Singapore has been named the world’s most expensive city for luxury spending for the fourth consecutive year, while Zurich climbed to second place, edging out London, according to the annual Julius Baer Global Wealth and Lifestyle Report released in July 2026.
The index, which compares the cost of a basket of luxury goods and services across major cities on a US dollar basis, found that prices for high-net-worth individuals have risen significantly over the past 12 months. The overall index is up 10.2% in US dollar terms, with jewellery prices up 16.4% and watches up 15.5%, reflecting the surge in gold prices.
No cities from the Americas featured in the top 10 list.
Singapore’s long-held top rank is driven primarily by high prices for residential property and cars, the two categories with the heaviest weightings in the index, along with the strength of the Singapore dollar. The city-state’s reputation as a secure, stable wealth hub has also made it a magnet for affluent buyers, even as luxury spending slows in other major markets such as China and the US.
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Zurich’s three-place climb to second was propelled by the strengthening of the Swiss franc, which has acted as a “store of value” amid global uncertainty, as well as Switzerland’s reputation for political and economic stability. The city has become increasingly expensive for luxury purchases, particularly in categories such as watches, jewellery and high-end real estate.
Monaco entered the top three for the first time since the survey began in 2020, rounding out a podium of cities that are home to some of the world’s highest concentrations of wealth. Hong Kong and London followed in fourth and fifth place.
For high-net-worth individuals, the cost of maintaining a premium standard of living has risen sharply, the report said. The index tracks prices for a wide range of luxury items and services, from supercars and private schooling to fine dining and premium healthcare.
The findings underscore how currency strength and local market dynamics can dramatically affect the cost of luxury living, even within the same global wealth tier.
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