Dubai Rises to 7th Most Expensive City Globally
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
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Insider
a day ago
- Gulf Insider
Shaj Babu: Preserving Wealth Across Generations
Shaj Babu, CEO of Julius Baer Bahrain, reflects on the wealth management firm being on the cusp of marking 50 years of presence in the Kingdom. In this exclusive interview, we learn about how Julius Baer witnesses shifting client preferences as the younger generation looks to alternative forms of wealth management. Now in its third edition, Business Leaders in the Middle East brings together sharp insights from across the region. These aren't mere interviews; they're windows into how leadership is evolving in a world shaped by rapid digital transformation. Technology touches nearly every industry now, and these leaders show us how to navigate change with purpose. Julius Baer's expansion into Bahrain was initiated by the Group's acquisition of Merrill Lynch's International Wealth Management businesses in 2013. Since then, 95% of Merrill Lynch Bahrain's clients moved to Julius Baer in recognition of our values, heritage, and innovation. Next year, we will proudly celebrate 50 years of continuous presence in the Kingdom. This milestone not only showcases our long-term commitment to Bahrain but also reflects the deep trust we have built with clients in the region through our personalised advisory services. Julius Baer began as a family-owned business over 130 years ago and has since grown into a fully listed global entity. This history gives us a unique perspective on understanding the challenges families face when managing and preserving wealth across generations. Our identity as a pure-play wealth manager sets us apart. It allows us to focus exclusively on our clients' best interests without the distractions of other business lines. In a region like the Middle East, where much of our clients' wealth is often generational, and where financial legacy forms the lifeblood of both family and national economies, that focus matters more than ever. Bahrain is a prime example. Our 50-year presence in the Kingdom is a testament to our commitment, consistency and ability to grow with our clients. Clients in Bahrain are increasingly looking for long-term solutions to help them navigate the complexities of transferring wealth across generations. Our role is to guide families through this journey, to help them secure amore stable and sustainable financial future through a smooth handover of their wealth to the next generation. We also see strong interest from clients in the region for Shariah-compliant products. At Julius Baer, we have enhanced our Islamic finance offering to include a range of 3rd party solutions, including Sukuks, Islamic funds and structured products, in addition to in-house products such as Commodity Murabaha Financing, to cater to their needs. The next generation represents conscious consumers and responsible investors, prioritising impact and values in their decision-making. We are seeing a shift in their investment preferences, with a rising interest in alternatives, digital assets, and thematic investment strategies to diversify their portfolios beyond traditional asset classes. It is our responsibility to bridge this generational shift in mindset between current and future generations with the right guidance and education. At Julius Baer, we believe that people remain at the heart of our business. Our clients value the trust, continuity, and personal connection we offer through personal advisory relationships. Technology does not replace that; it enhances it. Tools like AI and digital innovation help us serve clients faster, more effectively, and in ways that are tailored to their evolving preferences. These tools empower our advisors, but personal connection and empathy remain the core of what we do. Our team leverages cutting-edge financial tools such as Julius Baer's Digital Advisory Suite, which streamlines the investment process, and digital onboarding tools like video identification and e-signatures that make account opening seamless for clients. To me, focus means putting the client at the core of everything we do and never losing sight of that. Our values, our legacy and our drive towards innovation are all centred on one end goal, securing our clients' financial futures and being their trusted partners across generations. Being in Bahrain for the past 50 years has allowed us to leverage deep relationships and build enduring partnerships. Our team in Bahrainis fully aligned around this purpose: positioning Julius Baer as a trusted personal wealth advisor. While Bahrain is small in terms of market size, it has long served as a critical hub for business and financial services. That legacy remains strong today. In addition to serving clients locally, we extend our reach to clients domiciled in Saudi Arabia's Eastern province, Jeddah and Riyadh. Saudi Arabia, as we all know, is rapidly transforming into a new regional financial hub, and the opportunities it presents both in Bahrain and beyond are growing exponentially. So, success in Bahrain is not only defined by the opportunities presented in the country but also by business acquired beyond our borders. Professionally, success means establishing a bond of trust, building a reputation that extends beyond transactions, and positioning myself, the team and Julius Baer to remain as the wealth manager of choice for our clients. More Insights
Gulf Insider
7 days ago
- Gulf Insider
World Economic Forum (WEF) Founder Denies He Fudged Data, Racked Up $1.1M In Expenses
Klaus Schwab, the 87-year-old architect of Davos and the WEF's global elite gatherings, slammed the organization's board of trustees on Sunday, accusing them of breaking a confidentiality deal by letting media outlets get wind of the allegations. 'I am in a position to refute all the accusations brought up against me,' Schwab said in a statement after Swiss newspaper SonntagsZeitung detailed preliminary findings from a law firm's probe. The investigation, conducted by Swiss law firm Homburger and ordered by the WEF's own board, reportedly found that Schwab interfered with the forum's flagship economic rankings to favor political allies and avoid controversy – and submitted 900,000 Swiss francs (about $1.1 million) in expenses that investigators say lacked proper justification. Three months ago we reported that Schwab was under investigation by the WEF after a whistleblower alleged financial and ethical misconduct by Mr. 'eat the bugs' and his wife. In an anonymous letter from sent to the board of directors by 'current and former Forum employees,' Schwab and his wife are accused of commingling their personal affairs with WEF resources without proper oversight, and much more… Among the most serious allegations: Schwab asked junior employees to withdraw thousands of dollars from ATMs on his behalf and used Forum funds to pay for private, in-room massages at hotels. His wife Hilde, a former Forum employee, scheduled 'token' Forum-funded meetings in order to justify luxury holiday travel at the organization's expense. The letter also raises concerns about how Klaus Schwab treated female employees and how his leadership over decades allegedly allowed instances of sexual harassment and other discriminatory behavior to go unchecked in the workplace Other allegations include the Schwab family's use of Villa Mundi – a luxury property bought before the pandemic by the Forum located next to the organization's Geneva headquarters, which the whistleblower letter maintains that Hilde Schwab maintains tight control over, and which the forum paid $30 million to purchase and another $20 million to renovate – also overseen by Hilde. Schwab says he paid the WEF back for said 'in-room massages', and denied the allegations about luxury travel and withdrawing funds. According to the WEF, its board unanimously supported the decision to launch an independent investigation 'following a whistleblower letter containing allegations against former Chairman Klaus Schwab. This decision was made after consultation with external legal counsel.' Schwab abruptly resigned from the WEF in April after the allegations surfaced. A replacement has yet to be named. The report claims Schwab personally intervened to tweak the WEF's Global Competitiveness Report to protect ties with key leaders like Indian Prime Minister Narendra Modi. In 2017, Schwab allegedly ordered a delay in releasing the rankings to avoid souring relations with India, whose score took a dive. He also reportedly advised holding back on boosting the UK's ranking to avoid giving ammo to Brexit supporters. In another incident in 2022, Schwab allegedly shared draft rankings with an unnamed country official whose position slipped, pushing to kill that year's report entirely. The WEF later blamed the cancellation on COVID-related disruptions. Schwab insists he's been deceived, saying he offered to sit for an interview with investigators on July 15 and was promised a chance to review the findings before any conclusions were published. 'In this respect I feel deceived,' he said. 'I am willing to defend my interests with all my strength, even in the context of a legal dispute.' The WEF stayed tight-lipped when contacted by Bloomberg, saying only that it would comment once the probe concludes, likely by late August. Sunday's revelations ramp up an already heated battle between Schwab and his former colleagues. Just weeks ago, the WEF and its founder released a joint statement claiming they were working to 'normalize' their strained relationship. But with accusations of data manipulation and lavish spending now in the open, that détente looks increasingly shaky. Source Zero Hedge
Gulf Insider
15-07-2025
- 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
