Latest news with #JuliusBaerLifestyleIndex
Time Out
3 days ago
- Business
- Time Out
Hong Kong is the third most expensive city in the world for ‘living well'
Listen, it's great to have money, but rich people have problems too, okay? This rings especially true for high-net-worth individuals (HNWIs) in Hong Kong, as our city has been ranked the world's third most expensive city to live luxuriously, according to the Global Wealth and Lifestyle Report 2025 by Swiss private banking group Julius Baer. Published annually, the report captures the 'cost of living extremely well' in 25 major global cities, showing the relative prices of the goods and services required to maintain a Crazy Rich Asians -like lifestyle. Amidst a shaky global economy, trade wars, and geopolitical tensions worldwide, Singapore has retained its place on the top of the chart, crowned as the world's most expensive city for luxury since 2023. Hong Kong was second place in 2024, but this year we were bumped down to third place by London. According to Julius Baer, even though we have slipped one spot in the rankings, Hong Kong remains a buoyant investment environment, continuing to attract family offices of HNWIs and families. But they had better keep on the straight and narrow, because the costliest item in Hong Kong within the Julius Baer Lifestyle Index is hiring lawyer services. In contrast, Champagne has become the cheapest index item, likely due to tax cuts on liquor and alcohol duties last year, so go ahead and pop more bottles! Zooming into the details, the price of watches and cars in Hong Kong have risen by 11.1 percent and 4.7 percent, respectively, while the price of men's suits and bicycles have dropped. In hospitality and travel, business class flights rose 10 percent, while fine dining costs fell 5.9 percent and hotel suites decreased by 26.1 percent. Despite a 1.2-percent decline in our currency prices this year, we remain the second most expensive for real estate purchases on Julius Baer's index. Would you continue living and investing in Hong Kong as an affluent individual, or would you rather take your gold bullion and trust fund somewhere else lower on the list? See the full rankings below. The top 10 most expensive cities for living well: Visit the Julius Baer website for the full report. Recommended stories: Cool down with an igloo bar, ice-themed market, and frozen treats in Repulse Bay
Time Out
4 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
CNBC
5 days ago
- Business
- CNBC
Here are 10 of the most expensive cities for high-net-worth individuals, according to a new report
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.
India.com
5 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.
NDTV
6 days ago
- Business
- NDTV
Singapore Is World's Most Expensive City For Luxury Spending, London Beats Hong Kong For Second Spot
The pursuit of luxury knows no bounds, but the price tags associated with it certainly do. If you are someone who spares no expense in search of the finer things in life, there are certain cities around the world you can visit to satisfy your shopping cravings. 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
