London, a place where history and modernity thrive side by side, offers a unique cultural richness, coupled with economic opportunity. As one of the world’s leading financial and business hubs, London attracts talent, entrepreneurs and investment from across the globe, fueled by its dynamic economy, international connectivity, and world-class infrastructure. Beyond business, the city is known for its diverse neighbourhoods, green spaces, landmarks, and vibrant arts and culinary scenes - making it a truly inspiring place to live, work and play. So how does the city rank for affluent individuals looking to live well?
The Julius Baer Global Wealth & Lifestyle Report 2025
This year’s Julius Baer Global Wealth and Lifestyle Report presents a snapshot of the last moments of the ‘old’ situation, just before President Trump introduced new tariffs, which had and will continue to have ongoing implications for financial markets worldwide. Even before this point, though, the world was bracing itself for a global trade war, geopolitical tensions were high, and consumer spending was slowing. So, how did the global situation impact the lifestyles and priorities of affluent individuals over 2024 and early 2025?
The Julius Baer Lifestyle Index analyses the cost of a basket of eleven consumer goods (bicycle, car, champagne, jewelry, men’s suit, residential property, technology package, treadmill, watch, women’s handbag, women’s shoes) and nine services (business class flight, degustation dinner, healthcare, hotel suite, lasik, lawyer, MBA, private school, spa) representative of ‘living well’ in 25 cities around the world. It does not represent comprehensive spending patterns of HNWIs, but is an indication of how selected goods and services are priced. This provides an overview of the relative cost of maintaining a high-net-worth lifestyle in these various major urban centres. To know more, get our full Global Wealth and Lifestyle Report now:
City spotlight - London
The British capital has ascended one place this year to second, reclaiming its 2022 ranking, and only marginally trailing leader Singapore. Long a centre of business, lifestyle, and culture for high-net-worth (HNW) individuals, London continues to hold its position as one of the most appealing global cities for the wealthy.
On average, the city has seen a slight decrease in prices this year, with the outliers being private education and business class flights, which have risen by 26.6 per cent and 29.7 per cent respectively in local currency. The city remains among the costliest globally for residential property, some luxury goods such as jewellery, medical services including LASIK, and also hotels, driven by an ever increasing number of luxury hotels opening in the city. Conversely, it is one of the most affordable places to buy a luxury car, while travel and fine dining costs remain average.
The effect of these changes has been seen in the somewhat lacklustre performance of the superpremium real estate market, which slumped to a five-year low in 2024. However, 2025 has seen an uptick in luxury property sales as buyers, particularly from the US, look to relocate to this global city. Despite an unpredictable current economic and political landscape, London’s appeal remains strong because it is a stable, relatively secure, cosmopolitan location for the wealthy. It continues to be a hyper-connected travel hub between east and west, with the city’s main airport, Heathrow, having served a record number of passengers in 2024. Arguments about the construction of a third runway there may be rumbling on, but for the globally mobile elite, London remains a convenient base from which to travel.
London’s stable charm in uncertain times
London’s appeal as a centre for wealth and lifestyle has had a rather turbulent ride in the past year. The UK’s new Labour government has made several changes that impact the HNW demographic, including the abolition of non-domiciled residency status and changes to inheritance tax. This has been to the benefit of cities such as Dubai, Milan, and Zurich, which have all courted the global elite considering relocation away from the UK.
The city also retains its draw for those wishing to educate their children privately, with some of the world’s top boarding and public schools. The UK’s top higher-education institutions, such as Oxford and Cambridge, compete among the global elite and are seeing surging interest from foreign students as American universities battle with the Trump administration.
While London may not be developing or innovating at the pace of some of its international rivals, its constancy forms a large part of its appeal. Despite the high cost of living well in the city, many believe it is a price worth paying for a relatively calm and civilised lifestyle.