Living the high life? The world’s most expensive city revealed in new report

Hong Kong has emerged as the world’s most expensive city for luxury lifestyle, while three U.S. cities, the most of any country, also feature highly, according to a new report.

The Julius Baer Lifestyle Index is based on a basket of 20 luxury goods and services that high net worth individuals buy. Current prices were sourced from local high-end vendors in 28 major cities across Americas, Europe and Asia.

New York is the 4th priciest city in the world, Los Angeles is ranked 6th, Miami — 13th. High labor costs make the services in these cities extremely costly. Residents of New York, Los Angeles and Miami pay the most in the world for personal trainer service, and a wedding for 400 guests in a top hotel in one of these cities will be more expensive than anywhere else in the world, with the exception of Hong Kong.

Meanwhile, according to the report, American cities present the best value for purchasing luxury cars. In the U.S. they cost roughly half the international averages. Cars in the U.S. are more affordable “given the sheer size of the market and discounts that come with buying in volume,” authors explain.

Asia is the world’s most expensive region and home to the three costliest cities for luxury lifestyle (Hong Kong, Shanghai and Tokyo) and the cheapest (Mumbai, ranked 28th). Americas, led by New York, are the second most expensive region, with Vancouver (21st) being the most affordable in the region.

Europe offers the best value for luxurious lifestyle with Barcelona (24th in the rank) and Frankfurt (26th), while London (7th) is the region’s most extravagant city.