Singapore Leads in Luxury Living Costs

According to the Global Wealth and Lifestyle Report 2025 by Swiss bank Julius Baer, Singapore has emerged as the world's most expensive city for the affluent, surpassing Hong Kong and London. The city-state claimed the top spot for the prices of cars and women's handbags, and secured high rankings in other luxury categories.

Steep Price Increases in Key Sectors

The report highlights significant price hikes in Singapore, with business-class airfares leading the surge at 17%. Following closely are bicycle prices and private school fees, which saw increases of 15.6% and 12.1%, respectively. Despite these costs, Singapore remains a magnet for high-net-worth individuals (HNWIs) and global businesses, praised for its stability and connectivity.

Global Comparisons and Trends

London and Hong Kong trailed behind Singapore, with Hong Kong noting the highest legal fees and London being the most expensive for LASIK eye surgery and private education. Globally, luxury living costs dipped by 2%, signaling a shift in consumer priorities towards experiences over material goods.

Asia-Pacific's Luxury Market Dynamics

The Asia-Pacific region experienced sharper rises in lifestyle expenses, particularly in women's luxury clothing, high-end hotels, and fine dining. Business-class airfares and luxury watches in the region saw the highest price jumps, underscoring the region's growing appetite for luxury.