Where the Ultra-Rich Live: 2025’s Most Expensive Cities Ranked

TL;DR

• Singapore tops the list as the world’s most expensive city to “live well,” followed by London and Hong Kong.
• Overall luxury lifestyle costs dropped 2% in USD terms, the first recorded decline in years.
• EMEA cities (Europe, Middle East, Africa) are climbing fast, while Asia sees a dip in rankings.

Which Cities Are the Most Expensive to Live Well in 2025?

According to Julius Baer’s 2025 Global Wealth and Lifestyle Report, the most expensive cities to live well this year are:

1. Singapore
2. London
3. Hong Kong
4. Shanghai
5. Monaco
6. Dubai
7. New York
8. Paris
9. São Paulo
10. Zurich

While Singapore held its #1 spot for the third consecutive year, the more dramatic movement came from EMEA cities, with London surging and Zurich returning to the top 10.

Why Are Overall Costs Falling?

Surprisingly, the Julius Baer index found a 2% drop in costs (in USD terms) for living a high-net-worth lifestyle. Here’s why:

Falling Tech & Luxury Goods Prices

• Technology items like laptops and phones fell 22.6%.
• Luxury watches and jewelry saw a price dip due to currency volatility.

Currency Fluctuations

• A strong U.S. dollar reduced the USD value of local costs in Asia.
• Weak yen hurt Tokyo’s rank; a strong franc pushed Zurich up.

Pandemic-Era Normalization

• Travel and tech prices spiked during COVID. The market is correcting post-2022.

What Makes a City Expensive for the Wealthy?

Julius Baer’s index doesn’t measure rent or basic groceries. It focuses on what high-net-worth individuals (HNWIs) spend on, such as:

• Business-class flights
• Private school tuition
• Laptops, cars, jewelry
• Dining, fitness, beauty services

Example: Singapore ranks high due to expensive private schools and high-end dining options.

How Are Global Regions Shifting?

EMEA Is On the Rise

• London surged to #2.
• Paris and Zurich re-entered the top 10.
• Monaco held steady, driven by ultra-luxury demand.

Asia Pacific Sees a Pullback

• Despite Singapore’s strength, other Asian hubs like Tokyo and Taipei slipped.
• Currency issues and deflationary pressures explain the trend.

Why Does This Matter for HNWIs and Cities?

For High-Net-Worth Individuals

• Where you live affects your lifestyle access, tax exposure, and investment footprint.
• Rising city costs could push some HNWIs to emerging cities like Dubai or São Paulo.

For Cities

• City rankings impact their appeal to global talent and investors.
• Officials in Zurich, Dubai, and Paris may use this data to market their cities as “luxury-friendly hubs.”

What’s Next?

• With inflation, geopolitical shifts, and tariffs in flux, 2026 rankings could look very different.
• Julius Baer’s next index may include more emerging-market cities or ESG-related metrics.