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 Julius Baer Global Wealth and Lifestyle Report 2026. The report assesses the costs of living well in 25 major cities, focusing on 20 luxury goods and services, including residential property, cars, private school fees, and fine dining. Singapore's top ranking is attributed to high residential property and vehicle costs, as well as the strength of the Singapore dollar. The Asia-Pacific region has strengthened its presence in the rankings, with five cities in the global top 10:
1. Singapore
2. Zurich, Switzerland
3. Monaco
4. Hong Kong
5. London, United Kingdom
6. Shanghai, China
7. Paris, France
8. Sydney, Australia
9. Milan, Italy
10. Bangkok, Thailand
Notably, Bangkok has entered the global top 10 for the first time, climbing from 11th place in 2025 to 10th in 2026. This rise reflects growth in the luxury goods market and increased spending among affluent consumers in the region. The report also highlights that the global cost of luxury living rose by an average of 10.2% in US dollar terms in 2026, driven by currency movements and rising commodity prices, particularly gold, which has more than doubled since 2024, pushing up the cost of fine jewellery and watches.
Despite the high costs, Singapore remains attractive to HNWIs due to its stable political climate, resilient economy, and strong currency. The city's appeal is further enhanced by its quality services, including education and healthcare, which continue to draw wealthy individuals and businesses.
The report underscores a shift in the global luxury market, with Asia-Pacific cities increasingly becoming hubs for high-end living. This trend reflects the region's growing economic influence and the rising affluence of its population. As the luxury market continues to evolve, these cities are expected to play a more prominent role in shaping global consumption patterns.
In summary, Singapore's sustained position at the top of the Julius Baer Global Wealth and Lifestyle Report highlights its enduring appeal to the world's wealthy, driven by a combination of high-quality living standards and economic stability.