Singapore: Singapore has once again been ranked as the world’s most expensive city for luxury spending, retaining the top position for the third consecutive year, according to the latest Global Wealth and Lifestyle Report by Swiss wealth manager Julius Baer. The rankings highlight the rising cost of premium goods and services for high-net-worth individuals, with no US city making the top five.
Singapore remains the costliest luxury destination
The report evaluates the prices of luxury goods and services, including prime real estate, private education, healthcare, designer fashion, fine dining, jewellery and business-class travel.
Singapore’s combination of expensive property, high vehicle ownership costs, premium healthcare and world-class infrastructure has helped it retain the top spot for luxury living.
London and Hong Kong complete the top three
London climbed to second place, overtaking Hong Kong, which ranked third. Monaco secured fourth position, followed by Zurich in fifth. Shanghai, which led the rankings in 2022, slipped to sixth place as changing economic conditions affected luxury prices.
No US city among the top five
Despite being home to several global financial hubs, no American city featured in the top five. New York, traditionally one of the world’s leading luxury destinations, ranked below the top five, reflecting stronger price growth in Asian and European luxury markets.
The report also notes that wealthy consumers are increasingly spending on experiences such as luxury travel, wellness and exclusive services rather than solely on physical goods. This shift has contributed to rising costs in cities that offer premium lifestyle experiences