stable cities and countries become even more attractive
For the fourth consecutive year, Singapore has claimed the title of the world's most expensive city for luxury living — a distinction that speaks less to extravagance than to the deeper logic of how wealth seeks shelter. Measured by Julius Baer's annual Lifestyle Index across twenty-five cities and twenty categories of high-end spending, the ranking reveals that the truly costly thing is not luxury itself, but the stability and predictability that make it feel secure. Zurich's dramatic rise to second place, powered by a strengthening Swiss franc, reinforces the same quiet truth: in uncertain times, the wealthy do not merely spend — they migrate toward durability.
- Singapore has held the world's most expensive luxury city ranking for four straight years, sustained by punishing property and vehicle costs compounded by a strong Singapore dollar.
- Zurich surged three places to second, as the Swiss franc's safe-haven strength inflated local prices in dollar terms and drew wealth-conscious eyes toward Alpine stability.
- Hong Kong, Monaco, and London completing the top five signals that luxury rankings are increasingly maps of geopolitical preference, not just price tags.
- Julius Baer's head of research stated plainly that 2026 remains a 'complicated' world, and that instability is actively redirecting wealthy individuals toward cities perceived as politically durable.
- The index, built from surveys of 360 millionaires across twenty categories of spending, is landing less as a cost-of-living report and more as a barometer of where global fear is flowing.
Singapore has retained its position as the world's most expensive city for luxury consumption for the fourth year running, according to Julius Baer Group's annual Lifestyle Index — a Swiss wealth manager's survey of twenty-five cities and twenty categories of high-end spending, from residential property and automobiles to fine dining and private school tuition. The bank surveyed 360 individuals with household assets exceeding one million US dollars earlier this year.
Singapore's dominance rests on two reinforcing pillars: the outsized weight that property and vehicle costs carry in the index's calculations — both notoriously steep in the city-state — and the sustained strength of the Singapore dollar against the US dollar baseline used for comparison, which magnifies the apparent cost of everything priced locally.
Zurich's three-place climb to second is the ranking's most telling movement. The Swiss franc has strengthened considerably, reflecting Switzerland's enduring reputation as a haven of political and economic stability. In wealth management terms, the franc functions as a 'store of value' — and its appreciation automatically makes Swiss prices appear steeper in dollar terms. Hong Kong, Monaco, and London rounded out the top five, a grouping that maps less to raw cost-of-living and more to where currency strength, luxury amenities, and perceived safety converge.
Christian Gattiker, Julius Baer's head of research, was direct: 'The world continues to be a complicated place, and uncertainty remains at a very high level. In this environment, stable cities and countries become even more attractive.' The index, then, is not merely a price guide — it is a portrait of where money flows when the future feels unreliable, and of a global wealthy class increasingly willing to pay a premium for predictability.
Singapore has held the title of the world's most expensive city for luxury consumption for four straight years, a distinction that reflects not just the cost of living there but the particular vulnerabilities of the global wealthy to currency fluctuations and the hunt for stability.
The ranking comes from Julius Baer Group, a Swiss wealth manager, which publishes an annual Lifestyle Index measuring price inflation across twenty categories of high-end spending: residential property, automobiles, business-class airfare, private school tuition, fine dining experiences, and similar markers of affluent life. The bank surveyed 360 individuals with household assets exceeding one million US dollars between February and March of this year, asking them to compare what luxury actually costs in twenty-five major cities around the world.
Singapore's sustained position at the top rests on two pillars. The first is the sheer cost of property and vehicles in the city-state—these two categories carry the heaviest weight in the index's calculations, and both are notoriously expensive there. The second is currency: the Singapore dollar has remained strong relative to the US dollar baseline the index uses for comparison, which amplifies the apparent cost of everything priced in the local currency.
Zurich claimed second place, a dramatic three-position climb from the previous year. That rise mirrors a broader pattern: the Swiss franc has strengthened considerably, buoyed by Switzerland's reputation as a haven of political and economic stability. In a world where uncertainty feels endemic, the franc functions as what wealth managers call a "store of value"—a place to park money when everywhere else feels precarious. The currency's strength automatically makes Swiss prices look steeper when converted to dollars.
Hong Kong, Monaco, and London rounded out the top five. The composition of this list tells a story about where the global wealthy believe their money is safest. These are not necessarily the cities with the highest absolute costs of living; they are the cities where the combination of luxury amenities, currency strength, and perceived stability converge.
Christian Gattiker, head of research at Julius Baer, framed the findings plainly: "What is clear in 2026 is that the world continues to be a complicated place, and uncertainty remains at a very high level. In this environment, stable cities and countries become even more attractive." The index, in other words, is not just measuring prices. It is measuring fear, preference, and where money flows when the future feels uncertain.
The ranking suggests a bifurcation in global wealth: those with enough resources to choose where they live are increasingly clustering in jurisdictions perceived as politically durable and economically sound. Singapore's four-year reign at the top reflects not just the city's inherent expense but its reputation as a place where rules are predictable and currency is reliable. For the wealthy, that combination is worth paying for.
Notable Quotes
The world continues to be a complicated place, and uncertainty remains at a very high level. In this environment, stable cities and countries become even more attractive.— Christian Gattiker, head of research at Julius Baer
The Hearth Conversation Another angle on the story
Why does Singapore stay on top if it's not necessarily the most expensive city in absolute terms?
Because the index measures in US dollars, and the Singapore dollar has stayed strong. But more than that—Singapore represents something to wealthy people. It's orderly, it's predictable, the rules don't change overnight.
So it's not really about the cost of a dinner or a car?
Those things matter, yes. Property and cars are the heaviest weights in the index. But the currency strength amplifies everything. And the currency is strong because people trust the place.
Zurich jumped three places. Is that because Switzerland got more expensive, or because the franc got stronger?
Both, probably. But the franc's strength is the story. Money is flowing into Switzerland because people see it as stable when everything else feels shaky.
What does this say about where wealthy people actually want to live right now?
It says they're looking for certainty. Hong Kong, Monaco, London, Zurich, Singapore—these aren't random. They're places where the political system feels durable and the currency feels safe. In uncertain times, that's what money chases.
So the index is really measuring confidence in governments?
Not just governments. It's measuring confidence in the entire system—legal, financial, political. The price tag is just the visible proof of that confidence.