E-Paper
Mumbai falls two places in Julius Baer's global wealth and lifestyle report, now ranked at...
The Julius Baer Lifestyle Index analyses the cost of a basket of goods and services representative of 'living well' in 25 cities around the world.
The Global Wealth and Lifestyle Report by Julius Baer is out now and Mumbai has been ranked on the list. For the unversed, "The Julius Baer Lifestyle Index analyses the cost of a basket of goods and services representative of 'living well' in 25 cities around the world. This provides an overview of the relative cost of maintaining a high-net-worth lifestyle in various major urban centres."
As per the report, overall, "the level of price increases continued to decline on a global scale. Hardcore economists would say that 'inflation has been slowing' because the 4% price increase is still far slower than the 6% last year, not to mention the high-single-digit increases we witnessed before the pandemic. Another thing that didn't change much is the cities at the top and at the bottom of our index. "
While Singapore ranked first and Hong Kong ranked second, up from third and continuing to dominate the podium, the Asia Pacific (APAC) region is now rated second for the first time, largely because of lower rankings for cities like Tokyo and a strong comeback of Europe, Middle East, and Africa (EMEA) to prominence.
This year, Mumbai has moved down by two positions and is ranked at 20. In 2023, Mumbai secured the 18th spot.
According to the report, Mumbai's ranking has dropped by two places in their index, which suggests that developing economies are rising. Private education in Mumbai is growing the most because of changes in the schools being chosen. Whisky is another thing of interest in the city. Although the price of whisky has fallen by 1% in US dollars, it has increased significantly in cities like Jakarta, Manila, Mumbai, and Vancouver. This increase is due to several factors, including problems related to Brexit, supply chain issues, and a huge global demand for whisky.
