Manila is one of the most affordable cities for rich individuals in the world, according to a report by Julius Baer—a private banking corporation that has been an “international reference in wealth management.”
Out of 24 cities, the vibrant capital ranked 21st on the Swiss bank’s global wealth and lifestyle report on the most expensive cities for the global rich in 2022—just ahead of Mexico City, Johannesburg, and Mumbai.
It’s worth noting that Manila was in the 16th spot in 2021 and it’s the only city in its index “to have become cheaper on average over the last year.”
The report pointed out that while the Philippines’ GDP is expected to rebound from the pandemic this year, such a drop is “likely down to a number of factors.”
“Problems ranging from corruption to extreme weather events mean its progress has been slower than its neighbors, and recent political changes raise the spectre of the economic troubles of the 1980s,” it read.
“The most affordable residential property in the region is not enough to counter these factors holding the country back as others race forward.”
The cities that emerged at the top of the list are Shanghai (1), London (2), and Taipei (3), followed by Hong Kong (4) and Singapore (5).
The third Julius Baer Lifestyle Index highlights the “yearly changes in the cost of living well, which, in the last year, has risen significantly,” said Nicolas de Skowronski, the head of Wealth Management Solutions. It was based on “a basket of 12 consumer goods and eight services that represent discretionary purchases by HNWIs (high-net-worth individuals) globally.”
The report, as clarified by the firm, "does not represent comprehensive spending patterns of HNWIs, but rather an indication of how selected goods and services are priced around the world. This is the basis for further analysis of developments in HNWI consumption patterns and lifestyle considerations."