Amid a global landscape of shifting wealth and spending, a new report places Singapore, London and Hong Kong at the pinnacle of expensive living for the world’s affluent, while Mumbai holds its ground as a relative haven for luxury services.
In a world marked by geopolitical tensions and fluctuating consumer spending, the pursuit of “the good life” carries a vastly different price tag depending on one’s address. According to the Julius Baer Global Wealth and Lifestyle Report 2025, Singapore has cemented its status as the world’s most expensive city for the third consecutive year.
The report, which analyses the cost of luxury goods and services for high-net-worth individuals (HNWIs), notes that London has moved up to second place, overtaking Hong Kong, which now sits in third.
The annual index, published by the Swiss wealth management group, reveals a dynamic landscape for global luxury expenditure. Monaco and Zurich round out the top five, representing European centres of entrenched wealth.
The most dramatic shifts were seen in Asia, with Bangkok and Tokyo both climbing six places to 11th and 17th respectively and Dubai making a notable comeback, jumping five spots to claim seventh place.
New York remains the sole American representative in the top ten, while Shanghai’s continued descent - from first in 2022 to sixth this year - signals a recalibration of luxury spending within China.
Mumbai: An affordable hub in a costly region
For India, the story centres on Mumbai. The financial capital is ranked 20th in the world, retaining its position from the previous year. Crucially, the Julius Baer report identifies Mumbai as the lowest-ranking city in the Asia-Pacific (APAC) region on the list, underscoring its relative affordability for the wealthy.
Despite India’s rising stature as a global economic powerhouse and concurrent price increases, the report indicates that Mumbai remains a cost-effective destination for high-end services, particularly within the hospitality and travel sectors. This positioning offers a competitive advantage for attracting international HNWIs who find premium comforts more accessible than in neighbouring Asian financial hubs.
Global shifts in the cost of privilege
The global rankings tell a story of changing fortunes and policy impacts. London’s ascent to the second spot was reportedly driven by rising costs in private education and business class flights. The report also alludes to policy shifts affecting non-domiciled residency, adding a new dimension to its luxury landscape.
Hong Kong, though sliding to third, continues to attract high-net-worth individuals through specific tax incentives and a buoyant investment environment, including a new “investment-for-residency” programme. Meanwhile, Dubai’s significant climb is attributed to its status as a millionaire magnet, bolstered by incentives like golden visas and a zero income tax regime.
In contrast, the Brazilian city of Sao Paulo experienced one of the most significant falls, dropping seven places to 16th globally.
A world of disparate luxury costs
The index provides a granular look at where money is spent most lavishly. In Singapore, cars and handbags command the highest prices, while London is the costliest location for LASIK surgery, an MBA degree and schooling. For those seeking legal services, Hong Kong is the most expensive market and Monaco retains its crown for the highest property prices.
As the global elite navigate this complex matrix of cost and prestige, Mumbai’s steady position offers a distinct narrative. While not the cheapest for all goods, its standing suggests that for wealthy individuals and families, India’s premier financial centre provides a compelling blend of opportunity and accessible luxury in an otherwise increasingly expensive world.
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