Global Wealth and Lifestyle Report 2025 Reveals Costliest Cities for High-Net-Worth Individuals
In a comprehensive analysis of global living costs for affluent individuals, Swiss wealth management group Julius Baer has released its highly anticipated Global Wealth and Lifestyle Report for 2025. The study, published in July, examines expenses across various luxury categories to determine which cities demand the highest premium for living the good life.
Singapore has maintained its position as the world's most expensive city for the third consecutive year, solidifying its reputation as a premier destination for wealthy individuals seeking business opportunities, cosmopolitan living, and global connectivity.
Top Three Cities Hold Their Ground With Minor Shifts
The elite trio of expensive cities remains consistent with previous years, though with some positional changes. London, celebrated for its vibrant business environment and international appeal, has climbed one spot to claim second position. This advancement comes at the expense of Hong Kong, which drops to third place despite continuing to attract high-net-worth individuals through favorable tax policies and dynamic investment opportunities.
Monaco and Zurich complete the top five, with Monaco particularly notable for having the most expensive real estate and MBA programs, while Zurich stands out for costly business education but surprisingly affordable private schooling.
Notable Movers and Shakers in the 2025 Rankings
The report highlights several cities experiencing significant changes in their global standing. Dubai made an impressive comeback to the top ten, jumping five positions to secure seventh place. This remarkable ascent underscores the Middle Eastern hub's growing appeal among the international elite.
Asian cities Bangkok and Tokyo demonstrated the most substantial improvements, each climbing six places to reach 11th and 17th positions respectively. These gains reflect the increasing costs and desirability of these metropolitan centers.
Conversely, Shanghai witnessed a notable decline, falling from fourth to sixth position. The Brazilian city of São Paulo experienced an even more dramatic drop, descending seven places to 16th globally.
Mumbai Represents India at Position 20
India's financial capital, Mumbai, maintained its 20th position in the global rankings, making it the lowest-ranking Asia-Pacific city in the index. Despite India's emergence as a global economic powerhouse and rising prices in both local currency and US dollars, Mumbai remains relatively affordable for numerous services, particularly in hospitality and travel sectors.
The report suggests that while Mumbai attracts wealth and investment, it still offers better value for luxury services compared to other major global cities, positioning it as an attractive option for wealthy individuals seeking premium experiences without the extreme costs found in top-ranked cities.
New York stood as the sole American representative in the top ten, slipping one position to eighth place. The city distinguished itself with the most expensive hotel suites globally, while offering comparatively reasonable technology packages.
The Julius Baer analysis comes amid challenging global economic conditions, including ongoing trade tensions, heightened geopolitical conflicts, and slowing consumer expenditure worldwide. Despite these headwinds, the demand for luxury living and premium services in these metropolitan centers continues to drive costs upward, particularly for high-net-worth individuals pursuing exclusive lifestyles.
