Singapore retained first place in the ranking of the world's most expensive cities for wealthy people according to the Julius Baer Global Wealth and Lifestyle Report 2026.
The ranking does not assess the total cost of living for all residents, but the cost of maintaining a premium lifestyle for wealthy people. The Julius Baer Lifestyle Index is calculated based on a basket of 20 premium goods and services in 25 cities around the world.
In 2026, the top ten will include Singapore, Zurich, Monaco, Hong Kong, London, Shanghai, Paris, Sydney, Milan and Bangkok. Singapore holds the top spot for the fourth year in a row, with Zurich moving up to second place and Monaco breaking into the top three for the first time.
Singapore remains the most expensive city for HNWIs, according to Julius Baer, thanks to the high cost of residential property and cars, as well as the strong Singapore dollar. Zurich's rise in the ranking was not primarily due to local price appreciation, but to the strengthening of the Swiss franc against the US dollar. Monaco rose to the top 3 on the back of a strong euro and the most expensive residential property in the index.
On average, the cost of maintaining a premium standard of living in 2026 increased by 10.2% in dollar terms. Julius Baer notes that a key driver of this growth was not only local prices, but also sharp currency fluctuations, with cities linked to the euro and the Swiss franc rising in the ranking, while cities focused on the dollar lost ground.
London dropped to fifth place after being one of the contenders for the lead in 2025. Dubai has slipped to 14th place, but Julius Baer attributes this mainly to the increase in the value of other cities in the index, rather than a drop in the price of Dubai itself.
The Asia-Pacific region has maintained a strong position, with five of the top 10 cities located in APAC – Singapore, Hong Kong, Shanghai, Sydney and Bangkok. At the same time, Sydney became the main "breakthrough" of the year, climbing six positions to eighth place due to the strengthening of the Australian dollar and the high cost of importing premium goods.
For the first time in three years, no city from North or South America entered the top 10. New York remained the most expensive city in the region, but dropped out of the top 10, while São Paulo rose to 12th place.
Julius Baer clarifies that data collection for the index ended at the end of February, and field research for the survey began at the beginning of March 2026. Therefore, the consequences of the escalation of the situation in the Middle East are not reflected in the current results.
For the real estate market and investment migration, the rating is important because it shows not only the nominal cost of cities, but also the impact of currencies, political stability, quality of infrastructure and the value of premium assets. In 2026, it was stable financial centers and cities with strong currencies that strengthened their positions in the global competition for wealthy residents and capital.
