The world’s most expensive cities for HNWIs: Singapore continues to rank first, Hong Kong drops to third

Notable changes in this year's rankings include Bangkok and Tokyo, both of which climbed six positions to 11^th and 17^th respectively.

Julius Baer has published the latest Global Wealth and Lifestyle Report 2025. Among the top three most expensive cities for high-net-worth individuals (HNWIs) worldwide, two are located in the Asia Pacific (APAC) region: Singapore and Hong Kong.

Retaining the top position is Singapore, while London moves up to second place, causing Hong Kong to fall to third.

Despite its high cost of living, Singapore is valued for its stability, security, and connection to Asia and beyond, making it one of the most livable cities in Asia according to various rankings.

Hong Kong, although known for its expensive residential properties, has historically attracted wealthy individuals due to its low tax regime and cosmopolitan culture. A recent investment programme for residency has generated significant interest among HNWIs from mainland China and globally.

Overall, the APAC region remains a relatively expensive place to live well, as its developing cities continue on an upward economic trajectory.

Meanwhile, the region experienced only a slight average price decrease of 1%, making it the most stable region.

Notable changes in this year's city rankings include Bangkok and Tokyo, both of which climbed six positions to 11^th and 17^th respectively.

In contrast, both Shanghai and Manila slipped two places to sixth and 23^rd respectively.

Mumbai ranks as the lowest among APAC cities, apart from Manila.

The most expensive cities in 2025

1. Singapore
2. London
3. Hong Kong
4. Monaco
5. Zurich
6. Shanghai
7. Dubai
8. New York
9. Paris
10. Milan

In the APAC region, consumer spending on goods remains high, although preferences are changing.

Notably, the price of technology decreased significantly by 21.4%, while business class flights prices increased by 12.6%.

The growing wealth of the HNWI population in APAC, coupled with a growing interest in health, wellness, and experiences, continues to shape spending patterns across the region.