London dropped to fifth place after having been a close contender for the top spot in 2025, the report reveals. Dubai slipped to 14th place in this year’s index. While this is a notable drop, it is explained more by other cities in the index becoming more expensive than by Dubai becoming more affordable.

Meanwhile, five out of the top 10 most expensive cities for high net worth individuals are in APAC, with Singapore retaining the top position for the fourth year running. Singapore’s enduring presence at the top reflects the high price of residential property and cars – the two items that carry the heaviest weightings in the Lifestyle Index – alongside the strength of the Singapore dollar. Despite this, the country’s stable political system, resilient economy and global connectivity underpin its appeal, the report shows.

Asia-Pacific remains a powerhouse of global affluence, with five cities in the top 10. Aside from Singapore, Hong Kong has moved down to fourth place, while Shanghai, Sydney, and Bangkok all feature among the 10 most expensive cities in the index. Sydney is this year’s highest climber, rising six places to eighth, resulting from a combination of the strong Australian dollar and the elevated cost of importing premium goods. Despite this, average prices across APAC rose by 7.4 per cent in US dollar terms, below the global average of 10.2 per cent.

No city in the Americas appears in the global top 10 for the first time in three years. New York remained the highest-ranked city in the region, followed by São Paulo, which rose to 12th place, the report reveals. Santiago de Chile and Mexico City also climbed, supported by strong local price growth and currency movements. The report highlights the growing importance of currency and mobility in a fragmented global economy.

The Julius Baer Global Wealth and Lifestyle Report 2026 has been published against a complex and shifting global backdrop. The past year has been defined by heightened geopolitical volatility, changing trade patterns, fluctuating exchange rates, and renewed concerns around inflation. While financial markets have remained resilient, these forces are having a tangible impact on the cost of living well for high net worth individuals around the world.

Such reports can provide domestic and international banks with guidance on where to expand, establish booking centres and other facilities, or where in some cases to retrench. The Julius Baer report is among a number of annual reports on aspects of the wealth sector, provided by groups such as Capgemini, Boston Consulting Group, UBS and Knight Frank.

The city ranking is based on the Julius Baer Lifestyle Index, which analyses the cost of a basket of 20 goods and services representative of "maintaining a premium standard of living" in 25 cities around the world. For globally-mobile individuals and families, the index offers an important perspective on how currency, domicile, and lifestyle choices can affect purchasing power and financial longevity.

Price developments in the index
Currency is the defining factor in this year’s index, but it is not the only driver of change. Raw material costs have also played a significant role. Notably, the price of gold has more than doubled since 2024, feeding through into luxury goods categories such as jewellery and watches. Jewellery prices rose by 16.4 per cent, while watches increased by 15.5 per cent, the survey reveals.

Luxury goods prices have risen across the board, with an average increase of 12.3 per cent. This reflects a combination of higher input costs, including leather and precious metals, the cost of highly skilled labour, and strategic pricing by global luxury brands. Many luxury goods' houses, which are based in Europe, anchor their pricing in stronger currencies, such as the euro or Swiss franc, further influencing global retail prices.

Lifestyle findings
After a turbulent 12 months, this year’s survey shows that geopolitical uncertainty has become a near-universal concern. Across all regions, between 82 per cent and 95 per cent of respondents said they were concerned to very concerned about geopolitics. This new global landscape is influencing how affluent individuals spend, plan, and invest.

The Lifestyle Survey interviewed 360 high net worth individuals with bankable household assets of $1 million or more across Europe, APAC, the Middle East, North America, and Latin America. Questions covered their lifestyle, attitudes towards sustainability and global uncertainty, and their behaviour in relation to their consumption of products and services and financial needs, between February and March 2026.

It is important to note that data collection for the index ended in late February and field work for the survey ended in early March 2026. As a result, the impact of the conflict in the Middle East has not been factored into the findings.

While wealth continues to grow for respondents in all regions, regional spending patterns have crystallised into a pronounced two-speed luxury economy. Spending in APAC and the Middle East is significantly outpacing spending in Europe, North America, and Latin America, with Europe showing the highest levels of spending contraction. Experiential spending continues to dominate across every region, led by strong demand for luxury hospitality and premium dining.

Health-related expenditure, which has also surged, was one of only two categories, alongside leisure travel, to see increases in all regions. This confirms the continuing relevance of the ‘health is wealth’ trend, with affluent individuals increasingly viewing health and longevity as core components of their overall wealth.

The survey also shows that HNW individuals are adapting their consumption behaviour in response to tariffs, currency movements, and global uncertainty. At least one in three respondents have already changed the geographic origin of some of their luxury purchases. More than half would now consider travelling internationally to purchase luxury goods and bypass tariffs, while around a quarter are already doing so.

Investment behaviour has also shifted. The majority of respondents across all regions have modified their portfolios in response to rising macroeconomic and political risks. While traditional assets remain the foundation of portfolios, HNWIs are increasingly moving towards defensive strategies, including precious metals, geographic diversification, and higher liquidity.

APAC investors lead in adaptive behaviour, with 73 per cent increasing diversification, including 53 per cent adding more precious metals and 46 per cent increasing their geographic spread. Investors in the Middle East also show well-diversified, long-term focused portfolios, with a strong interest in alternatives and collectables. Europe remains more conservative, favouring wealth preservation and fund-heavy portfolios. North America shows the greatest consistency in financial attitudes and the strongest reported asset growth, the report reveals.