Zurich, 7 July 2026 – The Julius Baer Global Wealth and Lifestyle Report 2026 is being published against a complex and rapidly shifting global backdrop. The past year has been defined by heightened geopolitical volatility, changing trade patterns, fluctuating exchange rates, and renewed concerns around inflation. While financial markets have remained resilient, these forces are having a tangible impact on the cost of living well for high-net-worth individuals (HNWIs) around the world.

It is important to note that data collection for the Index ended in late February and field work for the survey ended in early March 2026. As a result, the impact of the ongoing situation in the Middle East has not been priced into our findings. Therefore, the report focuses on the bigger picture surrounding the findings, what they mean for globally mobile individuals, and how this impacts wealth management strategies. The trends seen across both the Lifestyle Index and the Lifestyle Survey continue to be valid and in many cases will have been amplified by the current geopolitical turmoil, which makes this year’s report all the more salient.

In 2026, the cost of maintaining a premium standard of living has risen by 10.2% on average in US dollar terms. However, this headline figure tells only part of the story. As this year’s report shows, much of the increase is not simply the result of local price inflation, but of sharp currency movements. Cities linked to appreciating currencies, particularly the Swiss franc and the euro, have climbed the rankings, while cities more closely aligned with the US dollar have lost ground.

The city ranking is based on the Julius Baer Lifestyle Index, which analyses the cost of a basket of 20 goods and services representative of ‘maintaining a premium standard of living’ in 25 cities around the world. For globally mobile individuals and families, the Index offers an important perspective on how currency, domicile, and lifestyle choices can affect purchasing power and financial longevity.

Regional findings

Singapore remains the world’s most expensive city for HNWIs for the fourth consecutive year. The city’s position reflects the high cost of residential property and cars, as well as the strength of the Singapore dollar. Although local price changes have remained relatively muted, Singapore’s strong currency means that costs have risen in line with the global average when measured in US dollar terms. The city’s political stability, resilient economy, and global connectivity continue to support its appeal in an uncertain world.

Zurich rises three places to become the second most expensive city in the Index. This increase was driven less by local price rises than by the appreciation of the Swiss franc against the US dollar. Monaco also enters the top three for the first time, supported by the strength of the euro and its exceptionally high residential property prices. Hong Kong moves down to fourth place, while London drops to fifth after having been a close contender for the top spot in 2025.

Asia Pacific remains a powerhouse of global affluence, with five cities in the top ten. Aside from Singapore and Hong Kong, Shanghai, Sydney, and Bangkok all feature among the ten most expensive cities in the Index. Sydney is this year’s highest climber, rising six places to eighth, driven by a combination of the strong Australian dollar and the elevated cost of importing premium goods. Despite this, average prices across APAC rose by 7.4% in US dollar terms, below the global average.

Europe remains one of the most expensive regions globally. Price increases across European cities averaged 14.1% in US dollar terms, well above the global average, largely due to the strength of the euro and Swiss franc. Zurich, Monaco, Paris, Milan, and Frankfurt all climbed the rankings, while Barcelona remained unchanged. London, by contrast, fell to fifth place as the British pound followed a similar trajectory to the US dollar, limiting the city’s relative increase compared with mainland European locations.

In this year’s Global Wealth and Lifestyle Report, the narrative for the Middle East region is more about the context than the findings. Dubai slips to 14th place in this year’s index. While this is a notable drop, it is explained more by other cities in the index becoming more expensive than by Dubai becoming more affordable. The dirham is pegged to the US dollar, which has had a significant impact on the city’s positioning. Importantly, and as already mentioned, data collection was completed before the outbreak of the Iran-conflict. Accordingly, the impact of the current situation in the Middle East is not reflected in the current findings. 

For the first time in three years, no city in the Americas appears in the global top ten. New York remains the highest-ranked city in the region, followed by São Paulo, which rose to 12th place. Santiago de Chile and Mexico City also climbed, supported by strong local price growth and currency movements. The Americas remain highly differentiated: North America showed strong wealth accumulation and stable investment behaviour, while Latin America displayed greater caution and a stronger focus on preserving purchasing power.

Notable price developments in the index 

Currency is the defining factor in this year’s Index, but it is not the only driver of change. Raw material costs have also played a significant role. Most notably, the price of gold has more than doubled since 2024, feeding through into luxury goods categories such as jewellery and watches. Jewellery prices rose by 16.4%, while watches increased by 15.5%.

Luxury goods prices have risen across the board, with an average increase of 12.3%. This reflects a combination of higher input costs, including leather and precious metals, the cost of highly skilled labour, and strategic pricing by global luxury brands. Many luxury houses are based in Europe and anchor their pricing in stronger currencies, such as the euro or Swiss franc, further influencing global retail prices. Goods prices have risen more sharply than those for services, reversing some of the trends seen in previous years. 

Christian Gattiker, Head of Research, Julius Baer, commented: “Currency, once again, is at the forefront – but it is the interaction between currencies, assets, and behaviour that defines the real story.”

Lifestyle survey findings

The Lifestyle Survey delves into the lives and consumption trends of HNWIs in Europe, APAC, the Middle East, North America, and Latin America. The survey also examines shifts in consumption patterns and attitudes towards global uncertainty, sustainability, and financial needs. In doing so, it paints a broader picture and provides insights and data which substantially augment the Lifestyle Index.

Following another turbulent 12 months, this year’s survey shows that geopolitical uncertainty has become a near-universal concern. Across all regions, between 82% and 95% of respondents said they were concerned to very concerned about geopolitics. This new global landscape is influencing how affluent individuals spend, plan, and invest.

While wealth continues to grow for respondents in all regions, regional spending patterns have crystallised into a pronounced two-speed luxury economy. Spending in APAC and the Middle East significantly outpaces spending in Europe, North America, and Latin America, with Europe showing the highest levels of spending contraction. Experiential spending continues to dominate across every region, led by strong demand for luxury hospitality and premium dining.

Health-related expenditure has also surged and was one of only two categories, alongside leisure travel, to see increases in all regions. This confirms the continuing relevance of the ‘health is wealth’ trend, with affluent individuals increasingly viewing health and longevity as core components of their overall wealth.

The survey also shows that HNWIs are adapting their consumption behaviour in response to tariffs, currency movements, and global uncertainty. At least one in three respondents have already changed the geographic origin of some of their luxury purchases. More than half would now consider travelling internationally to purchase luxury goods and bypass tariffs, while around a quarter are already doing so.

Investment behaviour has also shifted. The vast majority of respondents across all regions have modified their portfolios in response to rising macroeconomic and political risks. While traditional assets remain the foundation of portfolios, HNWIs are increasingly moving towards defensive strategies, including precious metals, geographic diversification, and higher liquidity.

APAC investors lead in adaptive behaviour, with 73% increasing diversification, including 53% adding more precious metals and 46% increasing their geographic spread. Investors in the Middle East also show well-diversified, long-term focused portfolios, with a strong interest in alternatives and collectibles. Europe remains more conservative, favouring wealth preservation and fund-heavy portfolios, while North America shows the greatest consistency in financial attitudes and the strongest reported asset growth. Latin America occupies the middle ground, with investors focusing on income generation and wealth preservation while also showing interest in future trends.

Overall, the 2026 Global Wealth and Lifestyle Report shows that wealth today extends far beyond financial assets. It encompasses lifestyle, security, health, mobility, and intergenerational harmony. 

To download the Julius Baer Global Wealth and Lifestyle Report 2026, please visit: www.juliusbaer.com/GWLR