Singapore named most expensive city in the world for High Net Worth Individuals for third year running
For the third consecutive year, Singapore has topped the list as the world’s most expensive city for the wealthy, according to the Julius Baer Global Wealth & Lifestyle Report 2025.
Released by the wealth management firm Julius Baer, the annual ranking evaluates 25 major cities around the globe based on the cost of goods and services typically consumed by high-net-worth individuals (HNWI) — essentially, what it takes to live well as a rich person.
Other cities in the report include Zurich, London, Hong Kong, Monaco, Dubai, and New York.
Source: Julius Baer Global Wealth and Lifestyle Report
Costliest items in Singapore are cars & women’s handbags
Despite the ever-increasing costs, the Lion City continues to appeal to HNWIs. According to Investopedia, HNWIs are people who generally have at least US$1 million (S$1.3 million) in liquid financial assets.
This year’s report recorded a modest 0.2% average increase in local currency rate. However, price fluctuations show notable changes that may significantly impact the spending power of residents, including a 12.1% surge in private school fees, a 10.3% increase in hotel suite prices, and a 17% jump in business class airfares.
Notably, among the items tracked, cars and women’s handbags were the most expensive to own in the country.
Source: Julius Baer Global Wealth and Lifestyle Report
Safety, cleanliness & infrastructure remain Singapore’s key advantages
Despite the cost pressures, Singapore retains its reputation as one of the most liveable cities worldwide.
Its political stability, safe environment, world-class infrastructure, and healthcare systems make it an attractive destination for HNWIs, ultra-HNW families, and multinational corporations.
The city is also pushing the envelope with wellness tourism and healthcare. According to the report, the government is set to increase healthcare spending from S$21 billion in 2025 to over S$30 billion by 2030.
Singapore’s predictability, safety, and global connectivity continue to draw the affluent, with the report noting that post-pandemic population growth is being driven largely by non-residents, many of whom are lured by programmes like the Global Investor Programme.
Asia Pacific expected to become pricier
While Singapore leads the region, the report suggests that living well across Asia-Pacific is only set to become more expensive in the years ahead.
Among the 12 most expensive cities in the ranking, five of them are from Asia Pacific, with Singapore, Hong Kong, and Shanghai in the top 10. Meanwhile, Bangkok and Taipei snagged ranks 11 and 12, respectively.
Also read: 5-room Queenstown flat sold for S$1.66M, becomes S’pore’s priciest resale HDB on record
5-room Queenstown flat sold for S$1.66M, becomes S’pore’s priciest resale HDB on record
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Featured image from Mike Enerio on Unsplash.
