent,and mens suits 5 per cent and the city remains an attractive des-tination for stylish consumers.Given the continuing thirst across Asia for hospitality,travel,fashion,and luxury goods that our Lifestyle Survey reveals,it is likely that Hong Kongs appe

152、al in these areas will continue to draw affluent consumers to the city and it could well return to the top of the podium in coming years.33Regional Overviews0405010203Hong Kong and Singapore are both centres of trade and commerce in Asia,but,as financial centres,Hong Kongs proximity to China en-sure

153、d it became the larger.Today,its stock market capitalisation of USD 5.4 trillion dwarfs Singapores USD 410 billion.Yet,Singapores emergence over the past dec-ade as a global private banking centre and at-tractive hub for high-net-worth individuals has led many to speculate on that focus shifting.As

154、one of the safest large cities in the world,Singapore is unique,both in terms of crime and property rights,but also due to tax advantag-es for those with sizeable global incomes.In the past year,the SGD showed resilience against the USD,particularly in comparison to peer re-gional currencies,but inf

155、lation rates still hit a 14-year high in 2022.This,along with a base-line high cost of living,helped propel the city to the top of our rankings.Chinas post-Covid reopening was initially V-shaped,and recently the momentum of that recovery has been less robust than that of many developed countries.Des

156、pite less generous pandemic fiscal support than other countries,economists estimate that anywhere from CNY 3 trillion to CNY 6 trillion(USD 430 billion to USD 860 billion)in excess savings have been accumulated since the pandemic in China.While Chinese households are still hurting from related busin

157、ess and investment losses,even-tually those memories will wear thin,and the recovery will gather steam.REGIONAL OVERVIEW:ASIAMark MatthewsHead of Research Asia Pacific34Regional Overviews0405010203REGIONAL OVERVIEWS:EMEAFalling to become the most affordable global region in which to live well in the

158、 Lifestyle Index,Europe,the Middle East,and Africa(EMEA)has experienced some significant changes in the past 12 months.Although more than half of Index item prices dropped in USD terms,all have risen on average in local currencies.Within the region it is luxury consumables that have seen the sharpes

159、t hikes in local currency prices.Both fine wine(+37.1 per cent)and whisky(+29.6 per cent)have limited production and an element of speculative pricing due to scarcity,but the raw materials are also becoming costlier grape harvests increasingly suffer from the effects of climate change reducing suppl

160、y.In line with the global trend,hospitality services including fine dining(+23.1 per cent)and hotel suites(+16.1 per cent)have experienced a sharp surge in demand from consumers,and are facing the universal issues of spiralling energy and food costs,as well as compensating for inflation in their pri

161、cing.The increased price of ladies handbags(+17.4 per cent)reflects a broader trend in luxury goods due to rises in the cost of raw materials particularly leather and an ele-ment of retaining brand exclusivity.These factors do not appear to have dampened consumer demand,however,with many European lu

162、xury brands reporting extremely strong sales increases into 2023.Paris,in particular,has benefited from a strong return in demand from overseas visitors,while London has lost ground due to the UKs abolishment of tax-free shopping 35Regional Overviews0405010203in 2021.Locals,however,will feel the bur

163、den of increased prices when paying in their own currencies.In the global rankings,the vast majority of cities in EMEA fell.London(fourth)and Monaco(sixth)have been joined in the global top ten by a rapidly rising Dubai(seventh)which is now more expensive than Paris and Zurich.Euro-centred economies

164、 felt the impact of the currencys weakness against the dollar in 2022,contributing to the relative decline of Paris,Milan,and Barcelona.However,these mid-sized cities in wealthier European countries continue to offer stable political environments with good infrastructure and services,from social to

165、health and leisure,so their enduring appeal to the affluent de-mographic should not be underestimated.+37.1%+17.4%+16.1%+23.1%+29.6%GLOBAL CITY RANKINGS:EMEAGREATEST REGIONAL PRICE CHANGESMoved upMoved downNo change3City rank 2023 3City rank 2022%Average year-on-year price change in local currencyHo

166、tel suiteWhiskyLadies HandbagDegustation DinnerWine1916BARCELONA161342MILANLONDON1310PARIS147ZURICHMONACO66714DUBAI2217FRANKFURT2523JOHANNESBURG36Regional Overviews0405010203Spotlight on LondonFollowing its leap on to the podium in last years rankings,Londons reputation as a centre of wealth and lif

167、estyle has lost some of its shine in the past 12 months.The city re-mains attractive due to higher quality of life and econom-ic opportunity,but stubborn inflation,governmental tur-moil,and ongoing post-Brexit disruptions to trade and travel mean it is being outpaced by its Asian counterparts.With s

168、terling having dropped to an all-time low against the US dollar in 2022,the UK faces headwinds in 2023 not just from monetary policy and tighter financial condi-tions,but also from fiscal austerity and rising strike action.These have the potential to cause notable disruption and more persistent infl

169、ation,and could perpetuate the cost-of-living crisis that many in Britain are contending with.However,London is not the UK,and prices for almost all services in the Lifestyle Index are the most expensive in the region,while residential property is the fourth most expensive in the world.With inflatio

170、n in England hitting a 37Regional Overviews040501020340-year high in 2022,prices for the wealthy in London have risen 14.7 per cent on average in pound sterling.Aside from whisky,which has seen prices rise globally due to limited supply and high demand,hotel suites and business class flights have se

171、en the biggest increases,rising 35 per cent year on year in local currency.Londons global transport hub,Heathrow,remains one of the worlds busiest airports,but it miscalculated the speed of return in demand for post-pandemic travel and has been beset by delays and strikes,all while airlines have con

172、tinued to raise fares above inflation.Londons luxury hospitality boom,however,shows no signs of abating,with two lead-ing Asian hotel brands Raffles and Peninsula shortly to open properties in the city.Although it is one of the priciest markets for residential property,London prime real estate has s

173、een slowing pur-chase rates from overseas buyers however,wealthy Americans have taken advantage of the recent dollar strength to invest.The city does offer pockets of afforda-bility,with the price of cars and health insurance notably lower than global rivals.So while London may be slightly outpaced

174、by other global cities,it remains a huge financial centre,is increasingly sustainable,offers a high quality of life,and can still draw in wealthy residents with its stabili-ty and security.Down,but certainly not out.Spotlight on DubaiDubai is the star performer in this years Lifestyle Index,vaulting

175、 into the global top ten for the first time,directly switching places with Zurich.Indeed,within the EMEA region it is now the third priciest city,after London and Monaco.Of course,this climb up the rankings means it is costing wealthy residents more to maintain their lifestyles the city became the m

176、ost expensive in EMEA for eight of the 20 Index items,notably across fashion and luxury ac-cessories,while globally it is the second most expensive city for watches(after So Paulo).Although prices for hotel suites(-10 per cent)have rebal-anced since 2022,fine dining(+186 per cent)has experi-38Region

177、al Overviews0405010203enced a marked price rise,reflecting not just increased property rents and operating and food costs,but also the strong rebound in Dubais hospitality and tourism sector.This is likely to continue growing as the emirate seeks to cement its position as a tourist centre,with an es

178、timated 48,000 new hotel rooms to be added by 2030.Though prime residential property rose by 44 per cent the high-est increase observed across all cities it is still relatively affordable on a global scale,ranking 14th out of 25 cities.As exemplified during the pandemic,Dubai is taking a proactive b

179、ut practical approach to attract wealthy resi-dents and their assets,particularly with the golden visa scheme for long-term residency.The emirate is also an increasingly important centre for wealth management,purportedly having seen the greatest inflows of million-aires of any country in 2022.By off

180、ering a friendly tax regime and investment incentives,as well as high stand-ards of living and good global connectivity,Dubai looks set to remain a fixture in the higher end of our city rankings.39Regional Overviews0405010203Europe felt the energy crisis stemming from the war in Ukraine particularly

181、 hard and the Euro-pean Central Bank(ECB)was slow to start monetary tightening.It only started to hike rates in July 2022 and was more hesitant in terms of speed and extent.Rate hikes to date amount to 375 basis points.The widening interest rate differential and de-teriorating terms of trade due to

182、higher costs for energy imports were the main drivers of EUR weaknesses throughout 2022.Going for-ward we expect more rate hikes from the ECB than from the US Federal Reserve,which should lift the euro against the US dollar.Interest rates in Switzerland remain comparably low and are a headwind for t

183、he Swiss franc.However,high foreign inflows and solid pur-chasing power make the franc a safe-haven currency,that performs particularly well in times of high uncertainty.The UK also suffered heavily from the energy crisis,but the Central Bank was the first of the developed markets to raise rates in

184、Decem-ber 2021.However,throughout 2022 growth pessimism dominated and led to a continued depreciation against the EUR and even more so against the USD.Due to overdone growth pessimism and at least one more rate hike,we expect the British pound to recover further in the coming months.REGIONAL OVERVIE

185、W:EMEAStephanie KennedyEconomist40Regional Overviews0405010203REGIONAL OVERVIEWS:AMERICASFor the first time since this report began,the cost of living well in the Americas has increased relative to Europe,the Middle East,and Africa(EMEA),pushing it into second place.This rise can be attributed to th

186、e climb in the glob-al city rankings of New York to fifth,So Paulo to ninth,and Miami to tenth.In 2022 there were no cities from the Americas in the top ten;this year there are three,including a South American city for the first time.Across the Americas,the average price increase of goods and servic

187、es in the past 12 months has risen 12.3 per cent the lowest of all regions(but only by a marginal 0.2 per cent).The resoundingly strong performance of the US dol-lar during 2022 exponentially weakened the performance of other major local currencies in regions surveyed.The only currencies to post a p

188、ositive performance versus USD the Brazilian real and Mexican peso helped drive this years result.It is worth mentioning that US headline inflation fell dram-atically in the second half of 2022,while major Latin Amer-ican economies tightened monetary conditions early and aggressively to control it.A

189、lthough increased prices re-main a strain on the cost of living for all,consumer spend-ing in the US has returned to pre-pandemic levels,even when adjusted for inflation.Similar to other regions in the report,luxury consumables and services in the hospitality sector have shown the great-est year-on-

190、year price increases.Whisky is a peculiarity 41Regional Overviews040501020323NAdriven by a phenomenal increase in So Paulo,compared to moderate rises in other regional cities.In hospitality,the burdens of increased costs that apply globally are coupled with seasonal pricing and high demand as operat

191、ors con-tinue to shore up their profits following the devastation wrought on their industry by pandemic lockdowns.Hotel price increases in Mexico City(+97 per cent)and So Paulo(+34 per cent)have helped drive the cities up in the global rankings and also reflect their importance as leisure and busine

192、ss travel destinations.24 20VANCOUVER2122511MEXICO CITYNEW YORKSO PAULO9121018MIAMISANTIAGO DE CHILE+57.6%+17.7%+17.1%+26.5%+29.9%CarDegustation DinnerTreadmillWhiskyHotel suiteGLOBAL CITY RANKINGS:AMERICASGREATEST REGIONAL PRICE CHANGESMoved upMoved downNo change3City rank 2023 3City rank 2022%Aver

193、age year-on-year price change in local currency 42Regional Overviews0405010203Spotlight on So PauloSince its rise from 21st position in 2021 to 12th in 2022,So Paulo this year has become the first South American city to reach the top ten in our global rankings,sitting ninth,just ahead of Miami.Brazi

194、ls vibrant financial centre is the most expensive city in our Index for the majority of im-ported goods such as bicycles,treadmills,watches,and technology,as well as ladies handbags and mens suits.This is partly because the overall tax burden in Brazil is extremely high compared to other countries f

195、eatured,al-though reforms to reduce this and promote progressivity and long-term economic growth are being discussed.The average local currency price of our overall basket has experienced one of the greatest rises of all cities,by 18.4 per cent.This is despite some strong decreases during the past 1

196、2 months,notably for cars(-40 per cent),as well as fine dining(-28 per cent)and ladies shoes(-15 per cent),although these goods remain expensive relative to other cities in the Index.Significant pockets of affordability can 43Regional Overviews0405010203be found,however,in LASIK surgery,education,an

197、d prop-erty.Prime real estate in So Paulos affluent residential neighbourhoods ranks as some of the cheapest of all cities surveyed,experiencing only a 5 per cent increase.By com-parison,Miami prices have increased by 22 per cent.Considered one of the worlds megacities,life in So Paulo is undoubtedl

198、y costly.But it also contains more contrasts than most other cities in our Index and is significantly cheaper than the global average for prime property,fine dining,hotels,and legal services.Costs aside,this thrumming metropolis at the heart of South Americas most populous nation scores more strongl

199、y than many other cities in the Index for sustaining its natural environment.And while higher levels of crime mean personal protection is on many wealthy residents minds,the vibrant culture and spirit of the Paulistanos,as well as Brazils economic potential,will be an increasing draw in years to com

200、e.Spotlight on Mexico CityAlthough still in the lower fifth of our global city rankings,Mexicos sprawling capital has climbed one place to 21st,sandwiched between Manila and Frankfurt.Local curren-cy prices in the city have increased on average 13.5 per cent in the past 12 months,but it has not seen

201、 the more drastic swings that other cities have experienced the one exception being hotel accommodation,which has risen 97 per cent year on year.As Mexico is one of the worlds most visited countries,tourism is an important part of its GDP,and the industry fared better than most during the pandemic d

202、ue to keep-ing borders open.Demand looks set to continue rising,with an estimated 40 million tourists to visit in 2023.In line with the rest of the world,as well as hotels,travel and hospitality have also become more expensive in the last year flight costs rose 25 per cent and fine dining 19 per cen

203、t.These rises tally with our Lifestyle Survey findings that respondents from Latin America have consistently 44Regional Overviews0405010203spent more on travel,hospitality,and fine dining in the past 12 months,and intend to continue doing so over the coming year.An important consideration for wealth

204、y individuals and families is the relative affordability of Mexico City com-pared to other cities in our Index more than half the goods and services are less expensive than the global av-erage,notably prime real estate,private education,and health insurance.These three key lifestyle elements combine

205、 with high lev-els of liveability and a pulsating cultural scene to make Mexico City an appealing place for the wealthy,even when taking necessary security considerations into account.45Regional Overviews0405010203Despite the shocks of Russias invasion of Ukraine and global interest rate hikes,Latin

206、 Americas economies have fared well.This sol-id economic performance,combined with the continued rise of So Paulo and a resurgence in North America,has pushed the Americas above Europe,the Middle East,and Africa(EMEA)for the first time since the start of our Index.Turning our attention to Latin Amer

207、ica in 2022,significant trade gains,inventory build-up,the normalisation of supply-chain disruptions,job creation,and fiscal stimulus all fuelled activity.More recently,some countries appear to be reaping the benefits of increased onshoring.Nonetheless,GDP growth is slowing,from 8.1 per cent year on

208、 year in 2021 and 4.0 per cent in 2022 to 0.5 per cent in 2023.This brings the regions fiscal indicators to the forefront and puts them under the microscope of investors.Inflation has been a big drag on consumers in Latin America,as it has been in other regions of the world.However,food and energy p

209、rices,as well as other commodities,have dipped in the past 12 months.Furthermore,major Latin American economies have managed to keep inflation under control by tightening monetary conditions early and aggressively.Brazil,Chile,and Mexico are all expected to see lower inflation this year than in 2022

210、,though regional core in-flation(excluding food and energy)remains high.In general,a less heated political environment in 2023 is positive for consumer and investor sentiment,as well as for some local currencies such as the Mexican peso and Brazilian real.REGIONAL OVERVIEW AMERICAS Esteban PoliduraH

211、ead Americas Investment Strategy46Regional Overviews0405010203APPENDIX:METHODOLOGYThe Lifestyle Index is based on a basket of 12 consumer goods and eight services that represent discretionary pur-chases by HNWIs.It does not represent comprehensive spending patterns of HNWIs,but an indication of how

212、selected goods and services are priced around the world.This is the basis for analysis of developments in HNWI consumption patterns and lifestyle considerations.The Index data was compiled and analysed by IPSOS on behalf of Julius Baer.The Index is based on the prices at the time of data col-lection

213、 from brand-owned boutiques,websites,or author-ised vendors for items in 25 major cities.Santiago de Chile was added to the Index this year.The data was gathered in two rounds between November 2022 and March 2023.Prices included all taxes and ancillary fees,and were con-verted from the local currenc

214、y to USD on a fixed date.Weighting was applied proportionally to items in the In-dex.Residential property was weighted at 20 per cent and cars at 10 per cent.This reflects the relatively high price and lower purchase frequency for these items.The re-maining 70 per cent was distributed evenly across

215、the items.Residential property was based on the percentage change in the average price per square metre for prime real estate in each city in 2022,provided by Knight Frank.The car was based on the price of a Porsche Taycan from the rel-evant country website of the manufacturer.The degustation dinner

216、 was based on the top two restau-rants in a city.Where possible,restaurants with three Michelin stars were chosen,or restaurants in The Worlds 50 Best Restaurants,or the top-rated restaurants with a degustation menu.Wine was updated to the price of a 47Appendix0405010203750ml bottle of Chteau Lafite

217、 Rothschild 2018 vintage,according to the Wine-Searcher website.For cities where no product data could be found,the weighting for wine was evenly distributed across the other items.For flights,ticket prices from Star Alliance airlines were used.The fares were for the lowest published non-stop busi-n

218、ess class flight from the city to the main regional hub Singapore,London,or New York.Where non-stop routes were not available,one stopover was permitted.The hotels were five-star properties from the Marriott group or high-est category hotel per location.Prices were for two guests staying for one wee

219、k in a panoramic,penthouse,or exec-utive suite.An average price was taken over two periods:12-19 December 2022 and 10-17 April 2023.For MBAs,the average fee for a regular MBA in the top two business schools in each region,according to the Fi-nancial Times MBA Ranking 2022,was used.Boarding school wa

220、s based on the fees for a years full boarding in the sixth form at the top local school in each city.For LASIK eye surgery,some clinics were updated.For health insur-ance,local comparator website were used.For lawyers fees,the average hourly rate of a Senior Partner and Part-ner were used.The cities

221、 were ranked based on the weighted-average sum of all 20 items in USD.Full Index and city results are detailed over the following pages.Note that price chang-es are not included for private school,health insurance,and lawyers due to a change in methodology.Where items were not available in local cur

222、rency,an equivalent price in USD was used from the nearest city,regional hub,or ma-jor airport hub.The Lifestyle Survey questioned high-net-worth individ-uals with bankable household assets of 1 million USD or more across Europe,APAC,the Middle East,North Amer-ica,and Latin America on their behaviou

223、r in relation to their consumption of products and services,and financial needs,between February and March 2023.48Appendix0405010203HONG KONGMANILA25=least expensive1=most expensiveJAKARTAMUMBAISHANGHAISINGAPORESYDNEYTAIPEITOKYOBARCELONABANGKOKDUBAIFRANKFURTJOHANNESBURGLONDONMILANMONACOPARISMEXICO C

224、ITYZURICHMIAMINEW YORKSO PAULOVANCOUVERSANTIAGO DE CHILEBICYCLE15135165218202225939244149972181817123CAR53426719821171520102416181812142222111325JEWELLERY21201012251113171916515814946618322221224LADIES HANDBAG14133472516151221621171921212118810108120LADIES SHOES29424253510612181318181518181816177171

225、411MENS SUIT13827469155161914192517191919183111110124RESIDENTIAL PROPERTY17220211868973191416254151101123125242213TECHNOLOGY PACKAGE16192412913141518176117228344102202025123TREADMILL19127184211249513613238131313102021213125WATCH1518192220614213258213231671111174995124WHISKY37211825421524517111920961

226、210162213138123WINE142214214241316258181218235212017933997PRIVATE SCHOOL10651921167149812131122215423202531241817BUSINESS CLASS FLIGHT14879101321742520211912222418231551661113DEGUSTATION DINNER13321242314178151112162514107261895201922MBA10101010101010101010111111111202020202020HEALTH INSURANCE217148

227、12332492110718162011191312224425615HOTEL SUITE21714172412162313394252211085151162182019LASIK51118142413642215201210211781731916223259LAWYER11182594518172120716156221313102322241912GLOBAL RANKING49Appendix0405010203Santiago de Chile523Mexico City421New York15So Paulo29Vancouver624Miami310THE AMERICAS

228、EUROPE,MIDDLE EAST AND AFRICABarcelona719Frankfurt822Monaco26Paris413Zurich514Johannesburg925London14Dubai37Milan616ASIABangkok511Jakarta612Singapore11Sydney817Taipei48Tokyo715Manila1020Mumbai918Hong Kong33Shanghai22Global rankingRegional rankingCITY OVERVIEWS50Appendix0405010203BANGKOK511HONG KONG3

229、3JEWELLERY0%0%20TECHNOLOGY PACKAGE0%0%19WHISKYNA 0%3WINENA NA14BUSINESS CLASS FLIGHT0%0%8BICYCLE15%7%15BICYCLE7%7%135CAR26%18%3CAR30%29%JEWELLERY8%1%21LADIES HANDBAG16%9%14LADIES HANDBAG9%9%13LADIES SHOES12%5%2LADIES SHOES4%4%9TREADMILL2%-5%19TREADMILL5%5%12MENS SUIT12%4%13MENS SUIT5%4%8WATCH4%-3%15

230、WATCH3%3%18WHISKY9%8%7WINE14%13%22RESIDENTIAL PROPERTY6%0%17RESIDENTIAL PROPERTY-2%-2%2BUSINESS CLASS FLIGHT19%11%14TECHNOLOGY PACKAGE5%-2%1613DEGUSTATION DINNER9%2%3DEGUSTATION DINNER45%45%MBA2%-4%10MBA-4%-4%10LASIK8%1%5LASIK-5%-5%1121HOTEL SUITE83%71%7HOTEL SUITE102%101%XXXYear-on-year price chang

231、e(USD)Global item rankingNA Not availableGlobal rankingRegional rankingYear-on-year price change(local currency)5151Appendix0405010203JAKARTA612MANILA1020BICYCLE0%-9%16CAR33%23%4JEWELLERY6%-2%10LADIES HANDBAG13%5%3JEWELLERY-1%-9%12LADIES SHOES8%0%4LADIES SHOES-2%-11%24TREADMILL-8%-14%7TREADMILL16%5%

232、18TECHNOLOGY PACKAGE6%-3%12MENS SUIT60%47%2WATCH5%-3%19WATCH1%-7%22WHISKY12%3%18RESIDENTIAL PROPERTY-2%-9%21TECHNOLOGY PACKAGE27%17%24DEGUSTATION DINNER0%-7%21DEGUSTATION DINNER-1%-9%24MBA4%-4%10MBA5%-4%10LASIK18%9%18LASIK34%22%14HOTEL SUITE19%10%14HOTEL SUITE15%5%17BUSINESS CLASS FLIGHT124%107%7BUS

233、INESS CLASS FLIGHT72%57%9RESIDENTIAL PROPERTY1%-6%20WHISKYNA -7%21WINENA NA14XXWINENA NA2XXLADIES HANDBAGNA NA4XXMENS SUITNA -26%7X2CARNA 33%XBICYCLENA 47%5XXYear-on-year price change(USD)Global item rankingGlobal rankingRegional rankingYear-on-year price change(local currency)NA Not available5252Ap

234、pendix0405010203MUMBAI918SHANGHAI22WINENA NA14BICYCLENA NA 56CAR56%42%JEWELLERY0%-9%25LADIES HANDBAG12%2%7LADIES SHOES4%-5%25TREADMILL38%26%4MENS SUIT19%9%4WATCH10%0%20BUSINESS CLASS FLIGHT14%4%10TECHNOLOGY PACKAGE4%-5%9MBA5%-4%10LASIK12%2%24HOTEL SUITE-3%-12%24RESIDENTIAL PROPERTY6%-4%18WHISKYNA 8%

235、25DEGUSTATION DINNER17%6%23BICYCLE3%-8%217CAR17%5%JEWELLERY3%-7%11LADIES HANDBAG7%-4%2LADIES SHOES12%1%3TREADMILL3%-7%2TECHNOLOGY PACKAGE3%-7%13WATCH-1%-11%6WHISKY-14%-23%4WINE22%10%24BUSINESS CLASS FLIGHT-16%-24%1RESIDENTIAL PROPERTY3%-6%61DEGUSTATION DINNER7%-3%MBA6%-4%10LASIK0%-10%13HOTEL SUITE0%

236、-10%12MENS SUIT1%-9%6XXXXXYear-on-year price change(USD)Global item rankingGlobal rankingRegional rankingYear-on-year price change(local currency)NA Not available5353Appendix0405010203SINGAPORE11SYDNEY817WINE30%30%13BICYCLE4%4%8BICYCLE1%-6%201CAR-6%-6%9CAR45%34%JEWELLERY0%0%13LADIES HANDBAG9%9%5JEWE

237、LLERY5%-3%17LADIES HANDBAG5%-2%16LADIES SHOES6%6%5LADIES SHOES8%0%10TREADMILL46%46%11TREADMILL1%-7%24TECHNOLOGY PACKAGE5%-3%15MENS SUIT0%0%9WATCH3%3%14WATCH3%-5%21WHISKY11%2%15WINE20%11%1BUSINESS CLASS FLIGHT50%39%2RESIDENTIAL PROPERTY1%-6%9BUSINESS CLASS FLIGHT47%46%3TECHNOLOGY PACKAGE0%-1%1417DEGU

238、STATION DINNER12%4%MBA-4%-4%10MBA3%-4%10LASIK12%11%6LASIK0%-7%4HOTEL SUITE-9%-10%16HOTEL SUITE14%6%23RESIDENTIAL PROPERTY4%4%8WHISKY19%19%2DEGUSTATION DINNER14%14%4MENS SUIT-5%-12%15Year-on-year price change(USD)Global item rankingGlobal rankingRegional rankingYear-on-year price change(local currenc

239、y)NA Not available5454Appendix0405010203TAIPEI48TOKYO715WINE41%28%6BICYCLE-10%-19%22BICYCLE5%-12%258CAR1%-8%21CAR25%4%JEWELLERY4%-5%19LADIES HANDBAG4%-5%15JEWELLERY20%0%16LADIES HANDBAG30%8%12LADIES SHOES0%-9%6LADIES SHOES4%-13%12TREADMILL10%0%9TREADMILL5%-12%5TECHNOLOGY PACKAGE24%4%17MENS SUITNA 3%

240、5WATCH3%-7%3WATCH10%-8%25WHISKY15%-4%5WINE24%3%25BUSINESS CLASS FLIGHT24%4%4RESIDENTIAL PROPERTY23%4%3BUSINESS CLASS FLIGHT-6%-15%17TECHNOLOGY PACKAGE4%-6%1815DEGUSTATION DINNER-2%-18%MBA5%-4%10MBA15%-4%10LASIK-17%-24%22LASIK11%-8%15HOTEL SUITE63%49%13HOTEL SUITE107%73%3RESIDENTIAL PROPERTY-1%-10%7W

241、HISKY28%16%24DEGUSTATION DINNER10%0%8MENS SUIT8%-10%16XYear-on-year price change(USD)Global item rankingGlobal rankingRegional rankingYear-on-year price change(local currency)NA Not available555555Appendix0405010203BARCELONA719DUBAI37WINE56%44%8BICYCLE2%-5%9BICYCLE2%2%317CAR7%-1%15CAR-13%-13%JEWELLE

242、RY10%2%5LADIES HANDBAG21%12%21JEWELLERY1%1%15LADIES HANDBAG13%13%6LADIES SHOES12%4%18LADIES SHOES0%0%13TREADMILL3%-5%13TREADMILL4%4%6TECHNOLOGY PACKAGE0%0%11MENS SUIT9%0%19WATCH8%0%8WATCH2%2%2WHISKYNA 15%11WINENA NA18BUSINESS CLASS FLIGHT-8%-8%20RESIDENTIAL PROPERTY44%44%14BUSINESS CLASS FLIGHT2%-6%

243、25TECHNOLOGY PACKAGE8%0%612DEGUSTATION DINNER186%185%MBA7%-1%1MBA-1%-1%1LASIK5%-3%20LASIK-10%-10%12HOTEL SUITE-3%-10%9HOTEL SUITE-10%-10%4RESIDENTIAL PROPERTY7%0%19WHISKY29%19%17DEGUSTATION DINNER18%10%11MENS SUIT2%2%14XXXYear-on-year price change(USD)Global item rankingGlobal rankingRegional rankin

244、gYear-on-year price change(local currency)NA Not available56Appendix0405010203FRANKFURT822JOHANNESBURG925BICYCLE0%-11%24CAR17%8%20JEWELLERY10%2%8LADIES HANDBAG21%12%21JEWELLERY17%4%14LADIES SHOES12%4%18LADIES SHOES4%-8%18TREADMILL3%-5%13TREADMILL8%-4%23TECHNOLOGY PACKAGE14%1%22MENS SUIT9%0%19WATCH7%

245、-1%13WATCH-5%-16%23WHISKYNA 19%20RESIDENTIAL PROPERTY-6%-18%25TECHNOLOGY PACKAGE8%-1%7DEGUSTATION DINNER2%-6%16DEGUSTATION DINNER-40%-46%25MBA7%-1%1MBA12%-1%1LASIK30%20%10LASIK-14%-24%21HOTEL SUITE-17%-23%25HOTEL SUITE33%19%22BUSINESS CLASS FLIGHT35%24%21BUSINESS CLASS FLIGHT23%9%19RESIDENTIAL PROPE

246、RTY-11%-17%16WHISKY21%12%19WINE50%39%12WINENA 16%18XLADIES HANDBAGNA -18%17XMENS SUIT-5%-16%2510CAR41%25%BICYCLE2%-5%9XYear-on-year price change(USD)Global item rankingGlobal rankingRegional rankingYear-on-year price change(local currency)NA Not available5757Appendix0405010203LONDON14MILAN616WINE28%

247、14%23BICYCLE8%-4%4BICYCLE3%-5%1424CAR9%-3%16CAR14%5%JEWELLERY9%-3%9LADIES HANDBAG11%-1%19JEWELLERY10%2%4LADIES HANDBAG21%12%21LADIES SHOES9%-3%15LADIES SHOES12%4%18TREADMILL5%-6%8TREADMILL3%-5%13TECHNOLOGY PACKAGE7%-1%3MENS SUIT5%-7%17WATCH8%-4%16WATCH8%0%7WHISKY38%28%6WINE43%33%5BUSINESS CLASS FLIG

248、HT16%8%22RESIDENTIAL PROPERTY2%-4%15BUSINESS CLASS FLIGHT35%20%12TECHNOLOGY PACKAGE10%-2%810DEGUSTATION DINNER15%6%MBA12%-1%1MBA7%-1%1LASIK15%3%1LASIK39%29%7HOTEL SUITE35%20%1HOTEL SUITE32%22%10RESIDENTIAL PROPERTY1%-9%4WHISKY43%27%9DEGUSTATION DINNER7%-5%14MENS SUIT9%0%19Year-on-year price change(U

249、SD)Global item rankingGlobal rankingRegional rankingYear-on-year price change(local currency)NA Not available58Appendix0405010203MONACO26PARIS413WINE24%14%21BICYCLE2%-5%9BICYCLE2%-5%918CAR13%4%18CAR13%4%JEWELLERY10%2%6LADIES HANDBAG21%12%21JEWELLERY10%2%6LADIES HANDBAG21%12%21LADIES SHOES12%4%18LADI

250、ES SHOES12%4%18TREADMILL3%-5%13TREADMILL3%-5%13TECHNOLOGY PACKAGE8%0%4MENS SUIT9%0%19WATCH8%0%11WATCH8%0%11WHISKY35%25%10WINE24%14%20BUSINESS CLASS FLIGHT27%18%18RESIDENTIAL PROPERTY6%-1%10BUSINESS CLASS FLIGHT1%-7%24TECHNOLOGY PACKAGE8%0%42DEGUSTATION DINNER-10%-17%MBA7%-1%1MBA7%-1%1LASIK1%-6%8LASI

251、K2%-6%17HOTEL SUITE24%15%8HOTEL SUITE80%67%5RESIDENTIAL PROPERTY-4%-10%1WHISKY31%21%12DEGUSTATION DINNER24%15%7MENS SUIT9%0%19Year-on-year price change(USD)Global item rankingGlobal rankingRegional rankingYear-on-year price change(local currency)NA Not available59Appendix0405010203ZURICH514MEXICO CI

252、TY421WINE36%31%17BICYCLE0%-3%7BICYCLENA 6%212CAR13%9%14CAR23%34%JEWELLERY0%-3%18LADIES HANDBAG13%9%18JEWELLERY1%9%3LADIES HANDBAGNA 6%8LADIES SHOES2%-1%16LADIES SHOES24%34%1TREADMILL-1%-4%10TREADMILL25%36%20TECHNOLOGY PACKAGE-2%7%2MENS SUIT7%4%18WATCH3%0%17WATCH-5%3%4WHISKY3%12%22WINENA NA9BUSINESS

253、CLASS FLIGHT25%36%15RESIDENTIAL PROPERTY7%19%23BUSINESS CLASS FLIGHT-17%-20%23TECHNOLOGY PACKAGE1%-3%1018DEGUSTATION DINNER19%29%MBA3%-1%1MBA0%8%20LASIK31%27%3LASIK-24%-17%19HOTEL SUITE-28%-31%15HOTEL SUITE97%114%11RESIDENTIAL PROPERTY11%7%11WHISKY9%6%16DEGUSTATION DINNER6%2%6MENS SUIT-3%6%3XXXXYear

254、-on-year price change(USD)Global item rankingGlobal rankingRegional rankingYear-on-year price change(local currency)NA Not available6060Appendix0405010203MIAMI310NEW YORK15WINE0%0%3BICYCLE3%3%18BICYCLE3%3%1822CAR41%41%22CAR41%41%JEWELLERY0%0%22LADIES HANDBAG11%11%10JEWELLERY0%0%22LADIES HANDBAG11%11

255、%10LADIES SHOES7%7%7LADIES SHOES7%7%7TREADMILL12%12%21TREADMILL12%12%21TECHNOLOGY PACKAGE0%0%20MENS SUIT7%7%11WATCH7%7%9WATCH7%7%9WHISKY12%12%13WINE0%0%3BUSINESS CLASS FLIGHT16%16%16RESIDENTIAL PROPERTY3%3%5BUSINESS CLASS FLIGHT25%25%5TECHNOLOGY PACKAGE0%0%205DEGUSTATION DINNER13%13%MBA8%8%20MBA8%8%

256、20LASIK-7%-7%16LASIK10%10%2HOTEL SUITE5%5%6HOTEL SUITE17%17%2RESIDENTIAL PROPERTY22%22%12WHISKY12%12%13DEGUSTATION DINNER135%135%9MENS SUIT7%7%11Year-on-year price change(USD)Global item rankingGlobal rankingRegional rankingYear-on-year price change(local currency)NA Not available616161Appendix04050

257、10203SO PAULO29WINENA NA9BICYCLE-6%-4%113CAR-40%-39%JEWELLERY-6%-4%2LADIES HANDBAG4%6%1LADIES SHOES-15%-14%14TREADMILL20%22%1MENS SUIT10%12%1WATCH19%21%1BUSINESS CLASS FLIGHT-14%-12%11TECHNOLOGY PACKAGE-11%-9%1MBA6%8%20LASIK69%72%25HOTEL SUITE34%37%20RESIDENTIAL PROPERTY5%12%22WHISKY249%271%1DEGUSTA

258、TION DINNER-28%-26%19XXSANTIAGO DE CHILE523(No year-on-year data available)WINENA NA9BICYCLENA NA 1711CARNA NAJEWELLERYNA NA1LADIES HANDBAGNA NA8LADIES SHOESNA NA17TREADMILLNA NA3MENS SUITNA NA10WATCHNA NA5BUSINESS CLASS FLIGHTNA NA6TECHNOLOGY PACKAGENA NA25MBANA NA20LASIKNA NA23HOTEL SUITENA NA18RE

259、SIDENTIAL PROPERTYNA NA24WHISKYNA NA8DEGUSTATION DINNERNA NA20XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXYear-on-year price change(USD)Global item rankingGlobal rankingRegional rankingYear-on-year price change(local currency)NA Not available6262Appendix0405010203VANCOUVER624BICYCLE2%-5%2325CAR23%15%JEWELLERY

260、0%-7%24LADIES HANDBAG9%1%20LADIES SHOES11%3%11TREADMILL17%9%25TECHNOLOGY PACKAGE2%-5%23WATCH3%-4%24WHISKY12%4%23WINE-1%-8%7BUSINESS CLASS FLIGHT7%-1%13RESIDENTIAL PROPERTY-7%-14%1322DEGUSTATION DINNER-6%-12%MBA16%8%20LASIK15%7%9HOTEL SUITE-4%-11%19MENS SUIT1%-6%24Year-on-year price change(USD)Global

261、 item rankingGlobal rankingRegional rankingYear-on-year price change(local currency)NA Not available6363Appendix0405010203DISCLAIMERThis content constitutes marketing material and is not the result of independent financial/investment research.The information and opinions expressed were produced by B

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