It has been more than a year since the pandemic hit the world and we can still feel its impacts in our lives. While most companies have opted for layoffs or pay cuts, the cost of living has risen around the world.
It has been a struggle for middle and lower middle class families. However, the wealthy have also experienced some, if not many, impacts of the pandemic.
According to the findings of a Julius Baer Group Ltd. Report, Asia Pacific is the most expensive place to live if you are wealthy. According to the report, Shanghai has overtaken Hong Kong as the most expensive city in the world.
Rajesh manwani, Director of Markets and Wealth Management Solutions at Julius Baer at Pacific Asia He said Asian cities are more expensive in part because Covid did not become an epidemic in the same way that it unfortunately became the other cities in the index. Therefore, Asians were able to function more normally than others.
During the pandemic, many people lost their jobs. In fact, wealthy people in the tech industry got richer as the entire world switched to online / virtual mode for their work and education. All of our essential purchases also depended on these online applications.
The Wire reported that the 500 richest people on Earth added a total of $ 1.8 trillion to their fortunes last year, with Elon Musk of Tesla Inc. and Jeff Bezos of Amazon.com Inc. earning the most, according to the Billionaires Index. from Bloomberg.
The tourism industry was hit hard with a 9.3% drop in hotel rates compared to the previous year. According to the report, business class airline tickets became 11% more expensive, the biggest jump among luxury categories, as airlines had to make up for sales shortfalls.
According to Mark Matthews, head of Asia Pacific research at Julius Baer, Shanghai overtook Hong Kong as the most expensive city, as prices for goods and services jumped 6% last year, while Hong Kong prices they stalled. Mark further reported that in Shanghai, business class flights increased 82% and hotel suite prices increased 15%.
Julius Baer’s Global Wealth and Lifestyle Report analyzed the price inflation of 20 luxury items that indicates the lifestyle of high-net-worth individuals in 25 cities across all regions. To adapt to the changing world, the 2021 edition replaced categories that included personal trainers, wedding receptions, botox and pianos with bicycles, treadmills, health insurance and a technology package.