Vimeo
LinkedIn
Instagram
Share |

Zurich or Shanghai: Where will the wealth go?

Switzerland has long since been home to many of the world’s richest people, but as wealth increasingly moves to emerging economies, how much longer will this last?

Switzerland has long since been home to many of the world’s richest people, but as wealth increasingly moves to emerging economies, how much longer will this last?

It’s a difficult question to answer, but a number of studies released this week shed some light on changing wealth flows.

Switzerland's Zurich is the world’s most expensive city to live in, according to the Economist Intelligence Unit’s Worldwide Cost of Living survey.

Meanwhile, China didn’t feature in the EIU’s top 10 most expensive countries at all, but that doesn’t mean this will be the case for long. Financial information provider VRL is predicting that the country will become the second largest wealth market in the world within a few years, taking the title from Japan. Prices have already soared in recent years – a 1kg loaf of bread in Shanghai costs $3.58 (€2.75) now, compared to $1.64 five years ago.

Interestingly, the cities that are often considered the most expensive – namely New York and London – weren’t as pricey to live in as some think. The EIU ranked London 17th, with New York (which was used as the benchmark) at 47th. Just 10 years ago, Singapore was 2% cheaper than the Big Apple, but is now 42% more expensive, according to the research.

However, it’s worth keeping in mind the EIU’s study didn’t factor in the cost of property – which is notoriously expensive in both London and New York. Currency fluctuations also had a big impact on rankings, the EIU said. 

Click here >>
Close