Singapore holds ground as world’s most expensive city for the rich, ahead of Zurich, Monaco

Singapore was the world’s most expensive city for buying a car and ranked third for residential property, two of the highest-weighted categories in the index, according to the Global Wealth and Lifestyle Report 2025 released on Tuesday by Swiss bank Julius Baer.

Its ranking was also supported by the strength of the Singapore dollar against the U.S. dollar, according to The Straits Times.

The report also found that the city-state, along with Hong Kong, Shanghai, Sydney, Bangkok, Taipei, Tokyo, Jakarta, Mumbai and Manila, jointly ranked as the world’s most expensive locations to pursue an MBA.

Singapore’s healthcare cost, however, fell to 23rd globally from third last year.

Julius Baer compiled the ranking by analyzing the cost of a basket of 20 luxury goods and services, such as cars, watches, handbags, healthcare and private education, across 25 global cities.

It also surveyed 360 HNWIs worldwide, defined as those with bankable household assets of at least US$1 million, between February and March 2026.

Despite topping the ranking, Singapore is benefiting from global wealth diversification amid geopolitical tensions, according to Yee Kim Tan, branch manager of Julius Baer Singapore.

He attributed its appeal to stability, strong rule of law and the sense of long-term security.

“Increasingly, the question is not just which assets to hold, but where those assets should sit,” he said in a statement cited by the South China Morning Post. “In that context, Singapore continues to stand out as a natural choice.”

Globally, the report found that the cost to maintain a premium standard of living for HNWIs has increased sharply over the last year, with the index jumping 10.2% globally in U.S. dollar terms. Higher gold prices have pushed up jewelry prices by 16.4% and watch prices by 15.5%.

Asia-Pacific also gained prominence in this year’s rankings, with five cities making the global top 10, up from three a year earlier, according to The Business Times.

Besides Singapore, Hong Kong ranked fourth, Shanghai sixth, Sydney eighth and Bangkok 10th.

The region recorded a price growth of 7.4%, slower than the 10.2% global average, though it was the world’s most expensive region for obtaining an MBA.

Meanwhile, no city from the Americas appeared in the top 10 for the first time in three years. The report said the decline was largely due to the weakening of the U.S. dollar against other major currencies, despite strong local price increases.