Rio de Janeiro suffers from polluted water, militia, a crumbling health system, and stratospheric rates of violence. But have you tried to order a bottle of ChÃ¢teau Lafite Rothschild?
Welcome to the world's most expensive capital for the casual consumer of the luxury market â the one in search of a Rolex or a Cartier jewelry treat, for example.
This is what the Global Wealth and Lifestyle Report 2020 shows. Launched on Thursday (16), the study by Swiss bank Julius Baer ranked 28 cities in their luxury market prices.
Rio ranks 16th. Three Asian cities, Hong Kong, Shanghai, and Tokyo, were the most expensive, with New York following.
Called "Manhattan of Brazil," Rio de Janeiro is the most expensive capital in the list in five categories: jewelry, women's bag, watch, whiskey, and wine.
Esteban Polidura, Julius Baer's Latin America Business Manager, told Folha that taxes are the villain here. "This is mainly due to rates of up to 300% on high-value items."
By contrast, the city drops to 25 Â° when it comes to expensive marriages: wealthy Brazilians spend $ 38,200 on average, 15% of the $ 218,000 invested by New York champions.
The survey is based on an analysis of 20 luxury goods and services offered in these 28 cities. Properties, cars and weddings together account for 40% of the result; The other 17 items add up to 60%.
Translated by Kiratiana Freelon