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Arabian Post
6 days ago
- Business
- Arabian Post
Dubai Rises to 7th Most Costly City for the Ultra‑Wealthy
Arabian Post Staff -Dubai Dubai has climbed to seventh place worldwide among the most expensive cities for high-net-worth individuals, according to Julius Baer's Global Wealth and Lifestyle Report 2025, up from 12th last year. This marks the largest ascent within Europe, the Middle East and Africa, even though local currency prices rose by just 1 per cent. The report evaluates the cost of living for HNWIs using a 'Lifestyle Index' that covers 20 goods and services ranging from property and cars to legal services and education. In Dubai, steep increases in big-ticket sectors—13 per cent for car prices and 17 per cent for residential property—have driven the city's rise in rankings, reinforcing its appeal to affluent migrants. ADVERTISEMENT Regionally, EMEA now accounts for over half of the top ten most expensive cities for HNWIs. London, Monaco and Zurich also climbed the rankings, securing second, fourth and fifth positions globally. Dubai's dramatic move to seventh place complements these traditional wealth centres, overtaking cities such as Shanghai and New York. Globally, Singapore remains the costliest city for wealthy lifestyles, with London and Hong Kong following in second and third place. While overall prices in US dollar terms fell by 2 per cent—driven by a 3.4 per cent decline in the cost of goods—Dubai defied this trend with its sharp price hikes in luxury property and automotive sectors. Dubai's real estate sector experienced exceptional growth in 2024, with property sales value surging by 27 per cent year-on-year. Concurrently, the number of millionaires in the emirate more than doubled over the past decade, now exceeding 80,000, accompanied by a rise in centi-millionaires and billionaires. Julius Baer attributes this shift to the emirate's strategic appeal to mobile elites via residency schemes, minimal personal taxation and a vibrant lifestyle combining beachfront living, upscale services and robust business potential. Luxury dining, designer fashion, fine jewellery and experiential spending remain in high demand, even as global consumption for goods softens. Beyond wealth rankings, the report highlights evolving HNWI priorities, with growing emphasis on both physical and financial longevity. Across regions, including Asia and North America, wealthy individuals are increasingly investing in wellness, advanced healthcare and long-term wealth preservation. As Dubai solidifies its position among global wealth hubs, analysts expect its progressive trajectory to continue. Julius Baer suggests that it may soon challenge top-tier cities like Singapore or London if growth in luxury sectors and affluent residency persists. Despite global economic headwinds—such as trade tensions, slowing consumption and geopolitical uncertainties—the emirate's ability to attract HNWIs has remained strong, positioning it as a dominant destination for global mobility and wealth settlement.
Time Out
6 days ago
- Lifestyle
- Time Out
Singapore named the most expensive city in the world to ‘live well' (again)
Singapore has topped yet another global ranking – and this one comes with a hefty price tag. According to the Julius Baer Group's Global Wealth & Lifestyle Report 2025, Singapore has been crowned the world's most expensive city to 'live well' for the third year in a row. The report's Lifestyle Index, which tracks the cost of luxury goods and premium services that define a high-net-worth lifestyle, places Singapore firmly at the top, beating out 24 other cities across the globe. Think swanky property, high-end cars, handbags that cost more than a condo down payment and private healthcare. Singapore ranked first globally for the price of cars and women's handbags, second in the world for the price of women's shoes and third for residential property and private healthcare. It ranked first globally for car prices and women's handbags, second for women's shoes, and third for both residential property and private healthcare. The only category where we came out cheapest? Treadmills. But if you're a fan of these running routes in Singapore, then maybe you don't need one. So what keeps the ultra-rich coming back despite the sky-high costs? According to the report, it's Singapore's political stability, low crime rate, world-class healthcare and efficient infrastructure that continue to attract high-flyers, billionaires and luxury-lovers alike. We are after all, home to the world's best airport and widely praised for its efficient public transport system. The 2025 edition of the report also notes how shifting global dynamics, from trade tensions to fluctuating consumer confidence, are influencing the spending habits of the world's wealthy. Want to see how the rest of the world stacks up? View the full report here. Top 10 most expensive cities for living well 1. Singapore 2. London 3. Hong Kong 4. Monaco 5. Zurich 6. Shanghai 7. Dubai 8. New York 9. Paris 10. Milan READ MORE *Scape gets a major glow-up and it's all about the next generation
Gulf Insider
15-07-2025
- Business
- 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
Fashion Network
14-07-2025
- Business
- Fashion Network
Singapore, London are costliest cities for luxury spending
'In light of ongoing uncertainty, trade tensions, and tariffs, our findings represent the final moment 'before' the current situation,' said Christian Gattiker, head of research at the Swiss bank. Next year's report 'will likely provide a fascinating 'after' perspective,' he said. With the current 'unpredictable nature' of the world, Singapore is valued for its stability and security, while in Hong Kong, a recent investment-for-residency program generated 'significant interest' from wealthy individuals, Julius Baer said. Hotel suites prices rose 10.3% in Singapore, and fell 26.1% in Hong Kong. The UK capital rose on the back of a 26.6% jump in the price of private education after legislative changes and a 29.7% gain in business class flights, according to the Swiss bank. Still, London's appeal as a center for wealth had a 'rather turbulent ride' over the past year with the abolition of non-domiciled residency status, it said. This has helped cities such as Dubai, Milan, and Zurich, which have courted the global elite considering to move away from the UK, according to the report. Dubai rose five spots to seventh place and is now a 'firm challenger' to the traditional bastions of wealth such as London, Monaco and Zurich, according to Julius Baer. 'The momentum of millionaires relocating to Dubai, which began during the pandemic, is predicted to continue,' the report said. New York, ranked the eighth and is the only city in the Americas to feature in the top 10. Sao Paulo and Mexico City took the greatest tumbles in the survey, with the former falling seven places to 16 and the latter five places to 21. The luxury sector is facing a 'downturn' following an 'endless buying spree' amid higher interest rates, slowing economic growth and a looming trade war, the report said. The biggest driver of price declines was technology. Bucking the trend was business class flights which jumped 18.2%. Julius Baer's Lifestyle Index ranks 25 cities by analyzing residential property, cars, business class flights, school, degustation dinners and other luxuries. The bank surveyed high-net-worth individuals with bankable household assets of $1 million or more from February to March 2025.
Fashion Network
14-07-2025
- Business
- Fashion Network
Singapore, London are costliest cities for luxury spending
Singapore is the most expensive city in the world for spending on luxury goods for the third year running, while London edged out Hong Kong to take the second spot. See catwalk They were followed by Monaco and Zurich, while Shanghai — which topped the list in 2022 — dropped two spots to sixth, according to an annual report by Swiss wealth manager Julius Baer Group Ltd. For the first time since the survey began in 2020, prices tracked by basket of luxury goods fell 2%, which Julius Baer described as 'quite exceptional' since historically, high-end consumer prices have risen twice as fast as average consumer prices. 'In light of ongoing uncertainty, trade tensions, and tariffs, our findings represent the final moment 'before' the current situation,' said Christian Gattiker, head of research at the Swiss bank. Next year's report 'will likely provide a fascinating 'after' perspective,' he said. With the current 'unpredictable nature' of the world, Singapore is valued for its stability and security, while in Hong Kong, a recent investment-for-residency program generated 'significant interest' from wealthy individuals, Julius Baer said. Hotel suites prices rose 10.3% in Singapore, and fell 26.1% in Hong Kong. The UK capital rose on the back of a 26.6% jump in the price of private education after legislative changes and a 29.7% gain in business class flights, according to the Swiss bank. Still, London's appeal as a center for wealth had a 'rather turbulent ride' over the past year with the abolition of non-domiciled residency status, it said. This has helped cities such as Dubai, Milan, and Zurich, which have courted the global elite considering to move away from the UK, according to the report. Dubai rose five spots to seventh place and is now a 'firm challenger' to the traditional bastions of wealth such as London, Monaco and Zurich, according to Julius Baer. 'The momentum of millionaires relocating to Dubai, which began during the pandemic, is predicted to continue,' the report said. New York, ranked the eighth and is the only city in the Americas to feature in the top 10. Sao Paulo and Mexico City took the greatest tumbles in the survey, with the former falling seven places to 16 and the latter five places to 21. The luxury sector is facing a 'downturn' following an 'endless buying spree' amid higher interest rates, slowing economic growth and a looming trade war, the report said. The biggest driver of price declines was technology. Bucking the trend was business class flights which jumped 18.2%. Julius Baer's Lifestyle Index ranks 25 cities by analyzing residential property, cars, business class flights, school, degustation dinners and other luxuries. The bank surveyed high-net-worth individuals with bankable household assets of $1 million or more from February to March 2025.
