The rich are still rich—but they’re spending differently.
For the first time since Julius Baer began tracking the cost of luxury living, its Lifestyle Index posted a decline. Prices of high-end goods and services fell by an average of 2% in US dollar terms. But this year’s report isn’t just about inflation or currency fluctuations—it’s about a shift in mindset.
High-net-worth individuals (HNWIs), the report finds, are stepping away from conspicuous consumption and focusing instead on physical and financial endurance. Wellness and longevity are no longer peripheral topics. They are fast becoming central to how the wealthy allocate their time, attention and capital.
Julius Baer’s latest Global Wealth and Lifestyle Report also points to this shift. “Wealth is not just about money. It is about having the freedom and the possibilities to live life as you want — in good health, with access to the best education, and in safety and security,” said Christian Gattiker-Ericsson, Head of Research at Julius Baer.
This evolving mindset isn’t confined to one region. In Asia Pacific, all surveyed HNWIs said they are actively pursuing longevity strategies—from personalised diagnostics to preventive therapies and functional medicine. In North America, 87% of respondents reported doing the same. In both markets, the trend signals a deeper desire: to live longer, healthier lives—and to do so in control.
From status symbols to future-proofing
That desire is reshaping how wealth is used. If the past decade was dominated by trophy assets—limited-edition watches, rare whiskies, luxury cars—this year’s signals point elsewhere.
Prices for luxury tech dropped sharply in 2025. A MacBook Pro costs 21% less than last year; Samsung’s flagship smartphone fell 22%. The drop, in part, reflects cooling demand for flashy personal electronics. It also suggests a growing indifference to status-driven consumption.
In contrast, spending has increased in areas tied to wellbeing and experience. First- and business-class airfares rose by up to 39% in some cities. Luxury hotel rates jumped by 17% to 84%, depending on location. While physical goods are losing appeal, experiential wealth—what you feel, where you go, how you live—is taking precedence.
This trend is echoed in the 2025 Knight Frank Wealth Report, which saw luxury collectables such as art, wine, watches and classic cars drop by 18.3% in value. Meanwhile, prime real estate and income-generating investments attracted renewed interest.
“Even with elevated global risks, for me the standout takeaway from this year’s report is the breadth of investor opportunities,” said Liam Bailey, Knight Frank’s Global Head of Research. “From growing luxury residential markets, through established, as well as new, commercial property opportunities, to the next big collectible sectors, the prospects for growth are compelling for those willing and able to look beyond the risks.”
What’s changing, in essence, is the very definition of value.
Health as a form of capital
That redefinition is playing out clearly in how private banks are advising clients. Julius Baer has launched an Extended Longevity Index, a thematic equity basket tracking companies across biotechnology, diagnostics, preventive medicine and elder care. The bank is also deepening its partnerships with medical advisory firms to embed healthspan planning into its wealth management offering.
“Ageing is an irrevocable biological process,” said Dr Damien Ng, Next Generation Research Analyst at Julius Baer. “But it is never too early or late for anyone to start working towards improving longevity.”
The health-wealth link is no longer theoretical. HNWIs are taking action. In Asia Pacific, 68% of Julius Baer’s respondents already have formal long-term care plans—nearly double the global average. These plans often include funding for assisted living, private diagnostics, regenerative therapies and more.
This behaviour aligns with insights from the 2025 Manulife–Forbes Insights study, which focused on affluent Singaporeans. The survey found that 94% of respondents place health as their top priority in retirement. Yet fewer than half—just 48%—say they feel confident about ageing well.
“The real opportunity now is to help them align their lifestyle ambitions with a clear, integrated plan for health, longevity, and retirement – so they can enjoy care, comfort, and choice well into later life,” said Mark Czajkowski, Chief Marketing Officer at Manulife Singapore.
The report notes a major planning gap: while most affluent individuals are active in wellness activities such as diet, exercise and regular check-ups, far fewer have translated that interest into long-term care or financial planning strategies.
This disconnect, as Manulife argues, represents both a challenge and an opportunity for financial institutions. Wealth managers who can bridge the health-finance gap are likely to build deeper, more durable relationships.
The great transfer—and generational shift
The focus on longevity is also being shaped by another trend: the intergenerational transfer of wealth. According to the 2025 Capgemini World Wealth Report, global HNWI wealth grew by 4.2% last year, despite market headwinds. But the more significant number is USD 83.5 trillion—the estimated volume of wealth set to change hands globally in the coming decades.
That handover isn’t just financial—it’s philosophical. Younger generations, the Capgemini report notes, are more inclined to invest in purpose-led ventures, sustainable finance, and wellbeing than their predecessors. They’re also more digitally fluent, and more likely to question traditional notions of wealth accumulation and display.
This shift is pushing private banks to rethink their propositions. No longer is performance alone enough. Clients want portfolios that reflect their values and lifespans—not just their risk profiles. “It’s not just about ROI anymore,” the report says. “Clients expect holistic advisory—investments, legacy, health, and family governance—in one integrated platform.”
That holistic view is becoming the new baseline for premium advisory services.
From performance to preservation
For decades, private banks sold performance and prestige. That narrative is no longer sufficient. The wealthy are asking new questions: How long will my wealth last? How long will I last? And how can I use one to enhance the other?
Gattiker called the 2025 report a line in the sand.“Our findings represent the final moment ‘before’ the current situation,” he said. “Next year’s report will likely provide a fascinating ‘after’ perspective.”
The takeaway is clear: the value of wealth is increasingly being measured not by what it can buy, but by how long it lasts—on the balance sheet, and in the body.
