Singapore retains its title as the most costly city for high-net-worth-individuals, in line with Julius Baer’s 2025 Global Wealth and Lifestyle report.
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Singapore retained its top spot as the most costly city globally for high-net-worth individuals (HNWIs) for the third consecutive yr, in line with the 2025 Global Wealth and Lifestyle Report by Swiss bank Julius Baer.
The report is predicated on the Julius Baer Lifestyle Index, which looks on the relative cost of a basket of 20 goods and services that affluent consumers across 25 major cities globally buy and use equivalent to cars, jewelry, lawyers and personal 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 accomplished before the U.S. administration announced its tariff plans, so the following market turmoil was not factored into this yr’s numbers, in line with the report.
Notably, the report recorded a 2% decline in U.S. dollar terms for the price of a high-net-worth lifestyle. This is critical because “historically, high-end consumer prices have risen at twice the speed of average consumer prices,” the report said.
The report added that a decline of multiple percentage point underscores the headwinds facing the high-end sector. “One in every of the largest drivers of this was a fall in the value of technology, which has decreased across all regions.”
In contrast, the value for business class flights and watches rose sharply by 18.2% and 5.6%, respectively, prior to now yr, in line with the report.
Ultimately, spending still increased globally among the many HNWIs who were surveyed for the study, albeit at a lesser extent than in previous years. Europe showed the slowest growth in comparison with the Middle East, Latin America, North America and the Asia-Pacific regions.
Listed below are the highest 10 most costly cities for high-net-worth individuals globally:
- Singapore
- London
- Hong Kong
- Monaco
- Zurich
- Shanghai
- Dubai
- Latest York
- Paris
- Milan
Big movers
This yr, Europe made up five of the ten costliest places for HNWIs to live with London leading the group, rating second globally. London has consistently been a powerful performer on the index.
“Through the worldwide financial crisis, Brexit, the Covid pandemic, and a war in Europe, it has all the time maintained a spot within the upper reaches,” in line with the report. That’s partly resulting from town’s status as a worldwide financial hub that is modern and cosmopolitan with “history, liveability, culture, and charm.”
Meanwhile, Dubai made a giant jump to seventh place from twelfth place last yr, largely attributable to rising property, automobile, and champagne prices, the report noted.
Shanghai, alternatively, dropped to the sixth position from the fourth, a steep tumble from its top rating in 2022. And notably, there was just one American city — Latest York — in the highest ten on the list.
The Asia-Pacific region topped the ranks, with Singapore and Hong Kong landing in two of the highest three positions for the most costly cities.
“Asia Pacific stays one in all the fastest-growing regions globally. Real GDP grew 4.5% yr on yr in 2024 – moderating barely from 5.1% in 2023 but still outpacing the worldwide average of three.3%,” said research analyst at Julius Baer, Jen-Ai Chua.
“Firm fundamentals have set the stage for the rapid ascent of wealth within the region. The variety of high-net-worth individuals in Asia is projected to have grown 5% yr on yr to 855,000 in 2024,” Chua added.
Interestingly, although Singapore maintained its top position as the most costly city for HNWIs, it still stays very livable. The country is a number one alternative for relocation and residency, in line with the report, on account of its stable political environment, overall safety and quality healthcare and education.
Town-state can be becoming a pioneer in wellness tourism, “opening a slew of therapeutic gardens to assist visitors who’re concerned about mental wellness experiences,” the report said. This comes amid a wider trend of an increased emphasis on longevity.
Longevity in focus
Nearly the entire respondents were concerned about longevity and ageing well, with between 87% (North America) and 100% (APAC) actively taking steps to extend their longevity. This ranges from lifestyle changes like regular exercise and good food regimen to investing in things like gene therapy and cryogenic chambers.
These high-net-worth individuals were also concerned with financial longevity. “The overwhelming majority of respondents in all regions saw a rise in overall asset value, and the same majority say they’d adjust their wealth strategies were they to live ten years or more longer than expected,” in line with the report.
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