Singapore stays world’s most expensive city for the ultra‑rich, Zurich climbs to second

Swiss private bank Julius Baer’s Global Wealth & Lifestyle Report ranks Singapore as the world’s costliest city for high‑net‑worth individuals, with Zurich moving up to second place. Monaco entered the top three for the first time, while Hong Kong fell to fourth and London to fifth. Dubai dropped to 14th. The report notes a 10.2 % rise in luxury‑life costs over the past year, driven mainly by currency movements and higher commodity prices rather than local inflation. Gold prices have more than doubled since 2024, pushing jewelry up 16.4 % and watches up 15.5 %.

The index, which tracks 20 luxury‑spending categories such as premium real estate, private schooling, health care, high‑end automobiles and business‑class air travel, shows that strong Swiss franc and euro valuations benefited European cities, while a weaker US dollar boosted the rankings of Asian and Gulf cities. Investors cite cost stability, quality of life and capital protection as key considerations.