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Business Times
14-07-2025
- Business
- Business Times
Singapore is the most expensive city for rich to live well: report
[SINGAPORE] For the third year in a row, Singapore is ranked as the most expensive city for high-net-worth individuals (HNWIs) to live well, indicated a report by Swiss private bank Julius Baer. Despite this, the city remains highly liveable, appealing to HNWIs and businesses due to its stable political climate, safety, and quality services including education and healthcare, the bank said on Monday (Jul 14). 'With the current unpredictable nature of the world, Singapore is valued for its stability, security and connection to Asia and beyond,' the report said. Three Asia-Pacific cities made it to the Julius Baer Global Wealth and Lifestyle Report 2025's top 10 expensive cities globally – Hong Kong ranked third, while Shanghai ranked sixth. The region had slight price decreases of 1 per cent on average, making it the most stable of all the surveyed regions this year, the report said. Chua Jen-Ai, Asia research analyst at Julius Baer, noted that the Apac region remains one of the fastest-growing globally, even though the tariff war has 'disproportionately impacted' the region. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'Firm fundamentals have set the stage for the rapid ascent of wealth in the region,' she said. HNWIs in Apac saw some of the biggest jumps in cost for lifestyle spending habits, outpacing all regions in high-end women's clothes, hotels and fine dining, as 80 per cent of them reported increased assets over the past year. Singapore is ranked the most expensive for cars and women's handbags; second for women's shoes and third for residential properties and healthcare. The biggest jump overall was in business class air fares – up 12.6 per cent across the Apac region, with a marked increase in leisure travel compared to business travel. Globally, business class air fares are up 18.2 per cent in US dollar terms, with post-Covid revenge spending proving remarkably durable, even if appetite is starting to slow, the report said. Longevity is also top of mind for all Apac HNWIs surveyed in the report, with 100 per cent saying they are taking measures to increase their lifespans. Unlike other regions, those in Apac said that they are overwhelmingly concerned about health, even as other regions reported more interest in dining experiences and human interaction. The growing wealth of Apac's HNWI population – combined with increased interest in health, wellness and experiences – continues to shape spending patterns across the region, the report said. Tariff uncertainty For the first time since the report, the index recorded a decline of 2 per cent in US dollar terms, which is 'a surprising development in a segment that has traditionally outpaced average consumer price growth'. The decline, led by a 3.4 fall in the price of goods, reflected shifting global consumption trends, the report said. 'Therefore, a decline of more than one percentage point underscores the headwinds facing the high-end sector,' said Christian Gattiker, head of research at Julius Baer. Nevertheless, the report noted that data collection took place before the US announced its tariff plans, thus the subsequent market and pricing turmoil is not factored into this year's numbers. Gattiker added: 'In light of ongoing uncertainty, trade tensions, and tariffs, our findings represent the final moment 'before' the current situation, and next year's Global Wealth and Lifestyle Report will likely provide a fascinating 'after' perspective.'
Online Citizen
14-07-2025
- Business
- Online Citizen
Singapore retains top spot as most expensive city for the wealthy in 2025 Julius Baer report
For the third consecutive year, Singapore has ranked as the world's most expensive city for high-net-worth individuals (HNWIs) to live well, according to the Julius Baer Global Wealth and Lifestyle Report 2025, released on 10 July 2025. The report, compiled by Swiss private bank Julius Baer, assesses the cost of a premium lifestyle in 25 global cities, based on a basket of 20 goods and services commonly purchased by HNWIs. Despite the high costs, Singapore continues to be regarded as one of the most liveable cities globally. The report credits its political stability, personal safety, efficient governance, and superior services in education and healthcare as major draws for wealthy individuals and businesses alike. 'With the current unpredictable nature of the world, Singapore is valued for its stability, security and connection to Asia and beyond,' the report noted. Asia-Pacific dominates the rankings The Asia-Pacific region featured prominently in the 2025 rankings. Alongside Singapore in first place, Hong Kong placed third and Shanghai sixth, maintaining the region's strong showing. The region also posted the smallest average price decline of 1 per cent in US dollar terms, marking it as the most stable among those surveyed. This resilience is attributed partly to steady economic fundamentals and evolving consumer demands. Chua Jen-Ai, Asia research analyst at Julius Baer, commented: 'Firm fundamentals have set the stage for the rapid ascent of wealth in the region,' even as the region faces disproportionate impacts from global tariff tensions. Lifestyle costs diverge by region Asia-Pacific recorded some of the sharpest increases in lifestyle-related expenditures. HNWIs in the region experienced the highest spending surges in high-end women's fashion, luxury hotels, and fine dining. Eighty per cent of Asia-Pacific HNWIs reported increased assets over the past year. This sustained wealth expansion is driving demand for premium services and luxury experiences. Singapore led globally in the cost of cars and women's handbags. It also ranked second for women's shoes and third for residential property and healthcare. Soaring air fares mark a global trend Business class air fares surged across all regions, with the Asia-Pacific region seeing an average increase of 12.6 per cent. The global average increase was even higher at 18.2 per cent. This growth is attributed to supply constraints, increased demand for leisure travel, and changing business travel patterns post-pandemic. Airlines have shifted strategies, offering more premium seats and fewer first-class options, effectively pushing business-class prices upward. Health and longevity remain top priorities The report found that 100 per cent of surveyed HNWIs in Asia-Pacific are actively taking measures to increase their lifespan. This includes investing in healthcare, lifestyle changes, and in some cases, more experimental longevity interventions. This strong interest in health and wellness is more prominent in the Asia-Pacific region than in Europe and the Americas, where HNWIs are increasingly favouring experiential spending and human interaction. Shifting global consumption patterns Notably, the Julius Baer Lifestyle Index declined by 2 per cent in US dollar terms for the first time since the report's inception. This is a significant reversal, as high-end consumer prices have typically risen at twice the rate of general consumer prices. The drop was led by a 3.4 per cent fall in the price of goods, while services declined marginally by 0.2 per cent. Technology packages and luxury accessories saw the largest declines in price. Julius Baer's head of research, Christian Gattiker, described the findings as 'a surprising development in a segment that has traditionally outpaced average consumer price growth'. He added that the index provides a snapshot from before the latest round of tariffs introduced by the US, indicating that further volatility is expected. 'In light of ongoing uncertainty, trade tensions, and tariffs, our findings represent the final moment 'before' the current situation,' Gattiker said. 'Next year's Global Wealth and Lifestyle Report will likely provide a fascinating 'after' perspective.' Regional dynamics and outlook While Singapore continues to thrive as a global wealth destination, other Asia-Pacific cities are also rising. Bangkok climbed six positions to 11th, while Tokyo reached 17th. However, Shanghai's drop from fourth to sixth signals shifting dynamics within the region. Singapore's dominance, however, is expected to persist, bolstered by its regulatory environment, urban infrastructure, and appeal to global talent. Earlier, the Henley Private Wealth Migration Report 2025, released on 24 June, noted that Singapore is projected to attract 1,600 millionaires in 2025. This marks a decline from the estimated 3,500 HNWIs who migrated to the city-state in 2024. Despite the drop, Singapore remains one of the world's leading destinations for relocating millionaires, ranking sixth globally.
Business Times
14-07-2025
- Business
- Business Times
Singapore is most expensive city for HNWIs to live well for third year in a row: report
[SINGAPORE] For the third year in a row, Singapore is ranked as the most expensive city for high-net-worth individuals (HNWIs) to live well, indicated a report by Swiss private bank Julius Baer. Despite this, the city remains highly liveable, appealing to HNWIs and businesses due to its stable political climate, safety, and quality services including education and healthcare, the bank said on Monday (Jul 14). 'With the current unpredictable nature of the world, Singapore is valued for its stability, security and connection to Asia and beyond,' the report said. Three Asia-Pacific cities made it to the Julius Baer Global Wealth and Lifestyle Report 2025's top 10 expensive cities globally – Hong Kong ranked third, while Shanghai ranked sixth. The region had slight price decreases of 1 per cent on average, making it the most stable of all the surveyed regions this year, the report said. Chua Jen-Ai, Asia research analyst at Julius Baer, noted that the Apac region remains one of the fastest-growing globally, even though the tariff war has 'disproportionately impacted' the region. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'Firm fundamentals have set the stage for the rapid ascent of wealth in the region,' she said. HNWIs in Apac saw some of the biggest jumps in cost for lifestyle spending habits, outpacing all regions in high-end women's clothes, hotels and fine dining, as 80 per cent of them reported increased assets over the past year. Singapore is ranked the most expensive for cars and women's handbags; second for women's shoes and third for residential properties and healthcare. The biggest jump overall was in business class air fares – up 12.6 per cent across the Apac region, with a marked increase in leisure travel compared to business travel. Globally, business class air fares are up 18.2 per cent in US dollar terms, with post-Covid revenge spending proving remarkably durable, even if appetite is starting to slow, the report said. Longevity is also top of mind for all Apac HNWIs surveyed in the report, with 100 per cent saying they are taking measures to increase their lifespans. Unlike other regions, those in Apac said that they are overwhelmingly concerned about health, even as other regions reported more interest in dining experiences and human interaction. The growing wealth of Apac's HNWI population – combined with increased interest in health, wellness and experiences – continues to shape spending patterns across the region, the report said. Tariff uncertainty For the first time since the report, the index recorded a decline of 2 per cent in US dollar terms, which is 'a surprising development in a segment that has traditionally outpaced average consumer price growth'. The decline, led by a 3.4 fall in the price of goods, reflected shifting global consumption trends, the report said. 'Therefore, a decline of more than one percentage point underscores the headwinds facing the high-end sector,' said Christian Gattiker, head of research at Julius Baer. Nevertheless, the report noted that data collection took place before the US announced its tariff plans, thus the subsequent market and pricing turmoil is not factored into this year's numbers. Gattiker added: 'In light of ongoing uncertainty, trade tensions, and tariffs, our findings represent the final moment 'before' the current situation, and next year's Global Wealth and Lifestyle Report will likely provide a fascinating 'after' perspective.'
