Shanghai Officially Declared Most Expensive City In The World

According to current wealth reports, Shanghai, China has made its way to the top as the most expensive place to live in the world.  With China being home to some of the richest people on the planet, it’s no surprise this high-tech city costs a pretty penny to enjoy as a resident.

Beating out Hong Kong and Tokyo, its former regional competition, Shanghai can attribute its private wealth to the peak price tag placed on its real estate value. According to Forbes, China is forecasted to house the world’s largest economy by 2028 in spite of the current economic landscape. While lifestyle necessities like life insurance are less expensive, some top-dollar activities are bumping up local sales in Shanghai, including purchases of gourmet dinners, first-class business flights, and of course, lawyers to handle the legality of the growing business affairs.

Since the increase of companies offering remote work, investors are taking full advantage of the vastly changing real estate industry, seeking a new view with biggest bang for their buck. Reportedly, cities like New York and London both are witnessing a decline in local business, while the rich and wealthy are continuously growing their bank accounts and asset values.  However, those truly benefiting have a stronghold on e-commerce, pharmaceuticals, and safety production companies, much like companies set up in Shanghai.

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Just last year, Shanghai ranked 18 in the world’s largest concentration of billionaires and now is coming in at sixth. Another big hit for the big city is it has invested quite some time and money into fashion revival. Shanghai’s fashion week has been deemed as prestigious as London’s, giving them a run for their money.

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What’s even more noteworthy is the fact that the majority of the top ten most expensive places to live globally are mostly Asia-based, including all but one of the top five (excluding Monaco). While there is an undeniable language factor that could deter comfortable travelers from moving there, the most intelligent and wealthiest of buyers can see that the future of luxury life is on this continent

Sources: Forbes

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