MANILA, Philippines—Prices of luxury goods in Manila climbed in 2020 while the pandemic took its toll on the local economy, but Swiss wealth manager Julius Baer sees a growing market in the Philippines as it recovers from the recession.
Julius Baer’s Global Wealth and Lifestyle Report 2021 released last Friday ((April 9) showed Manila was the 16th-most expensive city for high-net-worth individuals in 2020 among 25 cities covered.
Shanghai was the most expensive city, followed by Tokyo and Hong Kong. “Asia continues to be the most expensive region in the world for high- and ultra-high-net-worth individuals—a testament to the continent’s ongoing rise,” Julius Baer said in a state…
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