S’pore is world’s most expensive city for the rich

Island repub­lic gets the nod for the fourth year run­ning

 

 Premium destination: Pedestrians walk along the promenade near the financial business district of Singapore. The country ranked third most expensive for healthcare in 2025, but fell to 23rd in 2026. — AFP

SINGAPORE: Singapore has retained its position as the world’s most expensive city for the affluent for the fourth year running, reflecting the premium that global investors place on stability, a strong currency and a safe haven for capital.

As the wealthy assess their lifestyles and financial longevity, their focus has shifted from cost to value, seeking cities that offer the best mix of stability, quality of life, and balance between income and expenses, said the Julius Baer Global Wealth and Lifestyle Report 2026 released on July 7.

Tan Yee Kim, Julius Baer’s Singapore branch manager, said Singapore continues to stand out as a “natural choice” as the wealthy consider what assets to hold and where these assets should sit.

“It is valued for its stability, strong rule of law, and the sense of security it offers when planning for the long term. For many families, it forms part of a broader, deliberate allocation across regions, alongside Europe and the Americas,” he said.

ingapore’s rank at the top of the Swiss Bank’s Lifestyle Index reflects the high prices of residential property and cars – the two items that carry the heaviest weightings – as well as the strength of the Singapore dollar against the US dollar.

The Julius Baer Lifestyle Index tracks the price of a basket of 20 luxury goods and services – ranging from private school fees, healthcare and residential property to watches, jewellery and cars – across 25 cities globally. The data was gathered in two rounds between November 2025 and March 2026.

The republic continues to rank as the most expensive place in the world to buy a car and third, for residential property.

Singapore, along with Hong Kong, Shanghai, Sydney, Bangkok, Taipei, Tokyo, Jakarta, Mumbai and Manila took joint first position globally for the most expensive region to get an MBA. The report said the Asia Pacific has become the most expensive region to get an MBA.

But while Singapore ranked third most expensive for healthcare in 2025, it fell to 23rd in 2026; Sao Paulo, Zurich and London took the top three spots, respectively.

Zurich, long considered one of the world’s most expensive cities, climbed from its fifth spot in 2025 to displace London as the world’s second-most expensive city.

This was propelled by the Swiss franc’s appreciation against the US dollar. The currency’s strength is driven by Switzerland’s political and financial stability, which sees the franc acting as a store of value in unpredictable times, the report said.

Monaco entered the top three for the first time, pushing Hong Kong into fourth place, primarily due to a stronger euro elevating total costs in US-dollar terms, but also due to higher residential property prices.

Currencies were not the only force driving this year’s index, with rising raw material costs – particularly gold, which has more than doubled since 2024 – pushing up prices of luxury goods such as jewellery and watches.

Despite higher prices, demand from wealthy consumers remains resilient, allowing luxury brands to keep raising prices to maintain exclusivity and align global pricing with shifts in currencies, logistics and tariffs.

As wealth becomes more global and complex, ultra-rich families are placing greater emphasis on how and where their assets and structures are set up, particularly for tax, succession and governance purposes.

Mobility – both physical and financial – “is becoming a defining feature of wealth in 2026”, the report said. Not only do the wealthy choose where to live and spend, but they also allocate their assets across markets to benefit from currency trends and opportunities and hedge geopolitical risks.

The report said Asia-Pacific investors have stepped up portfolio adjustments amid geopolitical and macroeconomic uncertainty, with more than 70% increasing diversification over the past year.

Many have turned to precious metals as a hedge, while also expanding geographic exposure. Beyond gold, platinum has gained traction in China, and silver has seen renewed demand in India, both in physical markets and exchange-traded products.

Asia-Pacific investors are also showing higher risk tolerance and take a longer-term view than their global peers, with many increasing both investment and spending.

While some are taking a more disciplined approach by boosting investments and cutting spending, overall appetite remains firm. Equities continue to be the preferred asset class, with cash rising to second place ahead of real estate.

Asia Pacific and the Middle East saw the highest proportion of wealthy respondents reporting higher luxury spending in the past 12 months, with hotel suites, fine dining, business class flights and smart phones among the top five categories of increased spending for both regions.

Chua Jen-Ai, research analyst at Julius Baer’s equities research Asia, said high-tech artificial intelligence and semiconductor-driven growth, wealth flows and migration are fuelling fresh growth in cities like Singapore, Hong Kong, Shanghai and Sydney.

But in cities where traditional legacy industries, commodities and consumption are still the mainstay of economic activity, change has been more gradual.

Asia as a whole remains the fastest-growing region on Julius Baer’s economic projections, with gross domestic product growth of 4.5% in 2026 that is well above the global average of 2.9%, Chua said. — The Straits Times/ANN

The incredible star power rising from the East

Zhang Linghe

 CAN a man be so handsome that millions of women, young and old, around the world have become obsessed with him?

That seems to be the case with Chinese actor Zhang Linghe, who has shot to international stardom with the costume drama, Pursuit of Jade. Just mention his name and the eyes of all my female friends will widen with giddy delight and enthusiastic nods and squeals of “He’s soooo handsome!” What follows will be breathless dissecting of his best scenes in the 40-episode drama that aired in March.

There are, of course, many extremely good-looking and popular actors from other East Asian countries like Japan - Yokohama Ryusei, Sakaguchi Kentaro, Yamashita Tomohisa - and from South Korea - Cha Eun Woo, Hyun Bin, Park Bo Gum - and lots more. But none has struck the popularity stakes globally like Zhang.

I, too, am quite smitten by him, but as a long-time consumer of Asian entertainment, I have also seen other actors becoming extremely popular after a hit drama only to fade as new dramas take over.

It's quite unusual that four months on, Zhang is still holding pole position, and it's thanks to the drama and him spreading westward.

That is what I find most interesting: how Western audiences, or rather non-Asian Western women, have become enamoured of Zhang, too. This is especially so when in the not-so-distant past, Asian male good looks, especially of K-pop idols, were ridiculed as effeminate with slanted eyes, too much plastic surgery and make-up.

Well, what do you know? Thanks to streaming sites like Netflix, audiences everywhere have become exposed to Asian entertainment like never before, and bam! the scales have fallen off their eyes.

By Asian, I am referring to East Asians, not people from the Indian subcontinent, because the latter’s good looks differ greatly with their larger, widely set eyes, thick eyebrows, prominent noses, and they are more hirsute; hence, they look a bit more like Caucasians.

Through the dramas and movies, Western audiences are not just exposed to handsome Asian men but also to how the stories are told, especially romance that focuses on character development that slowly builds up the relationship between the couple before their first kiss.

This is unlike Western romances that often have the couple getting physically intimate almost immediately.

And the Asian male protagonists are usually packaged like Prince Charming – tall, smart, educated, respectful of women and of course good looks with floppy hair and perfect skin.

Singapore aesthetic doctor Siew Tuck Wah explains why Zhang’s face has wowed so many. First are his large and well-proportioned, youthful and alert eyes. Next, his well-defined and structured jawline that signals masculinity. Thirdly, clear and blemish-free skin that signals health.

Dr Siew adds that Zhang’s is not overly rugged or soft, meaning his face has structure and refinement, a balance that makes him universally appealing. He suspects Zhang might have had treatments done to his skin but notes if so, it was done very naturally.

One more standout facial feature not raised by Dr Siew is Zhang's lips that are naturally rosy red. Dr Siew says Zhang looks best in period dramas because the hair is styled to show all his best features.

Well, I think Zhang is also very dishy in the modern drama, The Best Thing, in which he played a traditional medicine doctor, but it’s true he was sensational in Pursuit of Jade. My mak datin friend who rarely watches Chinese dramas only wants to watch him in his next historical drama, The Road to Glory, hoping to relive those good looks with old-fashioned hair and clothes that he carries off so well.

Zhang, who is 29, is admired not just for his beauty but his brains, too. He graduated from Nanjing Normal University with a degree in electrical engineering. He fronted a well-received documentary series, The Answer Is Earth, that is said to be a personal project because of his engineering background as it explores China's low-carbon transition and renewable energy sector.

While many Korean actors have long been popular, Chinese dudes are pretty much on par now with the likes of Zhang, Xiao Zhan, Wu Lei, Yang Yang, Chen Xingxu, Li Yunrui... I really could go on.

There are also many East Asian actresses who have become well known, and that’s evident from how both male and female actors and celebrities have become ambassadors for many brands.

And that is another cultural phenomenon that is worth noting. Until the turn of the century, we in Asia would usually see famous white people paid to promote all sorts of goods to us.

I am reminded of the 2003 movie, Lost in Translation, that starred Bill Murray as a washed-out American movie star who travels to Tokyo to promote Suntory whiskey. Even then, when most Asians were still in awe of the West’s hard and soft power, especially the United States, it struck me as ironic that the film was premised on a fading white actor being regarded as an effective salesman for an Asian product.

Then there was Brad Pitt's Heineken’s 2005 commercial showing him trying to buy beer while being chased by the paparazzi. It was a huge hit.

Twenty years on, Kim Taehyung, better known as V, a member of the South Korean superstar group BTS, is the global ambassador of the most iconic US drink, Coca-Cola, for its Zero campaign.

Back in 2021, Vogue Business, in an article, "Forget Hollywood. There’s a new global brand ambassador", stated that “As brands create content across more diverse ad channels, they’re moving away from traditional Hollywood stars in favour of multifaceted, digitally savvy entertainers such as BTS.”

In 1980, it was actress Brooke Shields who starred in the Calvin Klein Jeans campaign delivering the controversial tagline: "You want to know what comes between me and my Calvins? Nothing.”

In 2026, another BTS member, Jungkook, is the global ambassador. His limited-edition, Jung Kook for Calvin Klein (CKJK) capsule line, which features underwear and apparel, sold out in minutes across multiple global markets.

Indeed, Jungkook is widely acknowledged as an “elite brand multiplier” because his endorsement of any brand dramatically increases visibility, prestige and most importantly, sky-rocketing sales.

That’s why the highly prestigious watch brand, Hublot, chased him for 18 months before he agreed to sign on as its global ambassador.

Many other Asian stars, including from Thailand, have been appointed ambassadors of high fashion and retail labels.

Thai actor Metawin Opas‑iamkajorn represents Prada; Chinese actor Song Weilong (whose good looks and rosy lips are said to be on par with Zhang) is a Gucci and Omega ambassador; Korean actor Cha Eun-woo signed for Saint Laurent and jewellery brand Chaumet. The list goes on, including many top female actresses and artistes like Blackpink members, Yang Mi, Dilraba Dilmurat, Song Hye-kyo and IU.

No surprises that Zhang is ambassador for a slew of diverse brands too, including Bulgari, Puma, Lenovo, Motorola and, with his perfect face, Gucci Beauty and Lancome.

This is truly the Asian century in so many ways. The flow of influence is being reversed or is at last becoming a two-way traffic. We are no longer in thrall of the West that held sway post-colonialism.

I do not deny there was and still is much good coming from the West. But as Prof Amitav Acharya from American University, Washington, DC, writes on Chathamhouse.org, “Globalisation is not disappearing, but taking a new, eastern turn.”

What we are seeing is a definitive shift from Western dominance to a multipolar world. Experts have nicely described it as not merely a "decline of the West" but rather the rise of Asia's own confidence in its soft power as well as its economic and scientific capabilities.

And who's the poster boy for it? Zhang Linghe!

By   

June H.L. WongThe views expressed here are the writer's own.

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Penang on track to deliver 220,000 homes by 2030

 

Sundarajoo (left) with Tah Wah Group managing director Datuk Seri Hong Yeam Wah during a visit to RMKu Foreshore Residence in George Town. The affordable housing project was developed by a subsidiary of the group. Sundarajoo (left) with Tah Wah Group managing director Datuk Seri Hong Yeam Wah during a visit to RMKu Foreshore Residence in George Town. The affordable housing project was developed by a subsidiary of the group. — CHAN BOON KAI/The Star

Exco: Over 60% of residents in state could benefit from Rumah MutiaraKu units

MORE housing developments are expected following imple­mentation of the Penang Mutiara Line LRT project, says state housing and environment committee chairman Datuk Seri S. Sundarajoo.

He said the project would help Penang deliver 220,000 Rumah MutiaraKu (RMKu) homes by 2030, with about 180,000 units already completed or under construction.

The 29.67km LRT line is expected to commence operations in Decem­ber 2031, based on the current schedule.

Sundarajoo said the 220,000-unit target would provide housing for about 1.1 million people, based on an average household size of five.

“Penang’s population is about 1.8 million, which means more than 60% of residents could be­­nefit from Rumah MutiaraKu homes across various price categories.

“With the LRT in place, we expect more housing developments to come on stream.

“I am confident we can achieve the target,” he said after a site visit to the RMKu Foreshore Residence project in Jalan CY Choy, George Town.

RMKu is Penang’s flagship affordable housing initiative, rebranded in January 2025 to replace the previous Rumah Mampu Milik (RMM) programme.

The scheme aims to increase home ownership among eligible Penang residents by offering price-­controlled units, zoned allocations, along with a clearer eligibility and delivery framework.

Under the scheme, price-controlled categories remain in place across all zones – Type A, B and C units, as well as the newly introduced Type D category.

Price ceilings range from RM42,000 for Type A units and RM72,500 for Type B units to between RM150,000 and RM300,000 for Type C1 to C3 units, depending on size and location.

The Type D category, with a price ceiling of RM400,000, is aimed at households earning up to RM15,000 a month.

These units cannot be resold on the open market.

On claims that affordable housing development was fo­cused only on the island, Sun­­da­­­­rajoo said the projects were being developed across both the island and mainland.

However, he said higher land prices on the island meant most projects there were concentrated in the Type B and C categories, particularly C3 units with a ceiling price of RM300,000 each.

He said affordable homes priced from RM72,500 were still available on the island, particularly in Teluk Kumbar and Balik Pulau.

Sun­­da­­­­rajoo said lower land costs on the mainland enabled developers to offer more affordable housing, including high-rise units priced between RM42,000 and RM250,000, while some landed homes in north and south Seberang Perai districts were still available below RM450,000.

He added that some developers helped first-time house buyers by absorbing the 10% down payment.

On the RMKu Foreshore Resi­dence, Sundarajoo said 482 affordable homes would soon be handed over to the buyers after issues delaying the project were resolved.

The development comprises 80 RMKu C2 units priced up to RM200,000 and 402 RMKu C3 units priced up to RM300,000.

Sundarajoo said 51 residents from the area had each been allocated a unit under the development.

“The value of the homes they are receiving surpasses the amount of rental they have been paying,” he said.

By LO TERN CHERN