Shanghai Is The Most Expensive City For Rich Asians

Shanghai is now the most expensive city for luxury living in Asia, according to a lifestyle index released on Tuesday.

The Chinese city beat Singapore, Hong Kong and the rest of the continent for the second year in Julius Baer’s latest Lifestyle Index, according to Nikkei Asian Review. For instance, a Rolex watch sold in the city costs $38,880, but only $28,500 in Kuala Lumpur.

Julius Baer is a global, Swiss private bank for private and institutional investors. Its Lifestyle Index, now on its sixth year of publication, measured the cost of luxury living in 11 Asian cities from June 2015 to June 2016.

The index tracked prices of 21 items and concluded that the cost of living dipped by 1.68%. Of these items, 13 posted gains, while eight saw drops:

“For 2016, a mixed picture emerges whereby 13 luxury items, such as watches, ladies’ shoes, travel costs and men’s suits, posted gains while eight items, including wine and jewelry, managed average single digit drops. These variations are overshadowed by the property market across Asia, which is clearly coming off the boil.”

Shanghai topped the list for having the most individual items which were the most expensive. Singapore and Hong Kong trailed behind in second and third place, respectively. Mumbai was the least expensive.

Shanghai scored the most expensive for five items: botox, cigars, high-end skin cream, hospital stays, and watches. Shanghai also scored the second-most expensive for another six items: cars, ladies’ handbags, ladies’ shoes, men’s suits, property, and wedding banquets.