Singapore has retained its position as the world’s most expensive city for the affluent for the fourth year running, according to the Julius Baer Global Wealth and Lifestyle Report 2026. This ranking is driven by high costs for residential property and vehicles, compounded by the strength of the Singapore dollar. The report, which tracks a basket of 20 luxury goods and services across 25 global cities, highlights a shift among the wealthy toward prioritizing long-term stability and security over simple cost-cutting.
Why is Singapore the Most Expensive City for the Wealthy?
The city-state’s top ranking is largely defined by the high price of assets that carry significant weight in the Julius Baer Lifestyle Index. According to the report, Singapore remains the most expensive place globally to purchase a car and holds the third-highest cost for residential property. Yee Kim Tan, Julius Baer’s Singapore branch manager, noted that the city’s appeal rests on its “stability, strong rule of law and the sense of security it offers” when families plan for the long term.
While Singapore is the most expensive city overall, it saw a significant drop in healthcare costs in 2026, falling to 23rd place globally after ranking third in 2025.
How Do Other Global Cities Compare?
Zurich has climbed to the second spot in the 2026 index, displacing London. This shift is attributed to the appreciation of the Swiss franc against the US dollar, as investors increasingly view the currency as a reliable store of value during periods of geopolitical uncertainty. Monaco has entered the top three for the first time, pushing Hong Kong into fourth place. The report identifies a stronger euro and rising residential property prices in Monaco as the primary drivers of this change.
| City | 2026 Rank | Primary Driver |
|---|---|---|
| Singapore | 1 | Property, car prices, currency strength |
| Zurich | 2 | Swiss franc appreciation |
| Monaco | 3 | Stronger euro, property costs |
What Are the Emerging Trends in Global Wealth Management?
Mobility—both physical and financial—is now a defining feature of wealth, according to the Julius Baer report. As wealth structures become more complex, ultra-rich families are increasingly diversifying their assets across multiple regions, including Europe, the Americas, and Asia. Jen-Ai Chua, research analyst at Julius Baer’s equities research Asia, stated that high-tech growth driven by artificial intelligence and semiconductors is fueling fresh economic momentum in cities like Singapore, Hong Kong, Shanghai, and Sydney.
Investors in the Asia-Pacific region are showing a higher risk tolerance than their global counterparts. More than 70 percent of these investors have increased their portfolio diversification over the past year. Precious metals have emerged as a popular hedge, with gold prices more than doubling since 2024. While equities remain the preferred asset class, cash holdings have risen to second place, overtaking real estate.
Pro Tip: Hedging Against Uncertainty
The report highlights that wealthy individuals are increasingly turning to physical assets like gold, platinum, and silver to hedge against geopolitical and macroeconomic risks. Diversifying across geographic regions is also becoming a standard practice for managing succession and tax governance.
Frequently Asked Questions
Why did Singapore’s healthcare ranking drop?
After ranking third in 2025, Singapore fell to 23rd in 2026. The top three most expensive cities for healthcare in 2026 were Sao Paulo, Zurich, and London.
What is the most expensive region for an MBA?
The Asia-Pacific region currently holds the top position globally for MBA costs, with cities including Singapore, Hong Kong, Shanghai, Sydney, Bangkok, Taipei, Tokyo, Jakarta, Mumbai, and Manila sharing the top spot.
How are luxury brands responding to rising costs?
Despite increased prices for raw materials, demand from wealthy consumers remains resilient. This has allowed luxury brands to continue raising prices to maintain exclusivity and align with shifts in logistics, tariffs, and currency values.
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