The world's most expensive places to live if you win the lottery
Ranking of the 5 most expensive cities in the world to live in, ideal for any lottery winner who wants to live like a millionaire.
If you've won a few million thanks to the lottery, surely one of your next plans is to move to the place of your dreams. And if you become a new millionaire, you'll probably want to live like one. That's why we'll take a look at the world's most expensive places to live in 2023, ideal for any lottery winner who wants to live with the best of the best.
1. New York
According to a survey conducted by The Economist, New York City closed out 2022 and began the new year at the top of the world's most expensive cities to live in, for the first time since the prestigious magazine has been doing the ranking.
The average cost of living for a single person in New York is estimated to be at least US$6,604, although if you want to live like a millionaire, surely your budget should be much higher than that. The average price of an apartment in Manhattan is around US$916,000, although if you aspire to a penthouse, it can even reach US$250 million.
In fact, according to Forbes magazine, New York is the city with the most billionaires in the world. We can find them in places like Billionaires' Row, the set of mega-luxury skyscrapers along the southern end of the famous Central Park in Manhattan, or also in the Long Island neighborhood, where we can find mansions like the Great Gatsby for those millionaires who prefer to live farther away from the hustle and bustle of the city.
Close on the heels of New York, the Asian city of Singapore comes out on top. Eight years after having topped the rankings, Singapore almost managed to once again take the podium as the most expensive city in the world.
Singapore has been a paradise for billionaires for years, due to its low taxes and the quality of its services. It is estimated that by 2023, more than 13% of its citizens will reach US$1 million, surpassing the proportion of millionaires in the US, China and other economies.
While the average cost of living for a single person in Singapore is estimated to be about SGD 7,466 (about US$ 5610), the price of a luxury home in Singapore is around US$4,605,330.
3. Tel Aviv
What was the most expensive city in the world in 2021, this time passes to the third position, which does not mean that living in Tel Aviv is not a plan for a millionaire. In the modern Israeli city, there are an estimated 42,400 millionaires and 12 billionaires, which makes it possible to estimate that approximately 1 in 10 people living in Tel Aviv are millionaires.
The average cost of living in Tel Aviv is NIS 12,604 (about US$3,390), although a luxury home averages around $4,819,385. Millionaires who choose Tel Aviv to live in, generally prefer the trendy beach area in the Israeli city.
4. Hong Kong
Although many may argue whether Hong Kong is really part of China or an independent territory, what cannot be disputed is the economic splendor that has tended in recent years, which has motivated more than one millionaire to move to the Asian city. In fact, some rankings place it as the second city with the most millionaires, only behind New York.
The presence of so many millionaires has increased the price of luxury housing by 15%. It is estimated that the average cost of living for a single person is about HK$48,775, equivalent to about 6,242 dollars. But if you want to go live in The Peak neighborhood, the most luxurious in Hong Kong where you will see the most impressive mansions and skyscrapers, you can get to pay about 514 million dollars for one of their mansions.
5. Los Angeles
We couldn't close the list without mentioning the city of stars! Los Angeles has been for decades the emblem of luxury, glamour and fame in the United States, where not only live some of the most famous stars in the world, but also a handful of entrepreneurs like Elon Musk who make up a select group of billionaires.
An estimated 192,400 millionaires live in Los Angeles, including 340 centimillionaires and 28 billionaires. And it should come as no surprise: not only are they surrounded by the world's most celebrated companies and entertainment industries, but also by some of the best weather and beaches in the United States.
Although the average cost of living in Los Angeles for a single person is around $4,097, if your plan is to move to neighborhoods like Bel Air, Hollywood Boulevard or Beverly Hills to live near the stars, keep in mind that a luxury mansion can cost you at least $2.5 million.