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Business Insider
20-07-2025
- Business
- Business Insider
Here are the 10 most expensive cities for the ultra-rich in 2025 — and the quiet power shift shaping the next luxury capitals
For the third year running, Singapore ranked as the world's most expensive city for high-net-worth individuals, according to the latest Global Wealth and Lifestyle Report from Julius Baer Group, a Swiss wealth management group. London moved into second place, nudging Hong Kong into third — but behind these familiar frontrunners, a quiet transformation could soon redraw the global map for the super wealthy The 2025 edition of the report, published on Monday, tracked the cost of what it called "living well" — meaning the ability to afford and regularly spend on 20 luxury goods and services that high-net-worth individuals typically enjoy. These include private school fees, luxury property, watches, fancy dinners, and business class flights. Pricing data was collected across 25 cities between November 2024 and March 2025, and each city was ranked based on the weighted-average total cost of all 20 items, converted into US dollars. To complement the price index, Julius Baer also conducted a separate Lifestyle Survey, polling 360 high-net-worth individuals across 15 countries in February and March 2025 to understand how the wealthy are spending and investing. While the methodology is robust, it does not account for geopolitical shifts that followed, including the Trump administration's April tariff announcements, and its relatively small sample size may limit broad conclusions. Still, the findings point to a clear shift in momentum: while the podium remains stable, several key cities — especially in Asia and the Middle East — are climbing fast, suggesting a broader power shift in global luxury hubs. The top 10 most expensive cities for the wealthy in 2025 Singapore. London. Hong Kong. Monaco. Zurich. Shanghai. Dubai. New York. Paris. Milan. The quiet rise of new luxury capitals Several emerging cities climbed the rankings at an unexpected pace, especially in Asia and the Middle East. Dubai jumped five spots to 7th place, edging closer to European strongholds like Monaco and Zurich. Bangkok and Tokyo both rose six positions, landing at 11th and 17th, respectively, driven by rising costs of fashion, watches, and property. Bangkok's "growing upper-middle class has had a direct impact on the expansion of the local luxury market," Rishabh Saksena, cohead of Julius Baer's global asset class specialists, told Business Insider. "Increased wealth has mechanically driven demand for luxury goods and services, allowing the development of luxury malls, fine dining, and experiences such as spas," he said. "Additionally, the city benefits from Asia's long-standing appeal as a global tourism destination." Tokyo's rise reflects a similar trend. " Tokyo, and Japan more broadly, has long been a culturally rich and influential region, with a strong luxury market, especially in areas such as fashion, fine dining, and experiences," Saksena added. "The recent global shift among HNWIs toward valuing experiences over goods has further enhanced Tokyo's attractivity and appeal." Meanwhile, Shanghai, which topped the index in 2022, fell from 4th to 6th place — a sign that its dominance may be fading So Paulo and Mexico City also dropped notably in the rankings. "Dubai is nipping at the heels of the bastion cities in the region for wealth and lifestyle — London, Monaco, and Zurich — in a trend that is likely to continue as the Emirate ups the ante on offering an attractive residence proposition for HNWIs," the report said. Behind the movements is a growing desire among the ultrawealthy for stability, wellness, and future-focused cities. The report also notes that Dubai's appeal lies in tax advantages, luxury infrastructure, and a booming property market, while Bangkok and Tokyo benefit from regional economic momentum and cultural cachet. What's driving the change? The global average cost of "living well" actually declined 2% in US dollar terms between 2024 and 2025 — a rare drop in a sector typically shielded from macroeconomic headwinds. Yet, beneath that decline are sharp regional contrasts: Business class air fares jumped 18.2% globally, driven by a shortage of jets and booming demand for premium pleasure travel. Luxury goods like handbags and jewellery fell in price, reflecting shifting consumer priorities. Private school fees soared in cities like London, where new tax rules drove up costs by over 25%. More broadly, high-net-worth individuals increasingly prioritize experiences over possessions and longevity over status. These include spending more on wellness, curated travel, and health services, especially in Asia-Pacific and the Middle East. "The main shift we've seen recently is the growing move toward aspirational consumption among HNWIs, who increasingly value experiences over physical goods," Mark Matthews, Head of Research Asia at Julius Baer, told BI. "This trend varies from one location to another. Markets with a long cultural history of luxury goods (e.g., Switzerland with watches or Germany with cars) tend to show a slower transition toward 'experience-based' spending," he added. Data from the Lifestyle Survey backs this up. While luxury spending growth has cooled in Europe — where only 36% of high-net-worth individuals reported spending more on hotels — HNWIs in Asia-Pacific, the Middle East, and Latin America continue to ramp up their spending on high-end fashion, jewellery, and watches. In APAC, 65% reported increasing spending on both hotels and watches, and 63% on women's fashion. In the Middle East, 52% spent more on hotels and 50% on fine jewellery. Across the board, travel and hospitality remain top spending priorities, with fine dining and five-star hotels leading the way. A Eurasian future? The report also hints at a broader geopolitical rebalancing in how — and where — the world's wealthy choose to live. "There is already talk of many wealthy Americans decamping to Europe for the next four years — and possibly forever," Julius Baer's report said, citing affluent individuals looking for political stability and strong institutions. Cities like London, despite Brexit and political change, remain magnets for global wealth thanks to world-class education, healthcare, and cultural capital.
Business Insider
20-07-2025
- Business
- Business Insider
Here are the 10 most expensive cities for the ultra-rich in 2025 — and the quiet power shift shaping the next luxury capitals
Singapore, London, and Hong Kong still top the charts as the world's most expensive cities — but upstarts like Dubai, Bangkok, and Tokyo are rising fast as global wealth patterns shift. For the third year running, Singapore ranked as the world's most expensive city for high-net-worth individuals, according to the latest Global Wealth and Lifestyle Report from Julius Baer Group, a Swiss wealth management group. London moved into second place, nudging Hong Kong into third — but behind these familiar frontrunners, a quiet transformation could soon redraw the global map for the super wealthy The 2025 edition of the report, published on Monday, tracked the cost of what it called "living well" — meaning the ability to afford and regularly spend on 20 luxury goods and services that high-net-worth individuals typically enjoy. These include private school fees, luxury property, watches, fancy dinners, and business class flights. Pricing data was collected across 25 cities between November 2024 and March 2025, and each city was ranked based on the weighted-average total cost of all 20 items, converted into US dollars. To complement the price index, Julius Baer also conducted a separate Lifestyle Survey, polling 360 high-net-worth individuals across 15 countries in February and March 2025 to understand how the wealthy are spending and investing. While the methodology is robust, it does not account for geopolitical shifts that followed, including the Trump administration's April tariff announcements, and its relatively small sample size may limit broad conclusions. Still, the findings point to a clear shift in momentum: while the podium remains stable, several key cities — especially in Asia and the Middle East — are climbing fast, suggesting a broader power shift in global luxury hubs. The top 10 most expensive cities for the wealthy in 2025 Singapore. London. Hong Kong. Monaco. Zurich. Shanghai. Dubai. New York. Paris. Milan. The quiet rise of new luxury capitals Several emerging cities climbed the rankings at an unexpected pace, especially in Asia and the Middle East. Dubai jumped five spots to 7th place, edging closer to European strongholds like Monaco and Zurich. Bangkok and Tokyo both rose six positions, landing at 11th and 17th, respectively, driven by rising costs of fashion, watches, and property. Bangkok's "growing upper-middle class has had a direct impact on the expansion of the local luxury market," Rishabh Saksena, cohead of Julius Baer's global asset class specialists, told Business Insider. "Increased wealth has mechanically driven demand for luxury goods and services, allowing the development of luxury malls, fine dining, and experiences such as spas," he said. "Additionally, the city benefits from Asia's long-standing appeal as a global tourism destination." Tokyo's rise reflects a similar trend. " Tokyo, and Japan more broadly, has long been a culturally rich and influential region, with a strong luxury market, especially in areas such as fashion, fine dining, and experiences," Saksena added. "The recent global shift among HNWIs toward valuing experiences over goods has further enhanced Tokyo's attractivity and appeal." Meanwhile, Shanghai, which topped the index in 2022, fell from 4th to 6th place — a sign that its dominance may be fading São Paulo and Mexico City also dropped notably in the rankings. "Dubai is nipping at the heels of the bastion cities in the region for wealth and lifestyle — London, Monaco, and Zurich — in a trend that is likely to continue as the Emirate ups the ante on offering an attractive residence proposition for HNWIs," the report said. Behind the movements is a growing desire among the ultrawealthy for stability, wellness, and future-focused cities. The report also notes that Dubai's appeal lies in tax advantages, luxury infrastructure, and a booming property market, while Bangkok and Tokyo benefit from regional economic momentum and cultural cachet. What's driving the change? The global average cost of "living well" actually declined 2% in US dollar terms between 2024 and 2025 — a rare drop in a sector typically shielded from macroeconomic headwinds. Yet, beneath that decline are sharp regional contrasts: Business class air fares jumped 18.2% globally, driven by a shortage of jets and booming demand for premium pleasure travel. Luxury goods like handbags and jewellery fell in price, reflecting shifting consumer priorities. Private school fees soared in cities like London, where new tax rules drove up costs by over 25%. More broadly, high-net-worth individuals increasingly prioritize experiences over possessions and longevity over status. These include spending more on wellness, curated travel, and health services, especially in Asia-Pacific and the Middle East. "The main shift we've seen recently is the growing move toward aspirational consumption among HNWIs, who increasingly value experiences over physical goods," Mark Matthews, Head of Research Asia at Julius Baer, told BI. "This trend varies from one location to another. Markets with a long cultural history of luxury goods (e.g., Switzerland with watches or Germany with cars) tend to show a slower transition toward 'experience-based' spending," he added. Data from the Lifestyle Survey backs this up. While luxury spending growth has cooled in Europe — where only 36% of high-net-worth individuals reported spending more on hotels — HNWIs in Asia-Pacific, the Middle East, and Latin America continue to ramp up their spending on high-end fashion, jewellery, and watches. In APAC, 65% reported increasing spending on both hotels and watches, and 63% on women's fashion. In the Middle East, 52% spent more on hotels and 50% on fine jewellery. Across the board, travel and hospitality remain top spending priorities, with fine dining and five-star hotels leading the way. A Eurasian future? The report also hints at a broader geopolitical rebalancing in how — and where — the world's wealthy choose to live. "There is already talk of many wealthy Americans decamping to Europe for the next four years — and possibly forever," Julius Baer's report said, citing affluent individuals looking for political stability and strong institutions. Cities like London, despite Brexit and political change, remain magnets for global wealth thanks to world-class education, healthcare, and cultural capital. Meanwhile, Dubai plans to double the size of its economy by 2033 and is quickly becoming a rival to Europe's traditional elite enclaves.
Time of India
19-07-2025
- Business
- Time of India
Dubai among top 10 costliest cities for rich in 2025: What this means for residents
Dubai rose five places to rank 7th globally in Julius Baer's 2025 Global Wealth and Lifestyle Report/Representative Image TL;DR: Dubai has surged to 7th place globally in Julius Baer's 2025 Global Wealth and Lifestyle Report, the highest rank in the Middle East. Luxury property and cars saw the steepest price increases, but inflation on everyday items remains low. The city's tax-free incentives, high-end infrastructure, and lifestyle offerings are magnets for the global elite, yet middle-income expatriates are beginning to feel squeezed by rising living costs. Dubai's rise as a global playground for the rich has taken a sharper form in 2025, with the emirate being ranked the 7th most expensive city in the world for high-net-worth individuals (HNWIs), according to the latest Julius Baer Global Wealth and Lifestyle Report. What was once a modest desert trading outpost has now solidified its image as an elite destination marked by luxury real estate, premium cars, and an ultra-modern lifestyle. This ascent comes amid increasing competition from cities like Singapore and London, yet Dubai's unique blend of tax advantages, strategic location, and visionary infrastructure continues to attract wealthy investors and professionals alike. However, for the broader expat community, this glamorous boom brings with it escalating concerns over affordability, especially in housing and schooling. Dubai's Luxury Price Surge: Property and Cars Lead the Climb Dubai's 7th-place global ranking, a jump of five positions from last year, is driven primarily by significant price hikes in residential real estate and luxury automobiles. The Julius Baer report indicates that property prices in Dubai surged by 17%, reflecting both the post-pandemic property boom and a wave of foreign investment in high-end developments. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No annual fees for life UnionBank Credit Card Apply Now Undo This growth is underpinned by sustained demand from HNWIs, especially those relocating from Europe, Asia, and even the broader Middle East in search of stable and lucrative property markets. Simultaneously, the price of luxury cars climbed by 13% in the emirate, cementing Dubai's image as a city where status symbols dominate roads. With Lamborghini, Rolls-Royce, and Ferrari reporting record sales in the region, the appetite for exclusive automotive experiences is not just a trend but a cultural marker of affluence). This is further bolstered by the UAE's zero tax on personal income and capital gains, which leaves residents with more disposable income to invest in high-end purchases. How Dubai Stacks Up Globally and Regionally In the broader comparison, Singapore retained the top spot, followed by London and Hong Kong, while Dubai's ascent to 7th place places it ahead of traditionally expensive cities like Paris, Milan, and New York. Within the Europe-Middle East-Africa (EMEA) region, only London, Monaco, and Zurich outperformed Dubai in terms of luxury living costs. This positioning reflects not just price increases but also an evolving reputation. Dubai is no longer merely a tax haven or a tourism hotspot but is establishing itself as a permanent home for the ultra-wealthy, offering not just residences but a fully-fledged luxury lifestyle complete with fine dining, exclusive education, and bespoke healthcare. Dubai's demographic composition underscores its magnetism for global wealth. As of mid-2025, the city is home to over 81,000 HNWIs . This represents a doubling of the millionaire population over the past decade, a trajectory driven by consistent foreign direct investment, particularly in real estate, finance, and technology sectors. Strategic Policies That Attract the Elite Dubai's ascent isn't accidental but rather the result of strategic policy frameworks designed to lure global wealth. The UAE government has implemented several initiatives, including the Golden Visa, Property Investor Visa, and Entrepreneur Visa, all of which provide long-term residency without the need for local sponsorship. Additionally, Dubai's zero tax on personal income, expansive Dubai International Financial Centre (DIFC), and a highly developed luxury market spanning private schools, top-tier medical facilities, and exclusive entertainment options create an ecosystem tailored to the elite. The city's ability to seamlessly combine Western-style comforts with Middle Eastern hospitality further enhances its appeal among affluent migrants from Europe, India, and China. The Other Side: Expats Face Cost Pressures Yet, amid the glitter, the less wealthy expatriate population is increasingly burdened by the city's escalating cost of living. According to Mercer's 2024 cost-of-living data, the cost of living in Dubai has seen a rise since 2024, raising 3 ranks from 18th to 15th. Social media platforms are filled with expatriates sharing concerns about affordability, with users reporting difficulties in maintaining previous standards of living due to stagnant wages contrasted with rising housing, education, and healthcare costs. This economic dichotomy could shape the social landscape in the years ahead, potentially creating a more segmented urban society. What This Means for Dubai's Economic Future The rapid growth of the millionaire population is reshaping Dubai's urban and economic development plans. As per Knight Frank's report, real estate transactions among HNWIs in Dubai reached an estimated USD 4.4 billion in 2024, representing a 76% year-on-year increase. These trends are likely to continue as Dubai gears towards its 2040 Urban Master Plan, which seeks to balance high-density luxury living with sustainability and infrastructure expansion. However, experts caution that unless mid-tier salaries rise or affordable housing projects gain momentum, Dubai risks alienating a vital segment of its workforce essential for its service-driven economy. Balancing ultra-wealth attraction with broad-based affordability could be the emirate's next big policy challenge. Dubai's leap to the 7th most expensive city globally for the wealthy underscores its remarkable transformation into a top-tier luxury hub. Through policy precision, infrastructure investments, and a calculated courting of the global elite, the city continues to redefine its global status. Yet, this glittering ascent comes with trade-offs, especially for the middle-class residents navigating an increasingly costly urban life. For Dubai to maintain its sheen, a sustainable path that caters to both ends of the wealth spectrum will be key.
CNBC
16-07-2025
- Business
- CNBC
Here are 10 of the most expensive cities for high-net-worth individuals, according to a new report
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 editionof 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: 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 city — New York — in the top ten on the list. The Asia-Pacific region topped the ranks, with Singapore and Hong Kong landing in two of the top three positions for the most expensive cities. "Asia Pacific remains one of the fastest-growing regions globally. Real GDP grew 4.5% year on year in 2024 – moderating slightly from 5.1% in 2023 but still outpacing the global average of 3.3%," said research analyst at Julius Baer, Jen-Ai Chua. "Firm fundamentals have set the stage for the rapid ascent of wealth in the region. The number of high-net-worth individuals in Asia is projected to have grown 5% year on year to 855,000 in 2024," Chua added. Interestingly, although Singapore maintained its top position as the most expensive city for HNWIs, it still remains very livable. The country is a leading choice for relocation and residency, according to the report, on account of its stable political environment, overall safety and quality healthcare and education. The city-state is also becoming a pioneer in wellness tourism, "opening a slew of therapeutic gardens to help visitors who are interested in mental wellness experiences," the report said. This comes amid a wider trend of an increased emphasis on longevity. Nearly all of the respondents were interested in longevity and ageing well, with between 87% (North America) and 100% (APAC) actively taking steps to increase their longevity. This ranges from lifestyle changes like regular exercise and good diet to investing in things like gene therapy and cryogenic chambers. These high-net-worth individuals were also concerned with financial longevity. "The vast majority of respondents in all regions saw an increase in overall asset value, and a similar majority say they would adjust their wealth strategies were they to live ten years or more longer than expected," according to the report.
Gulf Insider
15-07-2025
- Business
- Gulf Insider
Dubai Rises to 7th Most Expensive City Globally
Dubai has moved up five places to No. 7 as the most expensive city in the world in Julius Baer's Global Wealth and Lifestyle Report for 2025. The report by the Swiss private banking group called Dubai a 'firm challenger' to the traditional bastions of wealth such as London, Monaco and Zurich. The report noted the number of high-net-worth individuals shifting to the emirate, lured by tax incentives and the lifestyle. 'The momentum of millionaires relocating to Dubai, which began during the pandemic, is predicted to continue,' the report added. Singapore remained the most expensive city in the world for the third year running, followed by London and Hong Kong. Monaco was fourth in the list, Zurich fifth, and Shanghai dropped two places to sixth. New York, Paris, and Milan rounded up the top 10, taking up the eighth to tenth spots. For the first time since the survey began in 2020, prices tracked by a basket of luxury goods fell 2 per cent, which Julius Baer described as 'quite exceptional' since historically, high-end consumer prices have risen twice as fast as average consumer prices. Asia Pacific (APAC) countries dominated the list. However, the region saw only slight price decreases of 1 per cent on average across the region, making it the most stable of all the surveyed regions this year. While Singapore and Hong Kong were first and third, Bangkok and Tokyo made the largest leaps, each climbing six places to 11th and 17th, respectively. Manila fell to 23rd despite a 7.5 per cent rise in average local currency prices. Mumbai, India's financial capital, moved to No. 20 globally. Despite India's position as a rising economic powerhouse, Mumbai remained relatively affordable for most services, particularly hospitality and travel. It was jointly ranked the most expensive for a treadmill, but the cheapest across the board for LASIK. Christian Gattiker, head of research, Julius Baer, commented: 'In light of ongoing uncertainty, trade tensions, and tariffs, our findings represent the final moment 'before' the current situation. Next year's report will likely provide a fascinating 'after' perspective.' The report showed that hotel suites prices rose 10.3 per cent in Singapore, and fell 26.1 per cent in Hong Kong. London rose on the back of a 26.6 per cent jump in the price of private education after legislative changes and a 29.7 per cent gain in business class flights, but its appeal as a center for wealth had a 'rather turbulent ride' over the past year with the abolition of non-domiciled residency status, which has helped cities such as Dubai, Milan, and Zurich. Julius Baer's Lifestyle Index ranks 25 cities by analysing residential property, cars, business class flights, school, degustation dinners and other luxuries. The bank surveyed high-net-worth individuals with bankable household assets of US$1 million or more from February to March 2025. Also read: Dubai Completes $52m Beauty Project With 300,000 Trees and Smart Irrigation Tech
