The annual Global Wealth and Lifestyle Report reveals an unexpected turn: the overall price of a high-net-worth lifestyle has fallen by 2% in US dollars since 2024. This marks a significant shift, as high-end consumer prices historically rose at twice the average rate.

Singapore retained its top spot as the most expensive city globally for high-net-worth individuals (HNWIs) for the third consecutive year, according to the 2025 Global Wealth and Lifestyle Report by Swiss bank Julius Baer.

London now ranks second, closely followed by Hong Kong, which slipped to third place.

While overall costs declined, business class flights saw the largest price increase, jumping by 18.2%. This surge is attributed to durable “revenge spending” post-Covid, changing corporate policies, and a shortage of new aircraft.

Conversely, technology packages experienced a significant price drop of 22.6% globally, largely due to reductions in MacBook prices. High-net-worth individuals are increasingly prioritizing experiences over material goods, with robust spending on luxury experiences like fine dining and high-end holidays.

This trend reflects a desire for quality and happiness from experiences amidst global uncertainty. Furthermore, a growing focus on longevity—both physical and financial—is a key finding among affluent consumers. The vast majority of respondents are taking steps to increase their lifespan and are adjusting their wealth strategies accordingly. The report captures a pre-tariff scenario, with future economic shifts anticipated.

Guest idea:
Jen-Ai Chua
Research Analyst
Julius Baer