Singapore has retained its position as the world’s most expensive city for high-net-worth individuals for the fourth consecutive year, according to the Julius Baer Group Global Wealth and Lifestyle Report 2026, released on July 7. The city-state’s top ranking was driven primarily by persistently high residential property and car prices — the two categories carrying the heaviest weightings in the index — combined with the continued strength of the Singapore dollar against the US dollar.

The Julius Baer Lifestyle Index ranks 25 global cities by analyzing price inflation across 20 luxury items and services, including residential property, automobiles, business class flights, school fees, and degustation dinners. Data for the 2026 report was collected between November 2025 and March 2026, surveying 360 high-net-worth individuals with bankable household assets of US$1 million or more.

Zurich climbed to second place from fifth position, propelled by the strengthening of the Swiss franc, supported by Switzerland’s reputation for political and financial stability. Monaco entered the global top three for the first time since the survey began in 2020, while Hong Kong dropped to fourth place — partly due to currency movements and elevated property costs. London and Shanghai rounded out the top five and sixth positions respectively.

The report noted that for high-net-worth individuals, the cost of maintaining a premium standard of living has risen “significantly” over the past 12 months, with this year’s index up 10.2% on average in US dollar terms. The surge in gold prices is reflected in the index, with jewelry prices up 16.4% and watches up 15.5%. Despite higher prices, demand among wealthy consumers remained resilient, allowing luxury brands to continue raising prices while maintaining exclusivity.

However, the report emphasized that Singapore’s local prices have not experienced dramatic increases; rather, currency factors have driven the overall cost higher when measured in US dollars. For residents whose income and assets are denominated in Singapore dollars, the perceived cost of living has changed relatively modestly, though the city appears considerably more expensive to foreign visitors and expatriates.

Yee Kim Tan, Singapore branch manager at Julius Baer, noted that wealthy individuals are increasingly looking beyond cost alone, prioritizing cities that offer a combination of financial security, quality of life, and long-term value. He described Singapore as a “natural choice” for affluent individuals deciding where to hold and allocate their assets, valued for its stability, strong rule of law, and sense of security — particularly among families planning their financial futures. In the Asia-Pacific region, five of the top ten most expensive cities are located, including Singapore, Hong Kong, Shanghai, Sydney, and Bangkok. The report highlighted that wealth mobility — both physical and financial — has become an increasingly important feature of affluent lifestyles in 2026.