A recent report from Julius Baer indicates that economic outlook for India is bright and it is the best place to buy certain items
Swiss private bank Julius Baer has come out with its 6th annual Wealth Report, which monitors the cost of living in luxury and wealth creation trends across Asia. The report shows that the cost of luxury living, as defined by the Julius Baer Lifestyle Index, dipped by 1.68% in dollar terms in 2016, aggregated across 21 items and 11 cities in Asia. Across the cities under coverage, Shanghai retains the top spot as the most expensive city. Singapore ranks second, swapping position with Hong Kong, which fell one place to third. And Mumbai assumes the position of the most competitive – it is the best place to buy certain products that appeal to high net worth individuals or HNWIs – people with wealth of $1 million or more, excluding property that is their main residence.
Julius Baer has a focus on servicing and advising sophisticated private clients and is a premium brand in global wealth management. Its total client assets amounted to CHF 397 billion at the end of June 2016, including CHF 311 billion of assets under management.
Specific to India, the report shows three key trends: India is an attractive investment destination. It is the city of Mumbai, which is the cheapest location to acquire 7 of the 21 measured items in the Julius Baer lifestyle index. And it is the most competitive location along with Hong Kong to buy a newly added skincare product to the index. And this is no ordinary product!
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