Singapore is most expensive city for HNWIs to live well for third year in a row: report

[SINGAPORE] For the third year in a row, Singapore is ranked as the most expensive city for high-net-worth individuals (HNWIs) to live well, indicated a report by Swiss private bank Julius Baer.

Despite this, the city remains highly liveable, appealing to HNWIs and businesses due to its stable political climate, safety, and quality services including education and healthcare, the bank said on Monday (Jul 14).

“With the current unpredictable nature of the world, Singapore is valued for its stability, security and connection to Asia and beyond,” the report said.

Three Asia-Pacific cities made it to the Julius Baer Global Wealth and Lifestyle Report 2025’s top 10 expensive cities globally – Hong Kong ranked third, while Shanghai ranked sixth.

The region had slight price decreases of 1 per cent on average, making it the most stable of all the surveyed regions this year, the report said.

Chua Jen-Ai, Asia research analyst at Julius Baer, noted that the Apac region remains one of the fastest-growing globally, even though the tariff war has “disproportionately impacted” the region.

“Firm fundamentals have set the stage for the rapid ascent of wealth in the region,” she said.

HNWIs in Apac saw some of the biggest jumps in cost for lifestyle spending habits, outpacing all regions in high-end women’s clothes, hotels and fine dining, as 80 per cent of them reported increased assets over the past year.

Singapore is ranked the most expensive for cars and women’s handbags; second for women’s shoes and third for residential properties and healthcare.

The biggest jump overall was in business class air fares – up 12.6 per cent across the Apac region, with a marked increase in leisure travel compared to business travel.

Globally, business class air fares are up 18.2 per cent in US dollar terms, with post-Covid revenge spending proving remarkably durable, even if appetite is starting to slow, the report said.

Longevity is also top of mind for all Apac HNWIs surveyed in the report, with 100 per cent saying they are taking measures to increase their lifespans.

Unlike other regions, those in Apac said that they are overwhelmingly concerned about health, even as other regions reported more interest in dining experiences and human interaction.

The growing wealth of Apac’s HNWI population – combined with increased interest in health, wellness and experiences – continues to shape spending patterns across the region, the report said.

Tariff uncertainty

For the first time since the report, the index recorded a decline of 2 per cent in US dollar terms, which is “a surprising development in a segment that has traditionally outpaced average consumer price growth”.

The decline, led by a 3.4 fall in the price of goods, reflected shifting global consumption trends, the report said.

“Therefore, a decline of more than one percentage point underscores the headwinds facing the high-end sector,” said Christian Gattiker, head of research at Julius Baer.

Nevertheless, the report noted that data collection took place before the US announced its tariff plans, thus the subsequent market and pricing turmoil is not factored into this year’s numbers.

Gattiker added: “In light of ongoing uncertainty, trade tensions, and tariffs, our findings represent the final moment ‘before’ the current situation, and next year’s Global Wealth and Lifestyle Report will likely provide a fascinating ‘after’ perspective.”