Latest news with #JuliusBaerGroup
Time Out
3 days ago
- Business
- Time Out
Revealed: Asia's most expensive cities to 'live well' in 2025
If you like living the high life but want to stretch your dollar, then this new list is a good guide for where not to go. According to the Julius Baer Group's Global Wealth & Lifestyle Report 2025, three cities in Asia have made it to a list of the top most expensive cities for 'living well'. The Julius Baer Lifestyle Index tracks the cost of living a high-net-worth lifestyle in 25 cities around the world. Some things it takes into consideration: residential property prices, private healthcare costs, business class flights, luxury goods, and even the cost of an MBA. This year, a survey of high-net-worth individuals adds insight into their habits and perspectives. So, the most expensive cities in Asia for high-fliers? Singapore, Hong Kong, and Shanghai. Singapore gets the (dubious) honour of being No. 1 on the list, and for the third year running too. It ranks first globally for the cost of cars (no thanks to the Certificate of Entitlement that must be purchased to own a car in Singapore) and women's handbags. So maybe get your Louis Vuitton goods somewhere else. Treadmills, on the other hand, are the most affordable index item to get in the country – all the better to work off those degustation dinners. Hong Kong is the third-most expensive city in the world for living well. It slipped one place compared to its ranking last year, losing its second-place spot to London. This is not a place where you want to get in trouble – lawyers are the city's costliest index item. But we guess you can drink your sorrows with endless bottles of champagne, its cheapest index item. Nevertheless, Hong Kong remains attractive to the wealthy thanks to its welcoming tax and investment environment, as well as its proximity to China. Finally, Shanghai, which slipped from No. 4 to No. 6 this year. According to the report, Shanghai's fall in the ranking could be due to cultural reasons – displays of wealth are increasingly frowned upon in China. Perhaps it's a good idea to keep it modest after all: individuals can expect to pay a hefty sum for fine dining meals, the priciest globally, and watches, which have seen a more than 11% increase in price over the last year. These are the top 10 most expensive cities for living well: Singapore London Hong Kong Monaco Zurich Shanghai Dubai New York Paris Milan
Business Times
3 days ago
- Business
- Business Times
Julius Baer seeks to cut bonuses of bankers with risky books: sources
[ZURICH] Julius Baer Group plans to reduce the bonuses of relationship managers who generate revenue from high-risk business, as the bank seeks to introduce a new pay culture, according to people familiar with the matter. The amount that advisers will see their pay docked varies depending on factors such as the type of transaction and the type of market involved, the people said, asking not to be named discussing remuneration. The change is pending regulatory approval, one of the people said. The move comes as the bank's new chief executive officer Stefan Bollinger and chairman Noel Quinn seek to reset the Swiss bank and put it on a path for growth after a string of missteps, including running up a US$700 million exposure to Rene Benko's real estate empire. At an investor event in London last month, Bollinger said the bank was reviewing the compensation model with the aim to better align relationship managers' incentives with the interests of the bank and its shareholders. 'We want to incentivise the RMs to focus predominantly on long-term sustainable growth and therefore we will be very focused on the quality of net new money,' he said. A Julius Baer spokesperson said the changes, which are pending board approval, would 'preserve the essence of our framework, as we pay for performance and want to attract the best talent.' Wealth managers have different compensation models but often incentivise bankers through bonus payments that are tied to new assets they bring in. In June, Baer unveiled fresh targets and reintroduced a goal for net new money, which Bollinger stressed was underpinned by strengthened risk management. 'Risk management is my DNA, and I will be laser-focused on this,' Bollinger said. In its interim earnings update in May, the bank announced that Ivan Ivanic was taking over as chief risk officer from Oliver Bartholet, who was retiring. It also said the executive board would be strengthened by a new compliance officer role, to be announced in due course. BLOOMBERG
India.com
4 days ago
- Business
- India.com
Which is world's most expensive city? It is not Hong Kong, Dubai, London, New York, Paris, Milan; Bengaluru name is..., Mumbai also is in top 20
The Zurich-based Julius Baer Group published its most current rankings recently, stating that Singapore is the world's priciest city now. According to the Julius Baer Global Wealth & Lifestyle Report 2025, London has secured the second position in the top 10 global cities for living well. In India, Mumbai ranks 20th overall, making it the most expensive city in the country. Interestingly, Mumbai held the same position last year as well. Which is world's most expensive city? As per the Julius Baer Global Wealth and Lifestyle Report 2025, Singapore is the most expensive city to enjoy a luxurious lifestyle. The report evaluates the cost of living for High-Net-Worth individuals (HNWI) from 25 cities around the world. '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,' reads the statement on the official website. The Julius Baer Lifestyle Index survey is based on the living costs and luxury expenditure in 25 cities around the world. It considers living costs, which include housing, cars, business class flights, schooling, dining out, and anything else that can be labeled as 'premium lifestyle'. Of the top 20, eight of those cities are located in Asia, which include Singapore, Hong Kong (3rd), Shanghai (6th), Bangkok, Tokyo, Jakarta, Mumbai, and Manila. Although both Hong Kong and Shanghai dropped in the rankings this year, with Hong Kong dropping from 2nd last year and Shanghai dropped from 4th. The report states that people in Mumbai spend the most on air travel (42%) and dining in restaurants (44%), while only 12% of spend was on hotel stays and 9% was on luxury items. Approximately 13% of people in Asia travel in business class, while 9% usually spend money on watches and 8% on cycling. The report also emphasizes that the Asia-Pacific region is known as one of the fastest-growing places on the planet. Asia's projected figure of 47.5% of the world's new High-Net-Worth Individuals (HNWIs) between 2025 and 2028 are driven by the increased growth from China and India.
Time Out
4 days ago
- Lifestyle
- Time Out
Singapore named the most expensive city in the world to ‘live well' (again)
Singapore has topped yet another global ranking – and this one comes with a hefty price tag. According to the Julius Baer Group's Global Wealth & Lifestyle Report 2025, Singapore has been crowned the world's most expensive city to 'live well' for the third year in a row. The report's Lifestyle Index, which tracks the cost of luxury goods and premium services that define a high-net-worth lifestyle, places Singapore firmly at the top, beating out 24 other cities across the globe. Think swanky property, high-end cars, handbags that cost more than a condo down payment and private healthcare. Singapore ranked first globally for the price of cars and women's handbags, second in the world for the price of women's shoes and third for residential property and private healthcare. It ranked first globally for car prices and women's handbags, second for women's shoes, and third for both residential property and private healthcare. The only category where we came out cheapest? Treadmills. But if you're a fan of these running routes in Singapore, then maybe you don't need one. So what keeps the ultra-rich coming back despite the sky-high costs? According to the report, it's Singapore's political stability, low crime rate, world-class healthcare and efficient infrastructure that continue to attract high-flyers, billionaires and luxury-lovers alike. We are after all, home to the world's best airport and widely praised for its efficient public transport system. The 2025 edition of the report also notes how shifting global dynamics, from trade tensions to fluctuating consumer confidence, are influencing the spending habits of the world's wealthy. Want to see how the rest of the world stacks up? View the full report here. Top 10 most expensive cities for living well 1. Singapore 2. London 3. Hong Kong 4. Monaco 5. Zurich 6. Shanghai 7. Dubai 8. New York 9. Paris 10. Milan READ MORE *Scape gets a major glow-up and it's all about the next generation
Independent Singapore
5 days ago
- Business
- Independent Singapore
Singapore is the number 1 city for the ultra-wealthy again in 2025
Screengrab from SINGAPORE: The Little Red Dot has topped yet another global list, emerging in pole position as the number one city for wealthy people wishing to live la dolce vita on the 2025 Global Wealth & Lifestyle Report from the Julius Baer Group. The report recently revealed the top 10 cities for high net worth individuals for this year, although it noted that some significant changes around the world are underway, in the form of tariffs from United States President Donald Trump. These tariffs are widely expected to impact financial markets. It also pointed out that countries have been preparing for a global trade war even before Mr Trump started talking about tariffs, in addition to slowed consumer spending and heightened geopolitical tensions. This year's top three cities are the same: Singapore, London, and Hong Kong. However, the last two cities have changed places. In 2024, Hong Kong ranked second and London, third, but this year, the two cities have changed places. Monaco climbed up one space and is now in fourth, followed by Zurich, Shanghai, Dubai, New York, Paris, and Milan, respectively, in fifth to tenth places. The index ranks the most expensive cities in the world based on an analysis of residential property, cars, business class flights, as well as other luxuries. In Singapore, the greatest price increase was for business class flights, which went up by 14.5% year on year (YoY). The greatest price drop in the city-state was in health care, which went down by 35.8% YoY. Its costliest items on the index are cars and women's handbags, and the least expensive are treadmills. Read related: What do treadmills & whisky have in common? They're part of the reason why SG has become the most expensive city in the world For comparison's sake, here's a look at London. Like Singapore, its greatest price increase was also for business class flights, only in London's case, they went up by an eye-watering 28.3%. However, hotel suites went down by 52.3%, the greatest price drop for the city. Its most expensive items on the index are LASIK, MBA, and private schools, and unlike in Singapore, the cheapest index item is cars. See also Richest woman in Indonesia loses S$4.8 billion in three days 'With the current unpredictable nature of the world, Singapore is valued for its stability, security, and connection to Asia and beyond. Though the cost of living there may be on the rise, its strong pull factors consistently earn it the title of the most liveable city in Asia in numerous rankings,' the report notes. /TISG Read also: Singapore most expensive city in the world for luxury living () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
