For its wealthy clients, Julius Baer Group Ltd compiled a list that ranks 28 cities around the world to purchase luxury goods and services.
The research report published on Thursday named Hong Kong as the most expensive city in the world. In fact, four out of the five most expensive cities are Asian, making Asia the most expensive region in the world. Mumbai, on the contrary, was the cheapest among the 28 cities studied.
The top ten most expensive cities for luxuries from sports cars to fine dining:
1. Hong Kong
4. New York
6. Los Angeles
While property prices fell in Hong Kong city in the year 2019, it has continued to top the list for categories of fine dining and luxury cars.
Americas was ranked as the second most expensive region in the world, with New York being the most expensive and Vancouver (21st overall), the least expensive.
The "Global Wealth and Lifestyle Report 2020" by Julius Baer Group Ltd said that European cities offer the best value. These were led by London (7th globally) with Barcelona (24th) and Frankfurt (26th) being the continent's best-value cities for luxurious living.
For bargains, the wealthy can find personal trainers at 10 percent of the all-city average in Mumbai and property at 12 percent. Pianos were, however, were the cheapest in New York.
Rio de Janeiro (16th), due to its high local taxes, is the world's most expensive city for five of 18 categories in the report. However, the Brazilian metropolis along with Mexico City (18th) is inexpensive for the rich to book hotel suites and wedding banquets.
Paris, is the most expensive city for fine dining and the twelfth most expensive overall.