Singapore Is The Most Expensive City In The World For Luxury Living For The Second Year In A Row

Luxury goods and services cost more in Singapore according to the Julius Baer Global Wealth And Lifestyle Report 2024. 

Created by Julius Bear Group, a private Swiss bank, the Julius Baer Lifestyle Index analyzed the cost of a basket of 20 goods and services for luxury items and services such as real estate, watches, cars, handbags, hotels, and other luxury items across 25 global cities. According to the findings, Singapore was once again ranked the most expensive city in the world for luxury living for the second year in a row.

While high-net-worth individuals continue to choose Singapore for its stable political and economic reputation, spending on certain luxury goods in the APAC region has slowed. For example, spending on luxury items like fashion and jewlery decreased in Singapore, while spending on less obvious luxuries, like healthcare, increased according to the report. One similarity in spending habits of these high-net-worth individuals across all regions in the survey is the increase in spending on travel and hospitality.

Hong Kong, the most expensive city for engaging a lawyer and the second most for buying property in the report, ranked one spot higher than last year and is now the second most expensive city for wealthy living, while London ranked one spot lower than last year as the third most expensive. Shanghai, which was the most expensive city for luxury living in 2021 and 2022 dropped from second to fourth in the rankings.

According to the report, currency fluctuation was responsible for most of the biggest ranking changes. Based on US dollars, Santiago in Chile is now a more expensive place to live than Tokyo, while Zurich experienced the largest climb to sixth, also mostly due to the strength of the Swiss franc. 

Additionally, the region of the Middle East and Africa (EMEA) was the cheapest region to “live well” last year, and this year EMEA is the most expensive region with price increases of 7% overall. Residential property prices in this region were 17% above the global average, according to the report.

Overall, price increases across the index of goods and services in the report have slowed year-over-year to a 4% increase in 2024, from 6% in 2023. Prices for goods increased more than for services, with goods up 5% on average and services up 4%, according to the report.

The report summarized that “although cities continue to get more expensive in 2024, affluent individuals around the world are still willing to spend on and invest in their lifestyles, families, and futures.”

Read the full Julius Baer Global Wealth And Lifestyle Report 2024 here.

Sources:
Global Wealth and Lifestyle Report 2024 – Julius Baer Lifestyle Index