If you’re wealthy and want to manage your finances wisely, avoid relocating to Singapore.
A recent report reveals that this Asian city-state is the most costly major global city for high-net-worth individuals (HNWIs). According to Julius Baer’s Lifestyle Index, an annual report by the Swiss bank, Singapore tops the list, followed closely by Hong Kong and London. Shanghai, which was in second place last year, has now dropped to fourth.
Julius Baer’s index examines the costs of goods and services that symbolize a luxurious lifestyle in 25 major global cities. These include expenses related to prime real estate, jewellery, whiskey, boarding schools, business-class flights, luxury hotel suites, laser-eye surgery, and MBAs. The bank stated that this index provides an overview of the relative cost of maintaining a high-net-worth lifestyle in various major urban centers.
Singapore is described as a “highly desirable” place to live and work, owing to its stable politics, excellent healthcare, low crime rate, efficient public transport, and strong currency. The Singaporean government actively works to make the country appealing to global businesses and affluent individuals. Consequently, prices in Singapore have surged. It has the highest vehicle prices, the second-highest childbirth costs, and the third most expensive residential property among the 25 cities listed by Julius Baer.
As of June 2023, Singapore’s population was just under six million, with an aging demographic and a life expectancy of 83 years, which is 5.5 years higher than that of the US. Despite a low fertility rate of less than 1.0, Singapore boasts the fourth-highest number of millionaires globally. According to Henley & Partners, a consultancy specializing in investment migration, Singapore had nearly 250,000 millionaires and more than 300 individuals worth at least $100 million by December 2023. The city’s millionaire population has grown by 64% over the past decade.
Hong Kong is the second most expensive city for HNWIs, with the second-highest residential property costs. As of its 2021 census, Hong Kong had 7.4 million residents and nearly 150,000 millionaires, based on Henley & Partners’ data.
Globally, Julius Baer reported the greatest price increases between 2023 and 2024 in premium consumer items like fashion and jewellery. These price hikes are attributed to rising material, energy, and labour costs, alongside strong European currencies where many luxury brands are headquartered. Every European city included in the ranking—Barcelona, Frankfurt, London, Milan, Monaco, Paris, and Zurich—moved up the list this year. Zurich, referred to as “this year’s runaway star performer” by Julius Baer, jumped eight places to become the sixth most expensive city for HNWIs, driven by the strength of the Swiss franc.
The 25 global cities in Julius Baer’s report, listed from most to least expensive for HNWIs, are:
- Singapore
- Hong Kong
- London
- Shanghai
- Monaco
- Zurich
- New York
- Paris
- São Paulo
- Milan
- Sydney
- Dubai
- Taipei
- Jakarta
- Miami
- Mexico City
- Bangkok
- Barcelona
- Frankfurt
- Mumbai
- Manila
- Santiago de Chile
- Tokyo
- Vancouver
- Johannesburg
