Singapore Remains Top for High-Net-Worth Individuals
Singapore has maintained its position as the world’s most expensive city for high-net-worth individuals (HNWIs) for the fourth consecutive year. The city-state surpassed Zurich and Monaco in the latest ranking, according to the Global Wealth and Lifestyle Report 2025 released by Swiss bank Julius Baer. This report highlights the cost of living for HNWIs across 25 global cities, focusing on luxury goods and services.
Singapore ranked first for the cost of buying a car and third for residential property, two of the most significant categories in the index. The strength of the Singapore dollar against the U.S. dollar also contributed to its high ranking. Additionally, the city-state was among the most expensive locations globally for pursuing an MBA, alongside Hong Kong, Shanghai, Sydney, Bangkok, Taipei, Tokyo, Jakarta, Mumbai, and Manila.
However, Singapore’s healthcare costs dropped significantly, falling to 23rd place globally from third in the previous year. The report analyzed a basket of 20 luxury items, including cars, watches, handbags, healthcare, and private education, to determine the rankings. It also surveyed 360 HNWIs worldwide, defined as those with at least US$1 million in bankable household assets, between February and March 2026.
Factors Contributing to Singapore’s Appeal
Despite its high cost of living, Singapore continues to attract wealth due to its stability, strong legal framework, and long-term security. Yee Kim Tan, branch manager of Julius Baer Singapore, noted that the city is becoming an attractive destination for global wealth diversification amid geopolitical tensions. He emphasized that the question for HNWIs is no longer just about which assets to hold but where to place them.
“In that context, Singapore continues to stand out as a natural choice,” Tan said in a statement. The report highlighted that the cost of maintaining a premium lifestyle for HNWIs increased sharply over the past year, with the global index rising by 10.2% in U.S. dollar terms. This increase was driven by higher gold prices, which pushed up jewelry prices by 16.4% and watch prices by 15.5%.
Asia-Pacific Gains Prominence
The Asia-Pacific region showed significant growth in this year’s rankings, with five cities making it into the global top 10—up from three a year earlier. Singapore, Hong Kong, Shanghai, Sydney, and Bangkok were among the top 10 cities. Hong Kong ranked fourth, Shanghai sixth, Sydney eighth, and Bangkok 10th.
The region experienced a price growth of 7.4%, which is slower than the global average of 10.2%. However, it remains the most expensive region for obtaining an MBA. Meanwhile, no city from the Americas appeared in the top 10 for the first time in three years. The report attributed this decline to the weakening of the U.S. dollar against other major currencies, despite strong local price increases.
