Singapore, London, are more expensive cities for luxury expenses

Singapore is the most expensive city in the world to spend luxury items for the third consecutive year, while London beat Hong Kong to take second place.

They were followed by Monaco and Zurich, while Shanghai, who headed the list in 2022, fell two places to sixth, according to an annual report by Swiss manager Julius Baer Group Ltd.

For the first time since the survey began in 2020, prices tracked by the basket of luxury goods fell 2%, which Julius Baer described as “quite exceptional” since historically, high -end consumer prices have increased twice as quickly as the average consumer prices.

“In the light of ongoing uncertainty, commercial tensions and tariffs, our findings represent the final moment 'before' in the current situation,” said Christian Gattiker, head of research of the Swiss bank. The next year's report “will probably provide a fascinating perspective of” after “,” he said.

With the current “unpredictable nature” of the world, Singapore is valued for its stability and security, while in Hong Kong, a recent investment program by resistance generated a “significant interest” of rich people, said Julius Baer. Hotel suites increased 10.3% in Singapore, and fell 26.1% in Hong Kong.

The capital of the United Kingdom increased to the back of a jump of 26.6% in the price of private education after legislative changes and a gain of 29.7% on executive class flights, according to the Swiss bank.

Even so, London's appeal as a wealth center had a “quite turbulent trip” during the past year with the abolition of the state of residence not domiciled, he said. This has helped cities like Dubai, Milan and Zurich, who have courted the global elite considering moving away from the United Kingdom, according to the report.

Dubai rose five places to the seventh place and is now a “firm challenger” of the traditional bastions of wealth such as London, Monaco and Zurich, according to Julius Baer.

“The impulse of the millionaires who move to Dubai, who began during the pandemic, predicts that he will continue,” said the report.

New York, took the eighth place and is the only city in the Americas that appears in the Top 10. Sao Paulo and Mexico City took the largest fallen from the survey, and the old one fell seven places to 16 and the last five places to 21.

The luxury sector faces a “recession” after an “endless purchase spree” in the midst of higher interest rates, slowing down economic growth and an imminent commercial war, according to the report. The biggest driver of prices decrease was technology. Rucking The Tending were executive class flights that jumped 18.2%.

Julius Baer's lifestyle index occupies 25 cities analyzing residential properties, cars, executive class flights, school, tasting dinners and other luxuries. The Bank surveyed people with high -assets of networks with financing domestic assets of $ 1 million or more from February to March 2025.