Jakarta among world’s least expensive cities for the rich: study

Jakarta skyline. Photo: Coconuts Media
Jakarta skyline. Photo: Coconuts Media

Jakarta may have a warranted reputation as one of the world’s most affordable cities for common muggles like ourselves, and the same applies for the rich, according to a study on the prices of luxury goods in several major cities.

In Swiss private banking group Julius Bär’s Global Lifestyle Report 2021, Jakarta placed 20th in an index for the most expensive cities in the world for high net worth individuals (HNWIs) — those with investable assets of at least US$1 million.

It must be noted, however, that the index only comprises 25 cities, meaning Jakarta is among the cheapest cities in the world if the list was extrapolated to provide a wider picture into the global luxury goods market.

The index was ordered by the price of luxury goods in each city, with ladies’ bags, ladies’ shoes, and whisky in Jakarta higher than the global average, the prices of which are undoubtedly driven up by import tariffs.

On the affordable scale, Jakarta was named among the cheapest for technophiles, while fine dining, LASIK eye surgery, and lawyer’s services are also comparatively cheap.

A slew of local media outlets have misinterpreted the index and reported Jakarta being one of the most expensive cities in the world, prompting confusion from city officials.

“In Jakarta, prices are affordable, there are no expensive things in Jakarta. Everything is affordable according to our means,” Jakarta Vice Governor Ahmad Riza “Ariza” Patria said today, adding that he has yet to see Julius Bär’s report.

You can read the full report here.

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