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For the fourth consecutive year, Singapore has solidified its top spot in the ranking of the world’s most expensive cities for luxury goods, followed by Zurich, which has overtaken London, now in fifth place.
According to the annual Lifestyle Index report by Swiss bank Julius Baer, Monaco has entered the top 3 for the first time since the survey began in 2020, while Hong Kong holds the fourth spot. The main driver has been the rise in prices for items such as watches and jewelry, the report explains.
Zurich’s rise is due to the “strengthening of the Swiss franc, supported by the country’s reputation for stability and the currency’s role as a store of value in times of uncertainty,” according to the document published by Julius Baer.
Singapore’s leading position, on the other hand, “has been maintained for a long time due to high housing and car prices, coupled with the strength of the Singapore dollar,” it notes.
Dubai drops to fourteenth place, while the Americas fail to crack the top ten
Dubai, on the other hand, has dropped to fourteenth place in the ranking, although the Swiss bank states that the decline reflects rising costs in other cities rather than increased affordability in the financial hub. In addition, the company has pointed to the “major shift” in the Middle East in recent months since the conflict in Iran.
Sydney was the city that saw the biggest rise in the rankings, climbing six spots into the top 8, thanks to the strengthening of the Australian dollar and the country’s “geographical isolation.”
In the Americas, for the first time in three years, none of its cities ranked among the top ten, due to the depreciation of the U.S. dollar against other currencies, despite a sharp rise in local prices, the report notes. Even so, North America saw wealth accumulate over the past year, with a 47% increase.
For high-net-worth individuals, the cost of maintaining a high standard of living has risen significantly over the past year, with an average increase of 10.2% in this year’s index in U.S. dollars, according to the report. The rise in gold prices is reflected in the index, with a 16.4% increase in jewelry and a 15.5% increase in watches.
The bank’s Lifestyle Index ranks 25 cities by analyzing price inflation for twenty luxury goods and services, such as residential properties, automobiles, business-class flights, school tuition, and tasting-menu dinners. The survey interviewed 360 high-net-worth individuals with family banking assets of $1 million or more between February and March 2026.