Singapore, London ranked most expensive cities, Dubai in 7th place
The Julius Baer Lifestyle Index analyses the cost of a basket of goods and services representative of 'living well' in 25 cities around the world. This provides an overview of the relative cost of maintaining a high-net-worth lifestyle in these various major urban centres.
Hong Kong came in third place, followed by Monaco and Zurich. Bangkok and Tokyo made the biggest jumps, climbing six positions to become the 11th and 17th most expensive cities respectively.
Singapore retains title as the world's most expensive city for second year in a row
The luxury sector faced a downturn in 2024/25 due to various economic challenges, including high interest rates and geopolitical tensions, with notable shift in consumer spending patterns among high-net-worth individuals (HNWIs) amidst these challenges.
Middle East
The only Gulf city in the top ten, Dubai climbed up from 12th place last year, and is noted as a firm challenger to more traditional cities, particularly given its competitive efforts to appeal to the mobile elite through residency schemes and low personal taxation.
Dubai has been consistently marked as a premier destination for global wealth migration, noting a staggering 102% growth in millionaire residents over the past decade – placing it among the world's most dynamic and elite wealth hubs.
Dubai is also set to more than double its centi-millionaire population by 2035, according to the recent 'World's Wealthiest Cities Report 2025', compiled by Henley & Partners and New World Wealth earlier this year.
Its appeal with HNWIs lies being a wealth stronghold where policies are designed to attract, not restrict, enabling individuals to safeguard their wealth, plan their legacies and influence global markets from a secure base.
The report outline how wealthy individuals are increasingly focused on 'financial ' longevity due to longer life expectancies.
The Middle East saw 37% of respondents report a significant increase in asset value.
Real estate is now the top asset for European and Middle Eastern HNWIs.
For the first time in years, the overall price of luxury goods and services has decreased, indicating a shift in consumer priorities. The report details specific price changes across various categories.
The average price of an HNW lifestyle fell by 2% in USD, with goods dropping by 3.4% and services decreasing by 0.2%.
Decline in prices of luxury goods and services
For the first time in years, the overall price of luxury goods and services has decreased, indicating a shift in consumer priorities.
The report details specific price changes across various categories.
The average price of an HNW lifestyle fell by 2% in USD, with goods dropping by 3.4% and services decreasing by 0.2%.
Business class flights saw the largest increase at 18.2%, driven by changing travel dynamics and supply shortages.
Notable decreases were observed in technology packages (down 22.6%), handbags (down 3.5%), and champagne (down 4.2%).
HNWIs are are increasingly prioritizing experiences over material goods, reflecting a broader trend in luxury consumption.
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