For the third consecutive year, Singapore has been named the world’s most expensive city for high-net-worth individuals (HNWIs), according to the Julius Baer Global Wealth and Lifestyle Report 2025. The report, which evaluates the cost of living well across 25 global cities, credits Singapore’s enduring appeal to its political stability, robust public safety, and exceptional education and healthcare systems, making it a prime destination for affluent individuals and corporations.
In a significant shift, Hong Kong has dropped to third place, surpassed by London, which now claims the second spot. Monaco and Zurich follow closely, securing fourth and fifth places, respectively. Shanghai, which held the top position in 2022, has fallen two spots to sixth. New York, ranked eighth, remains the only city in the Americas to crack the top 10, underscoring the dominance of Asia-Pacific and European cities in the rankings.
Lifestyle Index Insights
The Julius Baer Lifestyle Index, a key component of the report, tracks the cost of a basket of luxury goods and services representative of a high-net-worth lifestyle. Singapore stands out as the most expensive city for purchasing cars and women’s handbags, while ranking second for women’s shoes and third for residential property and healthcare costs. Despite its high costs, Singapore ranks 21st for treadmill prices, indicating some variability in luxury expenses.
Hong Kong, though slipping in the overall ranking, remains a costly hub, particularly for legal services, where it is the most expensive globally. It also ranks second for cars and residential property and third for degustation dinners. Notably, hotel suite prices in Hong Kong have decreased by 26%, offering some relief in specific luxury sectors.
Shanghai, despite its drop to sixth, remains a pricey destination for certain items. It is the second most expensive city for watches and third for women’s shoes, while leading globally for the cost of degustation dinners. However, it offers relatively affordable Champagne, ranking as the second cheapest after Hong Kong.
Other Asia-Pacific cities also made notable appearances in the rankings. Bangkok climbed six places to 11th, recognized for its relative affordability overall but high costs for luxury goods like women’s shoes (most expensive globally) and cars (third most expensive). Mumbai, ranked 20th, is relatively affordable for hospitality and travel, boasting the cheapest LASIK eye surgery among the surveyed cities.
| City | Global Rank | Key Cost Highlights |
|---|---|---|
| Singapore | 1 | Most expensive for cars, women’s handbags; 2nd for women’s shoes; 3rd for property, healthcare; 21st for treadmills. |
| Hong Kong | 3 | Most expensive for legal services; 2nd for cars, property; 3rd for degustation dinners; hotel suites down 26%. |
| Shanghai | 6 | 2nd most expensive for watches; 3rd for women’s shoes; most expensive for degustation dinners; 2nd cheapest for Champagne. |
| Bangkok | 11 | Most expensive for women’s shoes; 3rd for cars; relatively affordable overall. |
| Mumbai | 20 | Cheapest for LASIK; relatively affordable for hospitality, travel; costly for treadmills. |
Regional Wealth Trends
The report highlights the Asia-Pacific region’s continued economic strength, with real GDP growth of 4.5% year-on-year in 2024, outpacing the global average of 3.3%. Jen-Ai Chua, Research Analyst at Julius Baer, noted, “Asia Pacific remains one of the fastest-growing regions globally. The number of HNWIs in Asia is projected to have grown 5% to 855,000 in 2024. Growth in China and India is expected to bring Asia’s share of new HNWIs globally to 47.5% between 2025 and 2028.” This wealth boom is reshaping luxury markets, real estate, and investment strategies, with a projected $5.8 trillion in assets expected to change hands in the region between 2023 and 2030 due to intergenerational wealth transfers.
Shifting Priorities
A broader trend identified in the report is the shift among HNWIs from material consumption to experiences. This change reflects evolving priorities, with affluent individuals increasingly investing in health, wellness, and long-term financial security. The report notes a rare 2% decline in the cost of luxury goods and services in US dollar terms, suggesting a normalization of inflation rates, though currency fluctuations significantly influenced city rankings.
Global Context
The 2025 report captures a snapshot of global wealth trends just before significant geopolitical and economic shifts, including new tariffs introduced by President Trump, which could impact financial markets and luxury spending. Despite these uncertainties, the report underscores the resilience of affluent lifestyles, with cities like Singapore and London continuing to attract HNWIs due to their robust infrastructure and global connectivity.
For those seeking further details, the full Julius Baer Global Wealth and Lifestyle Report 2025 is available for download at www.juliusbaer.com/GWLR after 3 p.m. Hong Kong Time.
Citations:
- Julius Baer Global Wealth and Lifestyle Report 2025: www.juliusbaer.com
- etnet: https://www.etnet.com.hk/www/tc/news/mediaoutreach_news_detail.php?newsid=395355
- alvinology.com: https://alvinology.com/2025/07/14/julius-baer-global-wealth-and-lifestyle-report-2025-apac-key-highlights/
