Singapore turned out to be the most expensive city for luxury shopping. Dubai fell to 14th place

For the fourth consecutive year, Singapore has ranked first on the list of the most expensive cities for high-net-worth individuals, which is based on the cost of real estate, cars, and luxury goods. This is according to the Global Wealth and Lifestyle Report, published on July 7 by the Swiss bank Julius Baer (the report is available from Oninvest). Bloomberg drew attention to this finding.

Singapore remains the most expensive city for wealthy individuals, largely due to the high cost of real estate and cars: these two categories carry the greatest weight in the Julius Baer ranking, according to the report. In addition, the strong Singapore dollar contributes to this, the bank notes. Over the past 12 months, the average cost of living for wealthy individuals in Singapore has risen in line with the global average—by 10% in U.S. dollar terms.

Zurich rose to second place, edging out London. According to Julius Baer, this was driven by the strengthening of the Swiss franc, which is supported by the country’s reputation as a stable nation and the Swiss currency’s role as a “safe haven” for investors.

Monaco made it into the top 3 for the first time since the ranking was established in 2020. Hong Kong and London rounded out the top five. Sydney made the most notable jump in the ranking, climbing six spots at once to eighth place. Julius Baer attributed this to the strengthening of the Australian dollar and the country’s geographical remoteness, which makes imports of luxury goods more expensive.

Dubai dropped to 14th place. According to Julius Baer, this is due to rising prices in other major cities, not because the cost of living in the emirate itself has become cheaper. Furthermore, the data was collected before the start of the war between the U.S. and Iran, which also affected the United Arab Emirates. The Swiss bank acknowledged that “much has changed” in the Middle East since then.

"In 2026, it is clear that the world remains a complex place, and uncertainty remains very high. Under these conditions, stable cities and countries are becoming even more attractive," according to the Julius Baer report.

For the first time in three years, no city from North or South America made it into the top ten—primarily due to the weakening of the U.S. dollar against other major currencies, Bloomberg noted. At the same time, wealth growth in North America remained robust over the past year: according to the bank, 47% of high-net-worth respondents from that region reported a significant increase in the value of their assets.

The rise in the price of gold made a significant contribution to the index’s growth: jewelry prices rose by 16.4%, and watches by 15.5%, according to Julius Baer.

The Julius Baer Index covers 25 cities. It tracks price trends for 20 categories of luxury goods and services—ranging from residential real estate and cars to business-class flights, private school tuition, and dinners at fine-dining restaurants, Bloomberg explained. The survey, conducted from February to March 2026, included 360 high-net-worth individuals with household assets of $1 million or more.

This article was AI-translated and verified by a human editor