What does it mean to be wealthy in 2022 Part 4 : Most Noteworthy (A)
Most Noteworthy: Shanghai, Tokyo, and Hong Kong
Of all the trends amongst the wealthy, the fact that Shanghai, Tokyo, and Hong Kong are the top three most expensive cities in the world to be wealthy, is most notable. Some of the things that we take for granted as affordable as an upper-middle class person demand a premium in Shanghai, for example.
Most notably, treadmills, cars, and lawyers are much more expensive in the Chinese metropolis. The cost of luxury goods are more expensive in Shanghai than elsewhere in the world because China’s purchasing power rises much higher than its rate of inflation.
This has played out in Shanghai having about 160,000 millionaires and 20 billionaires, while 1 in 7 people in Hong Kong are millionaires. Compared to their counterparts in Shanghai, Hong Kongers spent less than half their amount on high-end goods in the following year. Possibly because Hong Kongers have experienced wealth for longer than their mainland Chinese counterparts.
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