Singapore retains title as world's most expensive city for luxury living for 4th consecutive year

Singapore has become the most expensive city in the world for luxury spending for a fourth consecutive year. This comes after prices on items such as watches and jewellery increased around the globe. In the list, Zurich secured second spot, edging out London, and Monaco entered the top three for the first time since the survey started in 2020. In addition, Hong Kong and London rounded out the top five, according to an annual report by Swiss wealth manager Julius Baer Group Ltd.

Zurich climbed three places in the rankings, largely due to the strengthening of the Swiss franc, which has benefited from Switzerland's reputation for stability and its status as a safe-haven currency during periods of uncertainty, according to the wealth manager. Singapore retained the top spot, driven by rising residential property and car prices, the two most heavily weighted categories in the index, as well as the strong Singapore dollar. The rankings are calculated using US dollar-based price comparisons.

“What is clear in 2026 is that the world continues to be a complicated place, and uncertainty remains at a very high level,” Christian Gattiker, head of research at Julius Baer, stated in the report. “In this environment, stable cities and countries become even more attractive.”

Index ranks 25 cities

Julius Baer's Lifestyle Index ranks 25 cities by tracking the cost of 20 luxury goods and services, including residential property, cars, business-class air travel, school fees and fine-dining experiences. The survey was based on interviews with 360 high-net-worth individuals, each with investable household assets of at least $1 million, conducted between February and March 2026.

Meanwhile, Dubai slipped to 14th place in the rankings. Julius Baer noted that the decline was mainly due to sharper price increases in other cities rather than falling costs in Dubai itself. The bank also observed that conditions in the Middle East have changed significantly since the data was collected, before the Iran conflict, making the outlook for residents and internationally mobile families more uncertain.