São Paulo has gotten more expensive for its wealthy residents

Brazil's Faria Lima financial district is a symbol of São Paulo's wealth. Photo: ADVTP/Shutterstock

Living a millionaire lifestyle is more expensive in São Paulo than it is in Miami or Paris, according to the 2023 edition of Julius Baer’s Global Wealth And Lifestyle Report.

This is the first time a South American city has been among the world’s top 10 most expensive cities for wealthy people, featuring in ninth place. Indeed, with São Paulo shooting up the ranking and Santiago debuting at 23rd, the Americas is now the world’s second most expensive region for the affluent population — overtaking Europe, the Middle East, and Africa.

Nevertheless, the ranking’s podium is fully Asian: Singapore, Shanghai, and Hong Kong.

Julius Baer’s index average price has increased by 6 percent in U.S. dollars and 13 percent in local currencies over the last 12 months, mainly due to “persistent high rates of global inflation and the fact that raw materials, energy, fuel, and staffing have all become more expensive.”

Moreover, “consumer demand, pent up over the pandemic, has increased dramatically,” says the report.

São Paulo experienced one of the...

Fabiane Ziolla Menezes

Former editor-in-chief of LABS (Latin America Business Stories), Fabiane has more than 15 years of experience reporting on business, finance, innovation, and cities in Brazil. The latter recently took her back to the classroom and made her a Master in Urban Management from PUCPR. At TBR, she keeps an eye on economic policy, game-changing businesses, and people driving innovation in Latin America.