Singapore and London are the most expensive cities for luxury expenses

For the third consecutive year, Singapore is the most expensive city in the world for luxury products expenses, while London is ahead of Hong Kong to take second place.

They are followed by Monaco. Similarly, Zurich, while Shanghai, who was at the top of the list in 2022, lost two places and finds himself in singapore london most expensive cities sixth position, according to an annual report by the Swiss fortune manager Julius Baer Group Ltd.

For the first time since the start of the survey in 2020. Meanwhile, the prices followed by the luxury product basket fell by 2%, which Julius Baer described as “completely exceptional” since historically, the prices of high -end consumer products have increased twice as fast as the prices of average consumer products.

“In the light of persistent uncertainty. In addition, trade tensions and customs prices, our results represent the last moment ‘before’ the current situation,” said Christian Gattiker, research manager at the Swiss Bank. Furthermore, Next year’s report “will probably provide a fascinating perspective ‘after’,” he added.

Given the “unpredictable nature” of the current world. For example, Singapore is appreciated for its stability and safety, while in Hong Kong, a recent investment program for the residence aroused “significant interest” from wealthy people, said Julius singapore london most expensive cities Baer. Hotel suites prices increased by 10.3 % in Singapore and dropped by 26.1 % in Hong Kong.

The British capital increased thanks to a jump of 26.6% of the price of private education after legislative changes and a gain of 29.7% of theft in business class, according to the Swiss bank.

However. the attraction of London as a wealth center experienced a “rather turbulent period” during the past year with the abolition of non -domiciled resident status, according to the bank. This helped cities such as Dubai. Milan and Zurich, who courted the world elite by considering moving away from the United Kingdom, according to the report.

Dubai has won five places to reach seventh position. is now a “solid challenger” of traditional wealth bastions such as London, Monaco and Zurich, according to Julius Baer.

“The momentum of the millionaires who settled in Dubai, which started during the pandemic, should continue,” said the singapore london most expensive cities report.

New York, ranked eighth, is the only city of the Americas to be included in the Top 10. Sao Paulo. Mexico are the cities that fell the most in the investigation, the first losing seven places to meet in 16th place and the second five places to meet in 21st place.

The luxury sector is faced with a “slowdown” after an “endless purchasing frenzy” in a context of increase in interest rates. slowdown in economic growth and an imminent trade war, according to the report. The main factor in lower prices is technology. Conversely, business class flights jumped 18.2%.

The Julius Baer class of life index class 25 cities by analyzing residential real estate. cars, business class flights, school, gastronomic dinners and other luxury products. The bank interviewed wealthy people whose family heritage banned is $ 1 million or more between February and March 2025.