Singapore Ranked World’s Most Expensive City for Luxury Spending in 2025 for Third Consecutive Year (Image: iStock)
If your idea of a good time involves designer shopping sprees, Michelin-star meals, and the occasional diamond-studded indulgence, then you might want to check your bank balance before booking a flight to Singapore. In the ever-shifting game of global luxury, where cities compete not for affordability but for extravagance, Singapore has once again snagged the crown as the most expensive city in the world for luxury living. And this isn’t a one-time fluke — the city has now topped Julius Baer’s Global Wealth and Lifestyle Report for the third consecutive year. That’s three years of unrivalled opulence, where a pair of designer heels could set you back more than your rent, and a wellness retreat might cost as much as a small car.
But hold onto your tailored suits — there’s a twist in this year’s rankings. London, with all its rainy charm and understated elegance, has leapfrogged past Hong Kong to claim the second spot. Yes, the British capital has become dearer than ever for those looking to live lavishly. And let’s just say it’s not the cups of tea or black cabs that are pushing prices skyward.
The rankings come courtesy of Swiss private bank Julius Baer, whose annual Global Wealth and Lifestyle Index doesn’t just look at your typical cost-of-living metrics. Instead, it crunches the numbers on the lifestyle choices of high-net-worth individuals (HNWIs) — think private schooling, Botox, fine wine, luxury handbags, and yachts. In other words, it’s a peek into the spending habits of the 1% of the 1%.
The Billionaire’s Playground: Why Singapore Can’t Stop Winning
Singapore isn’t just a stopover anymore — it’s the destination for the global elite. With its sleek skyline, low crime rates, stable government, and appetite for innovation, it’s become a haven for HNWIs who aren’t afraid to splash the cash. But it’s not all flash and Ferraris. The city-state’s luxury appeal is rooted in its efficiency, tax-friendliness, and ultra-modern infrastructure.
This year, Singapore ranked highest for the cost of shoes and jewellery — so if you’re hoping to pick up a designer timepiece or a pair of red-soled Louboutins, brace yourself. The report also points out that locals aren’t just spending on fashion — there’s been a notable surge in education, healthcare, and gourmet dining. In short, luxury in Singapore goes beyond the superficial; it’s about living well in every conceivable sense.
“The impact of the global pandemic has settled into a ‘new normal’. However, inflation, rising living costs, and increased geopolitical tensions continue to impact prices and priorities globally,” states the 2025 Julius Baer report.
Fun fact: Singapore is home to one of the world’s most expensive bottles of whisky — The Macallan Fine & Rare 1926 — priced at over $1.9 million USD. Just don’t spill it.
London Calls — And It’s Costlier Than Ever
Jumping from third to second in the rankings, London has reclaimed its position as Europe’s uncontested luxury capital. Fuelled by a weakened pound post-Brexit and a revived luxury market, the city is once again commanding top-tier prices for everything from private clubs to couture fashion.
Though previously known for being slightly more restrained than its flashier Asian counterparts, London has been quietly climbing the list thanks to skyrocketing prices in residential property, education, and hospitality. And with the pound struggling against the dollar and euro, international shoppers haven’t exactly been deterred — if anything, they’ve swooped in, creating a demand surge that’s keeping prices inflated.
Fun fact: A parking space in Mayfair can now cost as much as a three-bedroom flat in Manchester. That’s right — your car gets to live more luxuriously than most people.
Hong Kong Slides to Third — But Still Sparkles
Once the perennial favourite for luxury shoppers across Asia, Hong Kong now sits in third place. The city’s political shifts, paired with high inflation and ongoing economic recalibrations, have slightly dented its luxury sheen. But don’t be fooled — Hong Kong is still very much a VIP haven.
It remains one of the most expensive cities for fine wine, business-class flights, and private healthcare. It’s just that its neighbours — Singapore and now London — are pushing harder to dominate the space.
Fun fact: Hong Kong has more Rolls-Royces per capita than anywhere else on Earth. That’s a lot of polished chrome.
The Rest of the Top 10: A Global Showdown
The rest of the list paints a vivid picture of global wealth in motion. Here’s a breakdown:
Shanghai at number four continues to surge, thanks to China’s growing appetite for domestic luxury.
Monaco, synonymous with yacht parties and Grand Prix glamour, clinches fifth.
Zurich comes in sixth, bolstered by Switzerland’s banking clout and precise living standards.
New York, the only American entry, holds steady at eighth — which, for once, makes it look affordable.
Paris and Milan round off the list, reaffirming Europe’s hold on fashion and fine living.
São Paulo made a surprising appearance at ninth last year but has now slipped to tenth — a reflection of regional economic instability.
A Shift in Global Spending Patterns
The 2025 report reflects more than just who can afford a diamond bracelet. It offers a glimpse into a world where currency fluctuations, geopolitical tensions, and consumer behaviours all converge to shape how and where people spend their money.
Interestingly, Europe — previously tagged as the more affordable luxury region — is now one of the most expensive, largely due to currency dynamics. Countries that were once seen as safe havens for high-end living have either dropped off the top 10 or dropped several places (looking at you, Mexico City).
The Final Tally: Top 10 Cities for Luxury Living in 2025
Singapore
London
Hong Kong
Shanghai
Monaco
Zurich
New York
Paris
São Paulo
Milan
So, What Does It All Mean?
For the average person, these rankings might feel like another planet entirely. But they’re more than just glossy headlines. The rise and fall of cities in the luxury index reflects broader economic trends, consumer priorities, and the ever-evolving landscape of global wealth.
Whether it’s the rising cost of bespoke suits in Milan, wellness packages in Monaco, or sushi tasting menus in Tokyo (which just missed the top 10), these cities aren’t just destinations — they’re barometers of affluence. And as the ultra-rich continue to navigate their post-pandemic spending habits, it seems clear that luxury is no longer confined to the traditional capitals — it’s evolving, expanding, and becoming ever more competitive.
So, the next time you wonder where billionaires go to blow their millions — now you know. Just don’t forget your platinum card.
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