Shanghai Named World's 'Most Expensive' City

China's Shanghai has become the world's 'most expensive' city. This ranking has been published by the Swiss bank Julius Baer, according to Forbes.

Previously, the title of the world's 'most expensive city' belonged to Hong Kong, which is now in third place, following Japan's capital, Tokyo.

The study analyzed the cost of living for wealthy citizens, which includes luxury and exclusive goods. According to Luxury Launches, bank representatives stated, 'Shanghai is what New York and San Francisco were in the 20th century, and what London and Paris were in the 19th century.'

In the ranking, last year's titleholder, Hong Kong, is in second place, and Tokyo is in third. Additionally, the top ten includes Monaco, Taipei (Taiwan), Zurich (Switzerland), Paris (France), Singapore, and New York (USA).