Singapore, London are costliest cities for luxury spending
With the current 'unpredictable nature' of the world, Singapore is valued for its stability and security, while in Hong Kong, a recent investment-for-residency program generated 'significant interest' from wealthy individuals, Julius Baer said. Hotel suites prices rose 10.3% in Singapore, and fell 26.1% in Hong Kong.
The UK capital rose on the back of a 26.6% jump in the price of private education after legislative changes and a 29.7% gain in business class flights, according to the Swiss bank.
Still, London's appeal as a center for wealth had a 'rather turbulent ride' over the past year with the abolition of non-domiciled residency status, it said. This has helped cities such as Dubai, Milan, and Zurich, which have courted the global elite considering to move away from the UK, according to the report.
Dubai rose five spots to seventh place and is now a 'firm challenger' to the traditional bastions of wealth such as London, Monaco and Zurich, according to Julius Baer.
'The momentum of millionaires relocating to Dubai, which began during the pandemic, is predicted to continue,' the report said.
New York, ranked the eighth and is the only city in the Americas to feature in the top 10. Sao Paulo and Mexico City took the greatest tumbles in the survey, with the former falling seven places to 16 and the latter five places to 21.
The luxury sector is facing a 'downturn' following an 'endless buying spree' amid higher interest rates, slowing economic growth and a looming trade war, the report said. The biggest driver of price declines was technology. Bucking the trend was business class flights which jumped 18.2%.
Julius Baer's Lifestyle Index ranks 25 cities by analyzing residential property, cars, business class flights, school, degustation dinners and other luxuries. The bank surveyed high-net-worth individuals with bankable household assets of $1 million or more from February to March 2025.
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