This year’s report shows that the cost of luxury living, as measured by the Julius Baer Lifestyle Index, rose 2.91% in USD terms, for its best yearly growth. Shanghai reclaims its title from Hong Kong as the most expensive city in Asia, whereas Kuala Lumpur maintains its position as the most price competitive.
This year, the report delves into the power of the female dollar – namely, Womenomics in Asia. Women now account for half of Chinese luxury spending. The purchasing power of women in Asia is increasingly gaining recognition, with more women in senior management positions and becoming more financially savvy.
Jimmy Lee, Head Asia Pacific of Bank Julius Baer commented: “The rising economic status of women is perhaps one of the most important economic shifts in recent years. Women are creating and managing an increasing amount of wealth and their wealth management needs should be well served. At Julius Baer, we are committed to serving them with best-in-class advice and solutions based on their specific needs.”
For a copy of the Julius Baer Wealth Report Asia 2018, please visit: https://www.juliusbaer.com/wealth-report-asia
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