The cost of a living for the world’s wealthy individuals has gone up in the last year, with Singapore once again named as the most expensive city, according to a Julius Baer report.
The cost of maintaining a “premium standard of living” for high net worth individuals (HNWI) has increased by 10.2% in the last 12 months, according to the Julius Baer’s Global Wealth and Lifestyle Report 2026. This is calculated based on the Julius Baer Lifestyle Index, which includes a basket of 20 goods and services in 25 cities globally.
In addition to local price inflation, sharp currency movements against the US dollar was also named as the top driver. Luxury goods was named as a key riser in the index with a 12.3% increase, reflecting higher input costs, the cost of highly skilled labour, and strategic pricing by global brands. Within this category, jewellery and watches rose by 16.4% and 15.5%, respectively, as gold prices have more than doubled since 2024.
Asia dominates top ranks
For the fourth consecutive year, Singapore was the most expensive city for HNWIs due to the high cost of residential property and cars, as well as the strength of the Singapore dollar. Zurich rose three places to second spot while Monaco took the third rank for the first time, supported by the strength of the Swiss franc and euro, alongside the latter’s residential housing prices.
Overall, Asia Pacific dominated the leading spots with five cities ranked in the top 10, including Hong Kong (4th place), Shanghai (6th place), Sydney (8th place), and Bangkok (10th place). For the first time in three years, no city in the Americas appears in the top 10 after New York held the 8th rank in 2025.
Geopolitical concerns
According to Julius Baer’s survey, geopolitical uncertainty has become a near-universal worry with 82% and 95% of respondents saying they were concerned or very concerned, respectively. The bank also noted that the ongoing Middle East conflict has not been priced in as data collection for the index and field work for the survey ended early in the year.
“Currency, once again, is at the forefront – but it is the interaction between currencies, assets, and behaviour that defines the real story,” commented Christian Gattiker, head of research, Julius Baer.
