Singapore is a truly captivating destination. Its unique blend of Asian and Western cultures creates a fascinating melting pot, reflected in its delicious cuisine, vibrant arts scene, and striking architecture. The city-state's exceptional cleanliness, safety, and efficiency make it an extremely comfortable place to live and work. Furthermore, Singapore's business-friendly environment, world-class infrastructure, and favourable tax regime have established it as a leading global financial hub, attracting numerous international companies and investors. Overall, Singapore's distinctive charm, combined with its many practical advantages, makes it an undeniably attractive location for both businesses as well as affluent individuals alike. But how does the city rank in Julius Baer's Global Wealth & Lifestyle Report 2025?
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:
Global city ranking - Singapore
Singapore is the costliest city in our index for living well for the third year running. Despite the high cost of life in the Lion City, its status as an appealing place to reside is undimmed.
Most Expensive Cities for Living Well
| City | 2023 Rank | 2024 Rank | 2025 Rank |
|---|---|---|---|
| Singapore | 1 | 1 | 1 |
| London | 4 | 3 | 2 |
| Hong Kong | 3 | 2 | 3 |
| New York | 5 | 7 | 8 |
| Monaco | 6 | 5 | 4 |
| Shanghai | 2 | 4 | 6 |
| Dubai | 7 | — | 7 |
| Zurich | — | 6 | 5 |
| Paris | — | 8 | 9 |
| Milan | — | 10 | 10 |
| São Paulo | 9 | 9 | — |
| Taipei | 8 | — | — |
| Miami | 10 | — | — |
This year’s results show a marginal 0.2 per cent average increase in local currency for our index in Singapore, yet the details reveal some price fluctuations that will significantly impact the spending power of residents. Private school fees (one of the costliest index items) rose 12.1 per cent year on year, while increasing travel and hospitality costs are also reflected in a 10.3 per cent rise in the price of hotel suites and a 17 per cent rise in business class flights. As a global transport hub, it is unsurprising that travel-related costs are on the rise in a city that expects to see tourism receipts in 2025 exceed pre-Covid levels from rebounding visitor numbers.
One of the most liveable cities globally
Singapore also remains one of the most liveable cities globally for its residents, and it is a very attractive option for those looking to relocate, despite high competition for prime residential properties. Its stable political situation, safe environment, and high-quality services such as education and medical care benefit its residents. These factors continue to be a key draw to both high- and ultrahigh- net-worth individuals and families, as well as businesses and multinational corporations. Singapore is committed to its reputation as a ‘city in nature’, taking the health of its environment as seriously as that of its residents, which is perhaps one reason owning a car there is so expensive. The Singapore Green Plan 2030 has set ambitious targets for sustainable development in the city, aiming to plant more than 1 million trees and achieve net zero emissions by 2050.
The city is also taking an innovative approach to wellbeing by becoming a pioneer in wellness tourism, opening a slew of therapeutic gardens to help visitors who are interested in mental wellness experiences. This forward-thinking strategy will also benefit residents of all ages and shows how longevity is on the agenda in a state with a rapidly ageing population. While life expectancy in Singapore is on the rise, increasing focus is being put on health services that cater to those living longer and allow them to age well. However, this does not come without a cost – healthcare is second only to defence in the government’s 2025 budget and is projected to rise rapidly from SGD 21 billion in 2025 to more than SGD 30 billion by 2030.
With the current unpredictable nature of the world, Singapore is valued for its stability, security, and connection to Asia and beyond. Though the cost of living there may be on the rise, its strong pull factors consistently earn it the title of the most liveable city in Asia in numerous rankings.
Economic overview: Asia
Asia Pacific remains one of the fastest-growing regions globally. Real GDP grew 4.5 per cent year on year in 2024 – moderating slightly from 5.1 per cent in 2023 but still outpacing the global average of 3.3 per cent. Meanwhile, inflation has largely been kept in check at 4.5 per cent in each of the past two years.
Firm fundamentals have set the stage for the rapid ascent of wealth in the region. The number of high-net-worth individuals in Asia is projected to have grown 5 per cent year on year to 855,000 in 2024. Growth in China and India is expected to help bring Asia’s share of new HNWIs globally to an estimated 47.5 per cent between 2025 and 2028.
While old economy businesses will be a mainstay of wealth in Asia, entrepreneurship opportunities facilitated by the emergence of newer technologies are changing the profile of the Asian HNWI. Concurrently, the intergenerational wealth transfer that should see a projected USD 5.8 trillion in assets change hands between 2023 and 2030 will accelerate the shift towards new preferences in lifestyle and spending choices, such as a growing focus on sustainability, increased digitalisation and a bias towards experiences.
The tariff war has disproportionately impacted ‘Factory Asia’, given the region’s high share of global manufacturing and the higher than average initial reciprocal tariffs imposed by the US. While economic growth has been revised down in the near term, the long-term dynamism of the region remains intact. After all, with 62 per cent of the world’s population calling Asia their home, there is plenty of opportunity for innovation here.
Jen-Ai Chua, Research Analyst, Equities Research Asia