Global Wealth and Lifestyle

2020: Moscow ranked 18th in the ranking of the most expensive cities in the world for billionaires

Moscow in 2020 entered the top 20 most expensive cities in the world for billionaires. We are talking about the Global Wealth and Lifestyle Report rating, which is maintained by the Swiss bank Julius Baer (specializing in servicing and advising private wealthy customers).

In terms of the high cost of life for high-income people, Moscow took 18th place against 23rd in the previous ranking.

Moscow turned out to be the most affordable city in the world in several categories: here it is cheapest to buy whiskey, as well as ladies' bags and shoes. Prices for men's suits, residential real estate, tasting dinner and hotel room are also lower than the average of 25 cities presented in the ranking, and buying an elite car will cost less than in most of them, three times compared to the most expensive Singapore.

Moscow entered the top 20 most expensive cities in the world for billionaires, taking 18th place

The study notes that in Moscow prices for many goods that are taken into account when compiling the rating increased. But, firstly, some positions, such as the purchase of an elite car, will still cost less in the Russian capital than in most other cities on the list. And secondly, the increase in prices was not so significant for those who keep money in dollars - for foreign tourists and international investors. If in rubles, according to Julius Baer, prices increased by 15%, then in dollars - by only 2%.

In their study, Julius Baer experts analyzed 25 cities around the world and evaluated a basket of consumer goods and services, which, according to the bank, reflect the lifestyle of wealthy people. It grew by 1.05% on average around the world, the bank said. Because of the COVID-19 pandemic, Julius Baer changed the composition of the basket: removed from it the costs of wedding banquets, pianos, cosmetics and personal trainers who have lost relevance, and added bicycles, technology packages and health insurance.

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