Singapore Is World's Most Expensive City For Luxury Spending, London Beats Hong Kong For Second Spot
What The Report Says
According to Julius Baer 's latest annual report, Singapore remains the world's most expensive city for luxury spending for the third year in a row.
Meanwhile, London has edged out Hong Kong to take the second spot.
The Julius Baer Lifestyle Index analyses a variety of products and services that are important to high-net-worth individuals, who have at least $1 million in bankable assets, to determine how much luxury living costs.
The study was carried out this year between February and March 2025, which coincided with a significant shift in the global economy.
Why Singapore Tops The List
Singapore's economic and political might, together with its business-friendly atmosphere, have kept high-net-worth individuals coming back to the city. It was titled the most expensive city in the world in terms of expenditure on items like shoes and jewellery.
Additionally, locals are spending a lot of money on food, healthcare and education.
"As this year's results show, the impact of the global pandemic has settled into a 'new normal'. However, inflation, rising living costs, and increased geopolitical tensions continue to impact prices and priorities globally," the report said.
London Beats Hong Kong For Spot 2
London moved up one rank compared to last year's third place, partly due to the post-Brexit pound. All the other European cities on the list also rose in the rankings, including Zurich, which landed on sixth.
Last year, Europe, the Middle East and Africa were the most affordable regions to live in. However, due to the exchange rates and the underwhelming performance of some currencies, they are now some of the costliest cities.
The Ten Most Expensive Cities For Luxury Spending
As the only city in North or South America to make the top 10, New York maintained its position at number eight on the list. Mexico City dropped five points to 21st and Sao Paulo slipped seven spots to 16th, showing declining high-end spending and regional volatility.
The World's 10 Most Expensive Cities for Luxury Spending in 2025 are:
1. Singapore
2. London
3. Hong Kong
4. Shanghai
5. Monaco
6. Zurich
7. New York
8. Paris
9. Sao Paulo
10. Milan
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