Singapore retained its title as the world’s most expensive city to live extremely well in for the second year in a row, followed by Hong Kong and London, according to the ‘Global Wealth & Lifestyle Report 2024’, published by Swiss wealth management firm Julius Baer Group LTD.

The report is designed to capture the “cost of living extremely well”, according to Christian Gattiker-Ericsson, Head of Research.

The Julius Baer Lifestyle Index analyses the cost of goods and services representative of “living well” in 25 cities around the world.

This provides an overview of the relative cost of maintaining a high-net-worth lifestyle in various major urban centres.

Shanghai was in 4th place – down from 2nd last year – followed by Monaco, Zurich, New York, Paris, Sao Paulo and Milan.

Singapore tops ranking for most expensive city in the world for luxury living

The Lifestyle Survey delved into the lives and consumption trends of high-net-worth individuals (HNWIs) in 15 countries in Europe, Asia Pacific (APAC), the Middle East, Latin America, and North America.

The survey also examines shifts in consumption patterns and investigated the reasons behind these changes.

Singapore continued to cement its place as a regional and global hub due to stable politics, good healthcare, low crime, excellent public transport and more.

Prices in Singapore continue to remain high as the government continues to work towards attracting more and more foreign investment.

The report also maintained that global cities on average have become more expensive, as prices have risen about 4% in USD terms.

The greatest price increases were noted for premium consumer items such as fashion and jewellery due to a rise in labour and raw materials.

Post-Covid also saw a sharp uptick in leisure spending, with spending on travel and hospitality being termed the ‘Roaring 2020s’, by the report.

As a new lifestyle boom was noted in HNWIs, property in Dubai remained popular while Europe experienced an uptick in experiential goods.

APAC meanwhile focused their spending on healthcare and hospitality, as wealthy individuals continue to “future proof” their lives, along with investments in real estate and technology.

London ranked first, Dubai at 6th place among top cities to live and prosper in 2024

Nearly three-fourths of respondents in APAC said they were spending more on five-star hotels, while 71% said they had spent more on fine dining.

The APAC region fell in the regional ranking to second place for the first time, due to lower rankings for cities like Tokyo, along with a very strong return to prominence for Europe, Middle East and Africa (EMEA).

This year, every single European city moved up in the rankings, which can also be attributed to the euro’s 4% gain against the dollar.

Monaco maintained the highest property prices of any global city – 234% – higher than the rest, while spending on property remained the highest in Dubai due its “red hot” and dynamic market.