The 10 most expensive cities for high-net-worth individuals
Singapore retains its title as the most expensive city for high-net-worth-individuals, according to Julius Baer’s 2025 Global Wealth and Lifestyle report.
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Singapore retained its top spot as the most expensive city globally for high-net-worth individuals (HNWIs) for the third consecutive year, according to the 2025 Global Wealth and Lifestyle Report by Swiss bank Julius Baer.
The report is based on the Julius Baer Lifestyle Index, which looks at the relative cost of a basket of 20 goods and services that affluent consumers across 25 major cities globally buy and use such as cars, jewelry, lawyers and private schools. It also includes data from a survey of 360 HNWIs (bankable household assets of $1 million or more).
The sixth edition of the bank’s annual report comes amid global economic uncertainty, rising geopolitical tensions and a slowdown in consumer spending.
Data collection for this study was completed before the U.S. administration announced its tariff plans, so the subsequent market turmoil was not factored into this year’s numbers, according to the report.
Notably, the report recorded a 2% decline in U.S. dollar terms for the cost of a high-net-worth lifestyle. This is significant because “historically, high-end consumer prices have risen at twice the rate of average consumer prices,” the report said.
The report added that a decline of more than one percentage point underscores the headwinds facing the high-end sector. “One of the biggest drivers of this was a fall in the price of technology, which has decreased across all regions.”
In contrast, the price for business class flights and watches rose sharply by 18.2% and 5.6%, respectively, in the past year, according to the report.
Ultimately, spending still increased globally among the HNWIs who were surveyed for the study, albeit at a lesser extent than in previous years. Europe showed the slowest growth compared to the Middle East, Latin America, North America and the Asia-Pacific regions.
Here are the top 10 most expensive cities for high-net-worth individuals globally:
- Singapore
- London
- Hong Kong
- Monaco
- Zurich
- Shanghai
- Dubai
- New York
- Paris
- Milan
Big movers
This year, Europe made up five of the ten costliest places for HNWIs to live with London leading the group, ranking second globally. London has consistently been a strong performer on the index.
“Through the global financial crisis, Brexit, the Covid pandemic, and a war in Europe, it has always maintained a spot in the upper reaches,” according to the report. That is partly due to the city’s status as a global financial hub that’s modern and cosmopolitan with “history, liveability, culture, and charm.”
Meanwhile, Dubai made a big jump to seventh place from 12th place last year, largely attributable to rising property, car, and champagne prices, the report noted.
Shanghai, on the other hand, dropped to the sixth position from the fourth, a steep tumble from its top ranking in 2022. And notably, there was only one American…
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