Singapore Named Most Expensive City for Luxury Spending

Singapore has been named the world's most expensive city for luxury spending for the fourth consecutive year, according to the Swiss wealth manager Julius Baer Group's Lifestyle Index. The report, released this week, highlighted that high prices for residential property and cars have contributed significantly to Singapore's top ranking. The index compares prices of luxury items and services across 25 cities, assessing inflation on 20 categories including property, cars, and business class flights.

Hong Kong's Decline

Hong Kong has slipped to fourth place in the rankings, down from third last year. The city experienced a decline in luxury spending, with half of the assessed goods and services becoming cheaper. Notably, Hong Kong's jewellery prices fell significantly, dropping from 19th to 24th in the index. This shift reflects changing consumer preferences, particularly among Chinese tourists, who are increasingly favoring domestic brands over traditional European luxury labels. Despite these changes, Hong Kong's residential property remains the second most expensive globally, following Monaco.

Market Context

Zurich and London rounded out the top five, with Zurich rising three places due to the strengthening of the Swiss franc. The report noted that the current global environment of uncertainty has made stable cities more attractive for high-net-worth individuals. Christian Gattiker, head of research at Julius Baer, emphasized the ongoing complexities in the world, stating,

What is clear in 2026 is that the world continues to be a complicated place, and uncertainty remains at a very high level.

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