Singapore is the number 1 city for the ultra-wealthy again in 2025

SINGAPORE: The Little Red Dot has topped yet another global list, emerging in pole position as the number one city for wealthy people wishing to live la dolce vita on the 2025 Global Wealth & Lifestyle Report from the Julius Baer Group.

The report recently revealed the top 10 cities for high net worth individuals for this year, although it noted that some significant changes around the world are underway, in the form of tariffs from United States President Donald Trump. These tariffs are widely expected to impact financial markets.

It also pointed out that countries have been preparing for a global trade war even before Mr Trump started talking about tariffs, in addition to slowed consumer spending and heightened geopolitical tensions.

This year’s top three cities are the same: Singapore, London, and Hong Kong. However, the last two cities have changed places. In 2024, Hong Kong ranked second and London, third, but this year, the two cities have changed places.

Monaco climbed up one space and is now in fourth, followed by Zurich, Shanghai, Dubai, New York, Paris, and Milan, respectively, in fifth to tenth places.

The index ranks the most expensive cities in the world based on an analysis of residential property, cars, business class flights, as well as other luxuries.

In Singapore, the greatest price increase was for business class flights, which went up by 14.5% year on year (YoY). The greatest price drop in the city-state was in health care, which went down by 35.8% YoY. Its costliest items on the index are cars and women’s handbags, and the least expensive are treadmills.

Read related: What do treadmills & whisky have in common? They’re part of the reason why SG has become the most expensive city in the world

For comparison’s sake, here’s a look at London. Like Singapore, its greatest price increase was also for business class flights, only in London’s case, they went up by an eye-watering 28.3%. However, hotel suites went down by 52.3%, the greatest price drop for the city. Its most expensive items on the index are LASIK, MBA, and private schools, and unlike in Singapore, the cheapest index item is cars.

“With the current unpredictable nature of the world, Singapore is valued for its stability, security, and connection to Asia and beyond. Though the cost of living there may be on the rise, its strong pull factors consistently earn it the title of the most liveable city in Asia in numerous rankings,” the report notes. /TISG

Read also: Singapore most expensive city in the world for luxury living