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 goods and services representative of ‘living well’ in 25 cities around the world. This provides an overview of the relative cost of maintaining a high-net-worth lifestyle in these various major urban centres. The addition of the Lifestyle Survey, now in its fourth year, supports the index findings with quantitative analysis of the personal habits and attitudes of high-net-worth individuals (HNWIs). Together, they provide targeted insights into the lifestyles and priorities of wealthy consumers around the globe. For further explorations of wealth and consumer trends across the world, get our full Global Wealth and Lifestyle Report now.

Global city ranking

In a fast-changing and unpredictable world, it is reassuring to find that not everything in our Global Wealth and Lifestyle Report has changed since last year. When it comes to ranking global cities according to the cost of living well, the top three players remain the same, just in a slightly different order. Elsewhere, new and old centres of wealth and lifestyle are vying to attract the hyper mobile global elite. Discover the top ten ranking:

Reigning supreme atop our rankings for the third year running, Singapore remains the costliest city for living well, with the wealthy undeterred by its high costs. Despite its diminutive size – London covers more than twice the landmass – the Lion City packs a punch for quality of life, primarily due to its safety, cleanliness, and infrastructure. This does not come without its downsides. Since the pandemic, population growth has been driven largely by non-residents drawn by regimes such as the Global Investor Programme. As a result, it is one of the world’s most densely populated, but will likely continue to draw the wealthy global elite.

Unable to dislodge Singapore from pole position, London returns to the ranking it last held in 2022. Long considered a desirable city for the wealthy due to its business environment, cosmopolitan lifestyle, and global connectivity, London’s reputation has taken a knock recently due to legislative changes impacting the HNW demographic, including the abolition of non-domiciled residency status and changes to inheritance tax. With other global cities vying to attract the newly disenchanted wealthy, London must capitalise on its attractive reputation and understand the value of wealthy residents, for otherwise the world is their oyster. 

While slipping one place in our ranking this year, Hong Kong’s appeal endures, particularly when looking north towards China. The city continues to attract family offices of HNW individuals and families, drawn by specific tax incentives and reflecting Hong Kong’s buoyant investment environment. Although the city recovered at a slower pace than others post-pandemic, it has seen a return to strong economic growth, buoyed by higher tourism receipts and a surge in goods exports. Proximity to many of the fast-developing east Asian economies and its status as an accessible international hub also do not dent its appeal.   

The glitzy Principality is renowned for its luxury lifestyle and high concentration of rich and famous residents, with a glamorous reputation far exceeding its less than one square mile of territory. Since Monaco abolished income tax in the late 1860s, wealth has long been seduced by its benevolent taxation and Riviera glamour. But its tiny dimensions mean prime real estate has long been some of the world’s priciest, and obtaining residency is akin to placing a bet at the legendary Casino de Monte-Carlo. Despite not having reached the podium in recent years, Monaco consistently ranks highly in our Index and remains a bastion of wealth and lifestyle. 

With a reputation for stability and serenity, Index prices in Switzerland’s largest city seem to have similar characteristics. Aside from global trends for flights and technology, changes have been low in the last year, yet the city has climbed to fifth place. An understated stronghold of superb quality of life, Zurich has long attracted affluent expats drawn by low tax and excellent connectivity, who enjoy the compact city lifestyle and global outlook. Families particularly appreciate the affordable, first-rate education, especially as every spare franc is needed for the city’s low-stock, high-cost real estate market. 

In the three years since it topped our podium, Shanghai’s hold on the upper end of our ranking has progressively slipped. As other cities in Asia Pacific have seen their costs and rankings rise, Shanghai offers some relief to wealthy residents who enjoy the high life. That said, the price of fine dining will be a lot to swallow, as it is the most expensive globally. Shanghai’s fall in our ranking may also be cultural, as ostentatious displays of extravagance are being discouraged across China. As a more modest mindset prevails, those seeking a glitzier existence might be wise to consider neighbouring Hong Kong or rising Bangkok.

Having dropped out of the top ten last year, Dubai roars back up the charts to seventh this year, re-affirming itself as one of the more desirable cities for wealthy individuals. The Gulf Tiger is now a firm challenger to more traditional cities, particularly given its competitive efforts to appeal to the mobile elite through residency schemes and low personal taxation. Its cosmopolitan, beachside lifestyle combines with mounting business opportunities and ambitious growth plans to tempt many affluent expats. Concerted efforts to be an innovative, forward-thinking city are paying off for the Emirate, and it looks set to remain in the upper end of our rankings. 

The Big Apple had a bite taken out of its ranking this year, continuing its recent downward trend. Of northern American cities in our Index, New York saw the biggest year-on-year price rises. Undoubtedly, America’s recent turmoil has left some wealthy locals considering their global options – US residency enquiries in the UK have reportedly spiked recently, despite London’s higher cost of living well. Those staying put will not be bothered by the world’s highest cost of hotel suites, as many luxury goods are relatively very affordable in the city, thanks to the enduring strength of the US dollar. 

Paris’s visitor numbers have grown strongly recently, boosted by its role as the 2024 Olympics host. Accordingly, hospitality prices are some of the highest globally, with a punishing 84 per cent rise in hotel suites, and overall prices increasing the most in EMEA. Thankfully, the relatively affordable - and falling - cost of Champagne may help to take the edge off, along with low relative costs for flights and private education. While Paris hasn’t seen the same influx of affluence as other cities in our Index, it has ranked in the top ten for all but one of the last five years so should not be discounted. 

One of the foremost fashion and design capitals, Milan is also a major financial hub with some of the richest cultural heritage in Europe. Proactive decisions around HNW residency schemes and taxation have seen it benefit significantly from the recent exodus of wealth from the UK. ‘La dolce vita’ can still be relatively affordable - luxury goods prices, many produced locally, are static or falling, and business class flights are some of the most affordable globally. It may be closing out the top ten, but Milan is certainly a city on the rise.