Here are 10 of the most expensive cities for high-net-worth individuals, according to a new report

CNBC

5 days ago

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.