Manila Among Cheapest Cities to Live In, Report Says

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Manila Among Cheapest Cities to Live In, Report Says

An annual ranking report by Swiss private bank Julius Baer revealed that Manila is one of the cheapest cities to live in, at least for the world’s rich.

Out of the 24 cities that were included in the private banking corporation’s report, the thriving capital of the Philippines ranked 21st in the most affordable cities for high-net-worth individuals in 2022, followed by Mexico City, Johannesburg, and Mumbai.

The analysis was based on the services acquired by the world’s affluent people, which the report identified as individuals with existing assets of a million U.S. dollars or more, excluding primary and pension funds.

Some of the goods purchased by the rich include cars, bags, clothes, beverages, watches, properties, fitness equipment, health insurance, and more. According to the report, degustation dinners and residential properties were the cheapest items compared to other cities.

The index measured Manila as the only city that became cheaper on average over the past year.

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