Swiss private bank Julius Baer has published its annual Global Wealth and Lifestyle Report 2026, examining the consumption trends of high net worth individuals in 25 cities around the world. Its city ranking analyses the cost of a basket of 20 luxury goods and services ranging from cars, jewellery to residential property, representative of ‘maintaining a premium standard of living’ in the 25 cities.
Asia Pacific remains a powerhouse of global affluence, with five cities in the top ten. Aside from Singapore and Hong Kong, Shanghai, Sydney, and Bangkok all feature among the ten most expensive cities in the Index. Sydney is this year’s highest climber, rising six places to eighth, driven by a combination of the strong Australian dollar and the elevated cost of importing premium goods.
Top 10 most expensive cities
- Singapore
- Zurich
- Monaco
- Hong Kong
- London
- Shanghai
- Paris
- Sydney
- Milan
- Bangkok
Singapore remains the world’s most expensive city for high net worth individuals for the fourth consecutive year. The city’s position reflects the high cost of residential property and cars, as well as the strength of the Singapore dollar. The city’s political stability, resilient economy, and global connectivity continue to support its appeal in an uncertain world.
Zurich rises three places to become the second most expensive city in the Index. This increase was driven less by local price rises than by the appreciation of the Swiss franc against the US dollar.
Monaco also enters the top three for the first time, supported by the strength of the euro and its exceptionally high residential property prices. Hong Kong moves down to fourth place, while London drops to fifth after having been a close contender for the top spot in 2025.
European findings
Europe remains one of the most expensive regions globally. Price increases across European cities averaged 14.1% in US dollar terms, well above the global average, largely due to the strength of the euro and Swiss franc.
Zurich, Monaco, Paris, Milan, and Frankfurt all climbed the rankings, while Barcelona remained unchanged. London, by contrast, fell to fifth place as the British pound followed a similar trajectory to the US dollar, limiting the city’s relative increase compared with mainland European locations.
No American city in Top 10
For the first time in three years, no city in the Americas appears in the global top ten. New York remains the highest-ranked city in the region, followed by São Paulo, which rose to 12th place.
Santiago de Chile and Mexico City also climbed, supported by strong local price growth and currency movements. The Americas remain highly differentiated: North America showed strong wealth accumulation and stable investment behaviour, while Latin America displayed greater caution and a stronger focus on preserving purchasing power.’
Report conducted pre-Iran War
The report noted that the impact of the ongoing situation in the Middle East was not reflected in the findings, as data collection and fieldwork for the survey ended by early March.
Dubai slips to 14th place in this year’s index. While this is a notable drop, it is explained more by other cities in the index becoming more expensive than by Dubai becoming more affordable. The dirham is pegged to the US dollar, which has had a significant impact on the city’s positioning.
Other findings
Asia-Pacific and the Middle East saw the highest proportion of wealthy respondents reporting higher luxury spending in the past 12 months, with hotel suites, fine dining and business class flights among the top five categories of increased spending for both regions.
The report also stated that the Asia-Pacific has become the most expensive region to get an MBA. Singapore, along with Hong Kong, took joint first position globally for the most expensive region to get an MBA
Hong Kong was the most expensive city for legal services while Shanghai topped the ranking for fine dining followed by Paris and Hong Kong. For residential property, Monaco ranked first, followed by Hong Kong.
Interestingly, Hong Kong was the cheapest place to buy champagne and jewellery among the 25 cities surveyed.
Sao Paulo, Zurich and London took the top three spots for most expensive for healthcare, respectively.
Julius Baer Asia noted that developments in AI and semiconductors, wealth flows, and migration are fuelling momentum in Singapore, Hong Kong, Shanghai, and Sydney. Asia’s GDP is expected to grow by 4.5% this year, outpacing the global average of 2.9%, continuing to drive Asia as the world’s fastest-growing region for wealth.
