Singapore Most Expensive City Globally: Julius Baer

Singapore had retained its position as the costliest city for high net-worth individuals (HNWIs) for third consecutive year in the Julius Baer Global Wealth and Lifestyle Report, which was released on Monday.

Despite this, the city state remains highly liveable, appealing to high-net-worth individuals and businesses due to its stable political climate, safety, and quality services, including education and healthcare. Overall, Singapore’s stability and connectivity continue to make it a leading choice for relocation and residency, Julius Baer said in the report.

In the lifestyle index, Singapore is ranked the most expensive for categories of car and women’s handbag, second for women’s shoes and third for residential property and healthcare. It is amongst the least expensive for a treadmill (ranked 21^st).

Following Singapore is London, which stood second by pushing Hong Kong to the third place. Bangkok and Tokyo made the biggest jumps, climbing six positions to become the 11^th and 17^th most expensive cities respectively, while Dubai returned to the top ten, climbing five positions.

Hong Kong, which is ranked third, remains one of the most expensive cities to live well. Its low taxes and cosmopolitan appeal continue to attract wealthy individuals, bolstered by a residency-by-investment programme that has drawn significant interest from both mainland Chinese and global HNWIs, the report said.

Hong Kong is ranked the most expensive for a lawyer, and second most expensive for car and residential property, and third for degustation dinner. While Singapore saw hotel suites rise 10% this year, Hong Kong saw a 26% fall in prices.

Shanghai remains the second most expensive city for watches, the third most expensive city for women’s shoes, and while it is the most expensive city to have a degustation dinner, it is interestingly the second cheapest for Champagne, after Hong Kong.

Despite India’s position as a rising economic powerhouse, Mumbai, which was ranked 20^th is relatively affordable for most services, particularly hospitality and travel. It is jointly ranked most expensive for treadmill, but cheapest across the board for LASIK.

According to the report, Asia Pacific’s spending on goods remains high, though consumer preferences continue to evolve. The growing wealth of APAC’s HNW population, combined with increased interest in health, wellness, and experiences, continues to shape spending patterns across the region.

APAC HNWIs

HNWIs in APAC have tended to increase both spending and investing (39%), with the highest overall total increase in those investing at 68%.

Most HNWIs from APAC have increased the diversity of assets in their portfolio and a consistent proportion has increased the level of risk. Investors in these regions also tend to be more interested in investing in future trends or in line with their values.

Equities remain the preferred asset class in APAC, followed by real estate and cash. Despite notable ‘ESG fatigue’ in other regions, there has been a growing commitment to sustainable investing in APAC.