According to a research published on Tuesday, Singapore has surpassed Hong Kong, London, and New York as the most expensive city for affluent individuals.

According to Julius Baer’s worldwide Wealth and Lifestyle study this year, cars and critical health insurance in Singapore are 133% and 109% more costly than the worldwide average, respectively, among 12 consumer products and eight services that reflect the purchasing patterns of high-net-worth individuals.

The politically stable and tax-friendly city-state was one of the first Asian cities to significantly ease pandemic restrictions, and has started to see an influx of wealth.

Demand for accommodation is high, school places are at a premium, and the general cost of living for everyone is high in Singapore, the report added.

Shanghai, in first place last year, fell to second. Possible factors include longer pandemic restrictions than in other cities, the report said. Hong Kong was ranked third.

Johannesburg was at the bottom of the list, which covered 25 cities across the world.