Singapore has secured the top spot as the world's most expensive city for high-net-worth individuals for the third consecutive year, according to Swiss bank Julius Baer's Global Wealth and Lifestyle Report 2025, which tracks luxury goods and premium services costs across 25 global cities.
The Julius Baer Lifestyle Index revealed that Singapore remains the costliest destination for affluent residents, particularly ranking as the most expensive city globally for car ownership and women's handbags, while placing second for women's shoes among luxury consumption categories.
According to the comprehensive report, Singapore's dominance stems from its continued appeal to ultra-wealthy individuals who are drawn to the city-state's political and economic stability, pro-business environment, and reputation as Southeast Asia's premier financial hub.
The 2025 findings show that Asia maintained its strong presence in expensive city rankings, with Hong Kong placing third and Shanghai securing sixth position, while the Asian region posted the smallest average price decline of just 1% in US dollar terms, marking it as the most stable market surveyed.
Julius Baer's analysis indicates that high-net-worth individuals, typically defined as those with at least US$1 million in liquid financial assets, continue to flock to Singapore despite the premium costs, with the city-state recording a modest 0.2% increase in luxury spending patterns compared to previous years.
