Singapore (Commonwealth Union)_ When it comes to luxury shopping, certain cities stand out not just for their exclusive offerings but also for their costly price tags. For those who enjoy the luxury things in life, a few global destinations have gained a reputation as the most expensive places to indulge. According to the latest annual report from Julius Baer, Singapore has held the title of the world’s most expensive city for luxury spending for the third year running. Meanwhile, London has climbed one spot to claim second place, overtaking Hong Kong, which now ranks third.
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The Julius Baer Lifestyle Index looks at a broad range of goods and services that matter most to wealthy individuals, specifically those with at least $1 million in assets, to measure the cost of living a luxury lifestyle. This year’s research was carried out between February and March 2025, at a period of significant global economic upheaval. Singapore’s strong political and economic environment, along with a hospitable business climate, continues to draw wealthy residents and visitors. The city leads the world in luxury expenses on items like shoes and jewelry.
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Local spending on essentials such as food, healthcare, and education also remains high. The report notes, “While the effects of the pandemic have settled into what many call a ‘new normal,’ inflation, rising costs, and geopolitical tensions are still driving up prices and reshaping priorities worldwide.” London’s rise to second place reflects factors like the post-Brexit strength of the pound. Other European cities followed suit, with Zurich jumping into sixth place.
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Interestingly, last year the regions of Europe, the Middle East, and Africa were among the most affordable. But currency fluctuations and weaker regional currencies have pushed many of their cities into the more expensive category this year. In the Americas, New York is the only city to crack the top 10, holding steady at seventh place. On the other hand, Mexico City and Sao Paulo slipped down the rankings, signaling softer luxury spending and economic volatility in those markets. Here are the world’s 10 most expensive cities for luxury spending in 2025: 1. Singapore; 2. London; 3. Hong Kong; 4. Shanghai; 5. Monaco; 6. Zurich; 7. New York; 8. Paris; 9. Sao Paulo; and 10. Milan.
