Singapore has maintained its position as the world's most expensive city for luxury spending for the fourth consecutive year, according to the Julius Baer Global Wealth and Lifestyle Report 2026 released on July 7. Zurich climbed to second place, displacing London, while Monaco entered the top three for the first time since the survey began in 2020. Hong Kong rounded out the top five positions. The Julius Baer Lifestyle Index ranks 25 cities by analyzing price inflation of 20 luxury items and services including residential property, cars, business class flights, school fees and degustation dinners. The data was gathered in two rounds between November 2025 and March 2026. As per Bloomberg, the report highlights that prices on items such as watches and jewelry are surging around the globe, with the index comparing prices on a US dollar basis. According to the latest report, the cost of living a premium lifestyle rose by 10.2% globally, with ongoing macroeconomic headwinds and currency fluctuations pushing costs to new heights.
Singapore has emerged as the top city globally in the Savills 2026 Global Talent Cities Index, alongside London and New York. The Savills Talent Cities Index evaluates leading global business hubs across five key pillars: talent pool, liveability, competitive landscape, economic resilience, and cost efficiency, including both salary levels and real estate expenses. Singapore and other cities at the top of the Index continue to serve as global command hubs for capital, talent and decision-making. These locations are characterized by deep talent pools, dense corporate ecosystems, strong venture capital networks and high-quality office stock that support regional and global headquarters. The report groups cities into six distinct archetypes based on their role in attracting and retaining talent, with Singapore classified as a Global Business Leader city.
Ongoing macroeconomic headwinds and currency fluctuations are pushing the cost of a premium lifestyle to new heights, with Asia Pacific now playing host to half of the world's ten most expensive cities. According to the latest Julius Baer report, this represents a significant shift in global luxury spending patterns. Dubai dropped to 14th place in the luxury ranking, though Julius Baer noted the decline reflects rising costs in other cities rather than the financial hub becoming more affordable. Sydney recorded the biggest jump in this year's ranking, climbing six places to eighth due to the strong Australian dollar and the country's 'geographical isolation' elevating the price of importing premium goods. Singapore along with Hong Kong, Shanghai, Sydney, Bangkok, Taipei, Tokyo, Jakarta, Mumbai and Manila took joint first position globally for the most expensive region to get an MBA. However, Singapore fell to 23rd for healthcare in 2026 from third in 2025, with Sao Paulo, Zurich and London taking the top three spots respectively.
According to the report, Zurich's three-place rise was propelled by the strengthening of the Swiss franc, supported by the country's reputation for stability and the currency's role as a 'store of value' in unpredictable times. Singapore's long-held top rank is driven by high prices of residential property and cars — the two categories with the heaviest weightings in the index — along with the strong Singapore dollar. Monaco entered the top three primarily due to a stronger euro elevating total costs in US dollar terms, but also due to higher residential property prices. Christian Gattiker, head of research at Julius Baer, noted in the report that "What is clear in 2026 is that the world continues to be a complicated place, and uncertainty remains at a very high level. In this environment, stable cities and countries become even more attractive." The index compares prices on a US dollar basis, with the cost of maintaining a premium standard of living rising significantly over the past 12 months.
The surge in luxury prices has been substantial, with jewelry up 16.4% and watches up 15.5% according to the report. Rising raw material costs, particularly gold which has more than doubled since 2024, have pushed up prices of luxury goods. Despite higher prices, demand from wealthy consumers remains resilient, allowing luxury brands to keep raising prices to maintain exclusivity and align global pricing with shifts in currencies, logistics and tariffs. The bank surveyed 360 high-net-worth individuals with bankable household assets of $1 million or more from February to March 2026.
For the first time in three years, no cities from the Americas featured in the top 10 list, largely due to the depreciation of the US dollar against other major currencies despite strong local price increases. However, North America recorded strong wealth accumulation over the past year, with 47% of high-net-worth individuals reporting a significant increase in asset value. Asia-Pacific investors have stepped up portfolio adjustments amid geopolitical and macroeconomic uncertainty, with more than 70% increasing diversification over the past year. Many have turned to precious metals as a hedge, with gold continuing to be the preferred asset class, while cash has risen to second place ahead of real estate. Asia Pacific and the Middle East saw the highest proportion of wealthy respondents reporting higher luxury spending in the past 12 months, with hotel suites, fine dining and business class flights among the top five categories of increased spending.
