Singapore has maintained its position as the world's most expensive city for high-net-worth individuals (HNWIs) for the fourth consecutive year, according to the latest Global Wealth and Lifestyle Report by Swiss private bank Julius Baer. The report highlights that Asia-Pacific cities have strengthened their presence in the rankings, with five cities from the region now in the global top 10.
The Julius Baer Lifestyle Index, which assesses the cost of a basket of goods and services representative of "living well," places Singapore at the top, followed by Zurich and Monaco. The Republic's continued lead is attributed to the high cost of residential property and automobiles—two items that carry the heaviest weightings in the index—as well as the strength of the Singapore dollar. Specifically, Singapore ranked as the most expensive city for cars and placed third globally for residential property.
The report notes that the strong currency, alongside a stable political system and resilient economy, reflect the relative stability and appeal of Singapore in an uncertain world. This stability is evidenced by the close-to-no change in the average price of luxury goods, as well as steady inflation levels across 2023.
Several Asia-Pacific cities ranked among the most expensive globally for other goods and services. Hong Kong was the most expensive city for legal services, while Shanghai topped the ranking for fine dining. The Asia-Pacific region has also become the most expensive region to obtain an MBA.
The growing dominance of Asia-Pacific cities in the rankings comes as the region continues to outpace the global economy. Julius Baer expects its regional gross domestic product to grow 4.5 percent in 2026, well above the global average of 2.9 percent. The report points out that technology-led cities appear to be pulling ahead, while markets more reliant on traditional industries are changing more gradually.
Even as Asia-Pacific becomes home to some of the world’s most expensive cities for the wealthy, price growth across the region remained below the global average. The report indicates that price growth across the region remained below the global average, suggesting that while Asia-Pacific cities are becoming more expensive, the rate of increase is moderating.
In terms of spending habits, the report found that health-related expenditure was one of only two categories to rise across all regions globally, alongside leisure travel, reinforcing the view that "health is the new wealth." In Asia-Pacific, 58 percent of respondents planned to increase spending on healthcare over the next 12 months, compared with 33 percent in Europe and 40 percent in North America.
Sophie Altermatt, economist at Julius Baer, commented on the global outlook, stating that geopolitical risks, persistent protectionism, and fiscal vulnerabilities continue to cloud the global outlook. She added, "What is clear in 2026 is that the world continues to be a complicated place, and uncertainty remains at a very high level. In this environment, stable cities and countries become even more attractive."
Overall, the report underscores Singapore's enduring appeal to high-net-worth individuals, driven by its economic stability, political climate, and the high costs associated with luxury living.