Singapore has once again topped the global rankings as the most expensive city for ultra-luxury living. This comes amid a global surge in the prices of luxury goods, including high-end watches and fine jewelry.
According to the annual report by Swiss wealth management group Julius Baer Group Ltd., Zurich claimed the second spot, displacing London. Monaco rounded out the top three for the first time since the inception of the study in 2020. Hong Kong and London positioned themselves in fourth and fifth place, respectively, completing the top five.
Zurich climbed three spots in the rankings. Analysts attribute this shift primarily to the strengthening of the Swiss franc, which traditionally performs well due to Switzerland's reputation as a bastion of stability and the currency's safe-haven status during periods of geopolitical and economic turbulence.
Singapore maintains its global dominance driven by the continuous rise in prices for residential real estate and premium vehicles—the two most heavily weighted categories in the index structure—as well as a robust Singapore dollar. The ranking itself is calculated based on a US dollar price comparison. "In 2026, it is clear that the world remains a complex place, and uncertainty levels persist at an extremely high mark," Christian Gattiker, Head of Research at Julius Baer, noted in the report. "Under these conditions, stable cities and sovereign states become even more attractive for capital."
The Julius Baer Lifestyle Index evaluates 25 global metropolises, tracking the price dynamics of 20 luxury goods and premium services. These include prime real estate, luxury cars, business-class flights, private school tuition, and fine dining.
The 2026 study is based on survey data from 360 High-Net-Worth Individuals (HNWIs) with household investable assets of at least $1 million. The survey was conducted between February and March of this year.
Meanwhile, Dubai fell to 14th place in the global standings. Julius Baer experts emphasize that this drop is not due to a lower cost of living within the emirate itself, but rather a result of more aggressive price increases in other metropolises that outpaced Dubai.
The bank also added that the situation in the Middle East shifted significantly after data collection concluded—prior to the start of the war against Iran. This renders future prospects for local residents and economically mobile families increasingly uncertain.
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