Zurich, 14 July 2025 – The Julius Baer Global Wealth and Lifestyle Report 2025 is published at a turning point for the global economy. Against a backdrop of slowing global consumption, rising geopolitical tensions, and impending trade disputes, HNWIs (high-net-worth individuals) are adapting their priorities. Although data collection was completed before the US announced its new tariffs, our results still indicate a notable shift.
For the first time since its launch, the Julius Baer Global Wealth and Lifestyle Report has recorded a decline of 2 per cent in US dollar terms, a surprising development in a segment that has traditionally outpaced average consumer price growth. While services fell modestly by 0.2 per cent, the prices of goods declined by a hefty 3.4 per cent on average.
Christian Gattiker, Head of Research at Julius Baer, commented: “In light of ongoing uncertainty, trade tensions, and tariffs, our findings represent the final moment ‘before’ the current situation, and next year’s Global Wealth and Lifestyle Report will likely provide a fascinating ‘after’ perspective.”
The city ranking remains highly competitive. Singapore retains its position as the most expensive city for HNWIs globally, followed by London, which moves into second place. Hong Kong completes the podium in third place. However, there are significant movements elsewhere, with Bangkok and Tokyo both rising six places and Dubai continuing its ascent.
Regional findings
EMEA cities once again feature prominently, now representing more than half of the global top ten. London leads the region, climbing to second place globally, while Monaco and Zurich both move up one position to fourth and fifth respectively. Dubai has risen five places to seventh, consolidating its position as a serious contender among traditional wealth hubs. Milan and Frankfurt held their positions, while Paris fell slightly in the rankings. Johannesburg remains at the bottom despite some price increases.
Price developments within EMEA have been moderate overall, with local currency prices remaining stable or even falling in cities such as Zurich. The region’s most notable price increase came in Paris, where rising travel and hospitality costs led to a 5 per cent year-on-year rise. Private education costs in London also surged, driven by recent legislative changes.
Singapore remains the world’s most expensive city, underscoring APAC’s continued importance. APAC saw only slight price decreases of 1 per cent on average across the region, making it the most stable of all of our regions this year. When it comes to rankings, Bangkok and Tokyo made the largest leaps, each climbing six places to 11th and 17th respectively. Conversely, Shanghai dropped from fourth to sixth.
In APAC, spending on goods remains high, though consumer preferences continue to evolve. Notably, the price of technology dropped sharply (down 21.4 per cent), while business class flights rose 12.6 per cent. The growing wealth of APAC’s HNWI population, combined with increased interest in health, wellness, and experiences, continues to shape spending patterns across the region.
In the Americas, New York holds its position as the highest-ranked city in the region (8th globally). Miami climbed two places to 13th with São Paulo and Mexico City both dropping down the rankings.
While average prices for goods in USD terms declined across the Americas, the region saw some of the highest increases in business class flights (+39.3 per cent) and hotel suites (+17.5 per cent). These increases have significantly raised the cost of travel and hospitality, which is now 41 per cent more expensive than the global average. Notably, local currency price increases were much sharper in Latin America, where Mexico City and Santiago experiences rises of up to 16 per cent and 15 per cent respectively.
Notable price developments in the index
The 2025 Index reflects diverging trends across categories. The sharpest price drop globally was observed in technology (-22.6 per cent), following price reductions in items such as MacBooks. By contrast, business class flights experienced the most significant price surge (+18.2 per cent), driven by changing airline business models, limited aircraft supply, and sustained demand for premium travel. Private education costs rose sharply as well (+5.1 per cent), particularly in London following the UK government’s VAT changes on private school fees. Watches saw an increase of 5.6 per cent, reflecting continued demand for rare, investment-grade models.
Lifestyle survey findings
The Julius Baer Lifestyle Survey, now in its fourth year, reveals profound shifts in the attitudes and behaviours of HNWIs worldwide. Amid growing geopolitical tensions and economic uncertainty, affluent individuals are increasingly balancing the desire to enjoy life today with long-term planning for the future.
A key finding this year is the near-universal focus on longevity. Between 87 per cent (North America) and 100 per cent (APAC) of respondents report actively taking steps to extend their lifespan – from adopting healthier lifestyles to exploring cutting-edge interventions such as gene therapy and cryogenic treatments. Simultaneously, financial longevity has become an equally critical concern, with the majority of respondents indicating they would adjust their wealth strategies if faced with longer life expectancies.
Wealth creation remains the top priority globally, but wealth preservation has gained importance, especially in Europe and North America where a more conservative investment approach prevails. In contrast, HNWIs in APAC, the Middle East, and Latin America continue to embrace higher risk levels and diversify portfolios in line with personal values and emerging global trends.
Overall, the report also confirms the ongoing shift from material consumption towards experiences. While spending on luxury goods has softened, demand for fine dining, exclusive travel, and curated experiences remains robust. This reflects a broader evolution in how HNWIs define luxury – focusing increasingly on lifestyle, wellbeing, and meaningful experiences over possessions.
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