CDMX became the second most expensive city to live in Latin America

CDMX became the second most expensive city to live in Latin America

The Mexico City It is the second city where it is more expensive to live in Latin Americaaccording to Global Wealth and Lifestyle Report 2022 by Julius Baer.

In this report was analyzed, between April 2021 and April 2022, the lifestyles of people with high purchasing power (more than a million dollars a year) around the world, using a basket of goods and services that reflects their consumption patterns.

In this sense, the CDMX went from position number 23 to 22 in the world ranking. This means that goods and services became more expensive 7.5 percent in the span of a year.

For example, 75 percent of the items measured by the company increased their label, but the phenomenon was most noticeable in technological itemswhere it shot up 64 percent, while that of a coach fell 31 percent.

The jeweler’s also lowered its tag with a 1.6 percent drop, but the women handbags they increased their prices increased it 9 percent; the female footwear rose 13 percent and men’s suits they fattened their label 5 percent.

In addition, the legal services increased 46 percent.

“The increase in the cost of living has caused the richest to question their consumption habits and their priorities. In an environment of uncertainty, people increasingly value personal experiences and connections over possessions, and the pandemic has intensified interest in health, wellness and financial security.”
It is worth mentioning that the most expensive city to live in the region is Sao PauloBrazil, which jumped nine places, remaining in position 12.

There was no other Mexican city to appear on the list of 25 cities.

The gold took Shanghai, China, the same as in the 2021 report, but it is one of the few cities that has not changed its position this year. And it is that London, England, has climbed six places, reaching silver; while TokioJapan, has slumped another six numbers to eighth, mainly because of yen weakness.

Despite the changes, Asia continues to be the continent with the most weight in the ranking and America is not among the top 10 in the world. New YorkUnited States, appeared in 11th place.

For millions of citizens, buying a house or an apartment in CDMX is an unattainable dream because the cost of properties is very high and wages do not increase.

People are forced to rent, lor which is increasingly difficult because many tenants set requirements that are almost impossible for a common citizen to meet and because it is necessary to invest almost half of the salarywhen UN-Habitat estimates that housing-related expenses should not exceed 30 percent.

Melissa Galbraith
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.