'Imagine what the non-wealthy are going through': Singapore is still the most expensive city in the world for the wealthy

Independent Singapore

15-07-2025

Photo: Freepik(for illustration purposes only)
SINGAPORE: Singapore has been named the most expensive city in the world for 'living well' among high-net-worth individuals (HNWIs) for the third year in a row, according to the 2025 Julius Baer Global Wealth and Lifestyle Report, which tracks the cost of luxury living across 25 cities.
The ranking is based on the prices of 20 premium goods and services, including business-class flights, fine dining, high-end cars, luxury homes, and private school fees, as reported by Singapore Business Review .
While prices for luxury items fell in some parts of the world—technology dropped by 22.6%, healthcare by 15.6%, and champagne by 4.2%—prices in the city-state remained elevated.
According to a media release by Media OutReach Newswire on Monday (Jul 14), Singapore is the most expensive city for buying a car and women's handbag, second for women's shoes, and third for residential property and healthcare. It is, however, among the least expensive places to buy a treadmill.
Still, the city remains 'highly liveable,' appealing to HNWIs and businesses due to its 'stable political climate, safety, and quality services, including education and healthcare,' the report stated.
In the Asia-Pacific region, Hubbis reported that technology prices dropped by 21.4%. However, business-class flight prices rose by 12.6%, watches by 9%, and bicycles by 5.5%, Singapore Business Review reported. Notably, 59% of the wealthy in Asia-Pacific (APAC) spent more on leisure travel, with 40% increasing their business travel budgets as cross-border travel resumed.
The biggest year-on-year spending increases in the region were on fine dining, healthcare, high-end fashion, hotels, and smartphones.
Other costly cities in the region include Hong Kong (3), Bangkok (11), and Tokyo (17). Shanghai slipped from fourth to sixth, while Manila dropped to 23rd despite a 7.5% rise in local currency prices.
However, many Singaporeans online said the city feels expensive for everyone, not just the wealthy. One commenter said, 'Imagine what the non-wealthy are going through!' Another wrote, 'Feels very high-cost for us middle to low net-worth people too!' while someone else added, 'Also most expensive for the no net worth ones.' /TISG
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