Quentin D. Solano
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Quentin D. Solano in Breaking news,

Shanghai named most expensive city in Asia

Looking to buy a new men's suit in Shanghai? Prepare to shell out the big bucks.

Shanghai is now the most expensive city in Asia for goods -- watches, ladies shoes, cigars and suits -- beating out Hong Kong and Tokyo, according to a ranking by Julius Baer.


Men's suits cost 34% higher in Shanghai than average, wine costs 21% more, while wrist watches are at a 16% premium.

"China has been the growth engine of global economic development for the past few years," the report said.

Though Chinese markets took a tumble this summer and "the price of many luxury items have taken a hit...these reductions do not necessarily imply that these items are cheap."

Procuring services are also expensive in Shanghai -- think the cost of holding a wedding banquet, getting Botox or taking business-class flights.

Mumbai is ranked as the cheapest city for goods and services. A suit in Mumbai costs 26% less than average, while wine is 4% less expensive.

The Julius Baer report uses its own basket of goods and services for 11 Asian cities to determine the ranking.

Asia's Most Expensive Cities: Julius Baer Lifestyle Index city ranking, by goods and services

  1. Shanghai
  2. Hong Kong
  3. Singapore
  4. Seoul
  5. Bangkok
  6. Taipei
  7. Tokyo
  8. Kuala Lumpur
  9. Manila
  10. Jakarta
  11. Mumbai

CNNMoney (New York)