S’pore is world’s most expensive city for the rich

Island repub­lic gets the nod for the fourth year run­ning

 

 Premium destination: Pedestrians walk along the promenade near the financial business district of Singapore. The country ranked third most expensive for healthcare in 2025, but fell to 23rd in 2026. — AFP

SINGAPORE: Singapore has retained its position as the world’s most expensive city for the affluent for the fourth year running, reflecting the premium that global investors place on stability, a strong currency and a safe haven for capital.

As the wealthy assess their lifestyles and financial longevity, their focus has shifted from cost to value, seeking cities that offer the best mix of stability, quality of life, and balance between income and expenses, said the Julius Baer Global Wealth and Lifestyle Report 2026 released on July 7.

Tan Yee Kim, Julius Baer’s Singapore branch manager, said Singapore continues to stand out as a “natural choice” as the wealthy consider what assets to hold and where these assets should sit.

“It is valued for its stability, strong rule of law, and the sense of security it offers when planning for the long term. For many families, it forms part of a broader, deliberate allocation across regions, alongside Europe and the Americas,” he said.

ingapore’s rank at the top of the Swiss Bank’s Lifestyle Index reflects the high prices of residential property and cars – the two items that carry the heaviest weightings – as well as the strength of the Singapore dollar against the US dollar.

The Julius Baer Lifestyle Index tracks the price of a basket of 20 luxury goods and services – ranging from private school fees, healthcare and residential property to watches, jewellery and cars – across 25 cities globally. The data was gathered in two rounds between November 2025 and March 2026.

The republic continues to rank as the most expensive place in the world to buy a car and third, for residential property.

Singapore, along with Hong Kong, Shanghai, Sydney, Bangkok, Taipei, Tokyo, Jakarta, Mumbai and Manila took joint first position globally for the most expensive region to get an MBA. The report said the Asia Pacific has become the most expensive region to get an MBA.

But while Singapore ranked third most expensive for healthcare in 2025, it fell to 23rd in 2026; Sao Paulo, Zurich and London took the top three spots, respectively.

Zurich, long considered one of the world’s most expensive cities, climbed from its fifth spot in 2025 to displace London as the world’s second-most expensive city.

This was propelled by the Swiss franc’s appreciation against the US dollar. The currency’s strength is driven by Switzerland’s political and financial stability, which sees the franc acting as a store of value in unpredictable times, the report said.

Monaco entered the top three for the first time, pushing Hong Kong into fourth place, primarily due to a stronger euro elevating total costs in US-dollar terms, but also due to higher residential property prices.

Currencies were not the only force driving this year’s index, with rising raw material costs – particularly gold, which has more than doubled since 2024 – pushing up prices of luxury goods such as jewellery and watches.

Despite higher prices, demand from wealthy consumers remains resilient, allowing luxury brands to keep raising prices to maintain exclusivity and align global pricing with shifts in currencies, logistics and tariffs.

As wealth becomes more global and complex, ultra-rich families are placing greater emphasis on how and where their assets and structures are set up, particularly for tax, succession and governance purposes.

Mobility – both physical and financial – “is becoming a defining feature of wealth in 2026”, the report said. Not only do the wealthy choose where to live and spend, but they also allocate their assets across markets to benefit from currency trends and opportunities and hedge geopolitical risks.

The report said Asia-Pacific investors have stepped up portfolio adjustments amid geopolitical and macroeconomic uncertainty, with more than 70% increasing diversification over the past year.

Many have turned to precious metals as a hedge, while also expanding geographic exposure. Beyond gold, platinum has gained traction in China, and silver has seen renewed demand in India, both in physical markets and exchange-traded products.

Asia-Pacific investors are also showing higher risk tolerance and take a longer-term view than their global peers, with many increasing both investment and spending.

While some are taking a more disciplined approach by boosting investments and cutting spending, overall appetite remains firm. Equities continue to be the preferred asset class, with cash rising to second place ahead of real estate.

Asia Pacific and the Middle East saw the highest proportion of wealthy respondents reporting higher luxury spending in the past 12 months, with hotel suites, fine dining, business class flights and smart phones among the top five categories of increased spending for both regions.

Chua Jen-Ai, research analyst at Julius Baer’s equities research Asia, said high-tech artificial intelligence and semiconductor-driven growth, wealth flows and migration are fuelling fresh growth in cities like Singapore, Hong Kong, Shanghai and Sydney.

But in cities where traditional legacy industries, commodities and consumption are still the mainstay of economic activity, change has been more gradual.

Asia as a whole remains the fastest-growing region on Julius Baer’s economic projections, with gross domestic product growth of 4.5% in 2026 that is well above the global average of 2.9%, Chua said. — The Straits Times/ANN

Penang primed to proPenang primed to prospersper

 State leads the way in man­u­fac­tur­ing, ser­vices sec­tors

The state is strategically positioned to capitalise on long-term growth drivers such as artificial intelligence, advanced manufacturing and global supply-chain diversification.

PETALING JAYA: Penang has continued punching above its weight economically, contributing 7.6% of Malaysia’s gross domestic product (GDP) in 2024.

Anchored by its manufacturing (46.1%) and services sectors (48.1%), its growth has outpaced Malaysia over the long-term and continues to remain resilient.

As Malaysia’s premier semiconductor and electrical and electronics (E&E) hub, the state is strategically positioned to capitalise on long-term growth drivers such as artificial intelligence (AI), advanced manufacturing and global supply-chain diversification.

In 2024, Penang’s E&E segment contributed RM41.7bil to the state’s GDP.

RHB Banking Group recently hosted the Penang Economic Forum 2026 which brought together various stakeholders from across the board.

During the forum, multiple panel sessions were held which discussed topics surrounding Penang’s transition towards a higher-value economy, small and medium enterprise (SME) competitiveness, sustainable growth and funding accessibility.

“Panellists emphasised the need to move beyond the traditional low-cost manufacturing model towards higher value activities centred on 4T’s – talent, technology, things (product and services), and trademarks,” RHB Research said.

It added that supply chain diversification and geopolitical tensions have created opportunities for a technology transfer, collaboration and business relocation.

Another key topic discussed was how the state can unlock growth capital beyond just bank financing.

“Alternative funding channels such as venture capital, private equity and capital markets can support businesses at different cycles, so efforts to strengthen the funding ecosystem is important,” it noted.

As for SMEs and micro, small and medium enterprises (MSMEs), the panellists acknowledged that they remained a vital pillar of the economy, and have accounted for 96.1% of total business establishments while contributing RM652.4bil to the country’s GDP in 2024.

“Supported by more than 350 multinationals and over 6,500 manufacturing-related SMEs, Penang has developed one of Malaysia’s deepest industrial ecosystems, fostering technology transfers, capability upgrading, and innovation.

“Moving forward, SMEs are expected to play an increasingly important role in supporting higher value-added and innovation-driven industries.”

It’s worth noting that Penang ranks among the top four states in Malaysia for MSME employment, supporting approximately 469,900 jobs.

RHB Research said the state also generated RM91.5bil in MSME gross output, accounting for 7.2% of the country’s total MSME output.

The state has also continued to attract foreign direct investment despite global uncertainties – approved foreign direct investment (FDI) hit RM15.2bil in the first nine months of 2025, driven primarily by the the E&E, machinery and equipment and chemicals sectors.

“The United States remained the largest source of FDI, followed by China and the Cayman Islands.

“Subsequently, increasing investments in transport equipment and fabricated metal products are reflecting the broadening depth of the state’s manufacturing ecosystem,” RHB Research said.

Penang is also one of the main logistics hubs in the country, anchored by the Penang International Airport (PIA) and North Butterworth Container Terminal.

The state has continued to see an increase in tourists, supported by its diversity in offerings.

RHB Research said passenger traffic at PIA went up 10.5% in the first half of 2025 while cruise arrivals at Swettenham Pier grew 39.7% in 2024, reflecting improving travel demand and connectivity.

“Supported by Visit Malaysia 2026 initiatives, expanding international flight networks and the Malaysia-China mutual visa-free regime, Penang is well positioned to benefit from higher visitor arrivals and tourism spending, reinforcing the sector’s contribution to the state’s services economy,” the research house said.

Meanwhile, the Penang Economic Forum 2026 also highlighted how businesses need to be adaptive and resilient so that productivity and cash flows can be managed.

RHB Banking Group laid out potential key beneficiaries, among them included Pentamaster Corp Bhd, Cnergenz Bhd, Inari Amertron Bhd and QES Group Bhd.

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Russia joins more countries in issuance of yuan bonds as currency’s internationalization accelerates

Chinese yuan Photo:VCG

Russia's Finance Ministry will take orders on Tuesday for a two-tranche, domestically traded yuan-denominated sovereign bond sale, joining multiple countries including Hungary and Indonesia in the issuance of yuan-denominated bonds in 2025. Analysts said that the move underscores global investors' increasing confidence in China's economy and its currency.

The bonds will be issued with maturities ranging from three to seven years, a coupon payment frequency of 182 days and a nominal value of 10,000 yuan ($1,413.32) each. Investors will have the opportunity to buy bonds and receive payments in both the yuan and ruble according to their choice, according to a statement on the website of Russia's Finance Ministry.

The borrower is expected to market the debt with a targeted coupon of 6.25 to 6.5 percent for the 3.2-year tranche, adding that coupon for the 7.5-year portion will be capped at 7.5 percent, Bloomberg reported on Monday, citing the Interfax news agency.  

In addition to Russia, Hungary issued 5 billion yuan in panda bonds - yuan-denominated debt securities issued by overseas entities in China - in China's interbank market in July, the Xinhua News Agency reported. In October, the government of Indonesia raised 6 billion yuan in its first ever yuan-denominated bond, the China News Service reported.

"Foreign governments and foreign-funded enterprises increasingly issue yuan-denominated bonds, both in the Chinese mainland and offshore, which underscores the growing attractiveness of the Chinese currency," Zhao Qingming, a Beijing-based veteran financial expert, told the Global Times on Monday.

Zhao said that the yuan has become a major international currency. According to SWIFT data, the yuan's share in global payments reached 3.17 percent in September, with yuan payments increasing by 15.53 percent compared with August.

A recent report by the Bank for International Settlements confirmed the yuan's status as the world's fifth-largest trading currency, with its global transaction share at 8.5 percent, up 1.5 percentage points from 2022, the largest rise among all currencies.

The yuan is the largest settlement currency in China's external payments and receipts, the second-largest trade financing currency globally, and the third-largest payment currency, and it ranks third in the IMF's Special Drawing Rights basket, according to data from the website of the People's Bank of China (PBC), the country's central bank, in October.

Overseas entities' holdings of onshore yuan-denominated financial assets have exceeded 10 trillion yuan. More than 80 countries and regions' central banks or monetary authorities have included the yuan in their foreign exchange reserves, while yuan-denominated bonds and stocks have been included in major global asset trading indices, according to the PBC.

The yuan's internationalization has accelerated in recent years, but there is great potential for further gains, given the status of China's economy in the world, Cong Yi, a professor at the Tianjin School of Administration, told the Global Times on Monday.

"Thanks to China's economic robustness, institutional advantages and commitment to high-level opening-up, China's economy remains on the trajectory of sound development. The yuan's internationalization will continue to advance, with the currency to be accepted by an increasing number of economies and market entities," Cong said.

An official of the PBC said that China will continue to improve the environment for both domestic and overseas entities holding and using the yuan, as the cross-border use of the yuan is a natural process, according to an interview posted on the central bank's website in October.

"As the pace of diversification in the international monetary system accelerates, business entities are showing a stronger endogenous demand for using the yuan," the official said.

To steadily promote the yuan's internationalization, efforts are needed to boost yuan settlement in China's cross-border trade and expand Chinese yuan direct investment overseas, according to Zhao.

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Xi’s art of the win

 

Coconut industry rebounds strongly

 

The Matag coconut all cut up and ready to drink from its shell.

An aerial view of a Matag coconut plantation in Bagan Datuk, Perak. — Photos: Bernama

COCONUT and Bagan Datuk are inseparable.

A visit to this district is said to be incomplete without tasting its famously sweet young coconut water – a natural product many claim is unlike anywhere else in the country.

For hundreds of years, coconut has been the community’s primary commodity crop.

Bagan Datuk once earned a place on the world map as one of the most important coconut producing regions from the late 19th to mid-20th century.

Built on the rich alluvial soils at the mouth of Sungai Perak and blessed with a humid tropical climate, the region is naturally suited for growing Cocos nucifera, the coconut palm.

These natural conditions produce coconuts with thicker flesh, which will have richer and creamier coconut milk.

Today, coconut remains Perak’s second most important agricultural commodity after rice, reported Bernama.

According to the latest data from the Perak Agriculture Department, Bagan Datuk contributed nearly 90% of Perak’s coconut production or about 12% of Malaysia’s total supply, making it the country’s third largest producer after Selangor and Johor.

Coconut cultivation is a way of life in Bagan Datuk, practised by almost every household.

From small home plots to commercial plantations, Perak folk are growing modern hybrid varieties such as the Malayan Tall and Matag.

A worker plucking coconuts from a tree at the plantation in Bagan Datuk.

Sweet coconut water

According to coconut grower and wholesaler Abdul Aziz Mokhtar, 50, the Matag variety is usually grown for both coconut water and coconut milk, while the taller Malayan Tall variety is more commonly cultivated for milk production.

“Some smallholders still plant the old varieties, what people call kelapa kampung or Malayan Tall and harvest a mix of old and young coconuts mainly for coconut milk,” he said.

Matag F1, he said, was relatively new to local farmers, introduced around five to six years ago by the Agriculture Department to improve yield and quality.

“Malayan Tall trees are known for longevity and stable yields, while Matag palms grow faster, produce more and stay shorter.”

“Matag trees can be planted more densely – about 70 trees per 0.4ha compared to 60 for Malayan Tall – because they are shorter and their fronds don’t spread as widely,” he added.

With more than 20 years experience in coconut farming, Abdul Aziz noted that research by the Agriculture Department and the Malaysian Agricultural Research and Development Institute (Mardi) has significantly improved coconut varieties.

“In the past, we only had the traditional local varieties, but over the past decade, new types like Pandan, Matag F1 and SGG have emerged,” he said.

The main advantage of the new types, he said, was speed.

“These new varieties mature faster – you can start harvesting in just three to three-and-a-half years.

“The older Malayan Tall or village varieties take seven to eight years to bear fruit, which is not commercially viable today,” he pointed out.

In August, Mardi announced the development of four new hybrid varieties, namely the Mylag, Marleca, Careca and Careni, which are capable of producing up to 25,000 coconuts per hectare annually.

Abdul Aziz says the Matag F1 is a relatively new type to the local farmers.

Strong economic potential

A farmer’s income depends on the variety planted and the size of the farm, with some seeing returns as early as three to four years after planting.

On average, a grower tending two hectares can earn between RM2,000 and RM2,500 per month, based on an average price of RM1 per coconut.

Beyond selling fresh coconuts or coconut milk, many smallholders also produced value-added products such as kerisik and virgin coconut oil among other coconut-based goods.

Based on his experience engaging with foreign entrepreneurs at seminars and workshops, Abdul Aziz believes Malaysia has strong potential to become a coconut-exporting nation, but only if production stabilised.

“China is very interested in importing coconuts from Malaysia.

A coconut plantation worker in Bagan Datuk collected a bunch of Matag coconuts. - Bernama

“Inconsistent supply remains the biggest barrier.

“If they request one million coconuts and we cannot deliver, it becomes a major issue,” he said.

He believes that once production challenges are addressed, Bagan Datuk can become a major global supplier, bringing significant economic benefits to local communities.

Youths returning home

As urban job markets become increasingly uncertain, more young people are returning to their hometowns to pursue agriculture, including coconut farming which offers a stable income potential.

For young people with access to family land, even over a 1.2ha is enough to generate side income.

Properly maintained, every 0.4ha can yield about 800 young coconuts per month, bringing in around RM800.

It has now become a trend among the district’s youth – farming on their own, managing family plots or even helping relatives, despite having full-time jobs.

One of them is Syamsul Bahri Imam, 38, who previously worked in building maintenance. He returned to his village to continue his late father’s coconut farming legacy.

“I took over when my father fell ill, and continued the work after he passed away.

“People used to think coconut farming was an old man’s job, but now many young people are interested. Some are continuing their fathers’ work, others are starting from scratch,” he said.

Syamsul said city life was expensive and that earning RM3,000 in the city may not be enough, but RM2,500 in the village was comfortable.

“You have your own home, food is cheaper and government support like fertiliser and pesticide subsidies help a lot.”

Still, he notes that challenges remain, such as pests especially monkeys, which frequently target coconut farms.

Government commitment

Perak Agriculture Department director Norsiyenti Othman said both the state and Federal governments have channelled targeted allocations through programmes such as the New Planting Programme and Rehabilitation Programme to support coconut farmers.

“To strengthen the direction of the coconut industry, the Perak Agriculture Department received RM1.26mil in allocations from the state and Federal governments,” she said.

The funds covered agricultural development, training and small-scale agro-based industry (IAT) programmes, she added.

Bagan Datuk district remains the state’s leading producer with 80,029 tonnes followed by Manjung (4,192 tonnes) and Kinta (1,718 tonnes).

The state’s coconut industry continues to grow, achieving a Self-Sufficiency Level (SSL) of 141%.

Norsiyenti said output increased to 89, 978 tonnes across 7,478ha in 2024, driven by replanting and rehabilitation efforts.

Under Perak’s coconut development initiative, two main sub-programmes are implemented.

One of it is new planting and replanting incentives that include land clearing, removing old trees, site preparation, hole-digging, fencing and installation of irrigation and drainage systems.

Farmers also receive inputs such as fertilisers, pesticides, tools and certified seedlings.

The second one is rehabilitation of existing farms, where participants receive similar agricultural inputs to restore productivity on older farms.

In 2024, a total of 61.01ha were covered under both programmes, benefitting 40 recipients who collectively produced 420 tonnes of coconuts worth RM546,000.

Xi says ready to work with Trump to build solid foundation for bilateral ties

 

Chinese President Xi Jinping meets with U.S. President Donald Trump in Busan, South Korea, Oct. 30, 2025. (Xinhua/Huang JBy Xinhuaingwen)

Chinese President Xi Jinping said here Thursday that he is ready to continue working with U.S. President Donald Trump to build a solid foundation for bilateral ties, and create a sound atmosphere for the development of both countries.

In a meeting with Trump, Xi said under their joint guidance, China-U.S. relations have remained stable on the whole.

"China and the United States should be partners and friends. That is what history has taught us and what reality needs," he said.

Given different national conditions, the two sides do not always see eye to eye with each other, and it is normal for the two leading economies of the world to have frictions now and then, Xi added.

"You and I are at the helm of China-U.S. relations," said Xi. "In the face of winds, waves and challenges, we should stay the right course, navigate through the complex landscape, and ensure the steady sailing forward of the giant ship of China-U.S. relations."

Xi said that there is a good momentum in China's economic development, adding that in the first three quarters of this year, China's economy increased by 5.2 percent, and import and export trade in goods with the rest of the world expanded by 4 percent.

This is not an easy accomplishment given the domestic and external difficulties, Xi noted, adding that the Chinese economy is like a vast ocean, big, resilient and promising.

"We have the confidence and capability to navigate all kinds of risks and challenges," Xi added.

Chinese President Xi Jinping meets with U.S. President Donald Trump in Busan, South Korea, Oct. 30, 2025. (Xinhua/Shen Hong)

At its fourth plenary session, the 20th CPC Central Committee deliberated over and adopted the recommendations for the economic and social development plan over the next five years, Xi said.

"Over the past seven decades and more, we have been working from generation to generation on the same blueprint to make it a reality. We have no intention to challenge or supplant anyone. Our focus has always been on managing China's own affairs well, improving ourselves, and sharing development opportunities with all countries across the world," he added.

Describing that as an important secret to China's success, Xi said China will further deepen reform across the board, expand opening up, and promote higher-quality economic growth while achieving an appropriate increase in economic output, and advance well-rounded human development and common prosperity for all, adding that this will also expand the space for cooperation between China and the United States.

Xi noted that the two countries' economic and trade teams had an in-depth exchange of views on important economic and trade issues, and reached consensus on solving various issues.

He called on the two teams to work out and finalize the follow-up steps as soon as possible, and ensure that the common understandings are effectively upheld and implemented, to inject confidence into the two countries as well as the global economy through solid deliverables.

China-U.S. economic and trade relations have experienced ups and downs recently, and this has also given the two sides some insights, Xi noted.

The business relationship, Xi said, should continue to serve as the anchor and driving force for China-U.S. relations, not a stumbling block or a point of friction. 

The two sides should think big and recognize the long-term benefit of cooperation, and must not fall into a vicious cycle of mutual retaliation, he added, calling on the two teams to continue their talks in the spirit of equality, mutual respect and mutual benefit, and continuously shorten the list of problems and lengthen the list of cooperation.

Dialogue is better than confrontation, Xi said, adding that China and the United States should maintain communication through various channels and at various levels to enhance mutual understanding.

There is good potential for the two countries to work together on combating illegal immigration and telecom fraud, anti-money laundering, artificial intelligence, and responding to infectious diseases, he added.

The competent departments should strengthen dialogue and exchanges and carry out mutually beneficial cooperation, Xi said, adding that the two countries should also engage in positive interactions on regional and international platforms.

"The world today is confronted with many tough problems. China and the United States can jointly shoulder our responsibility as major countries, and work together to accomplish more great and concrete things for the good of our two countries and the whole world," he added.

China will host APEC 2026, and the United States the G20 summit next year, Xi noted.

The two sides can support each other in making both summits productive to promote world economic growth and improve global economic governance, he added.

Chinese President Xi Jinping meets with U.S. President Donald Trump in Busan, South Korea, Oct. 30, 2025. (Xinhua/Huang Jingwen)

Noting that it was a great honor to meet with Xi, Trump said China is a great country and President Xi is a well respected great leader, with whom he has been good friends for many years and has always got along well.

The United States and China have always had a fantastic relationship, and it will be even better, said Trump, voicing his hope for an even better future for both China and the United States.

China is the biggest partner of the United States, and with joint efforts, the two countries can get many great things done for the world and have many years of success, said Trump.

China will host the 2026 APEC Economic Leaders' Meeting, while the United States will host the G20 Summit next year, said Trump, wishing both sides every success in these important events.

The two presidents have agreed to enhance cooperation in economic, trade, energy and other fields and to encourage more people-to-people exchanges.

They have also agreed to maintain interactions on a regular basis. Trump looked forward to visiting China early next year, and invited President Xi to visit the United States.

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