What it means to live in Singapore and Hong Kong—two of the most expensive cities in the world for luxury living

While Singapore and Hong Kong anchor the top tier of global luxury living, the report reveals that Asia’s luxury map is no longer dominated by a few cities. Instead, it’s fragmented—and flourishing—with distinct growth narratives:

Singapore, at the top spot, remains unrivalled in cost and prestige, driven by high-quality services, political stability and wellness innovation. Hong Kong, at number three this year, maintains a premium status despite slight price corrections, doubling down on residency investment and silver economy planning. In the meantime, sixth-ranked Shanghai is experiencing a cooling off, signalling a potential recalibration. Tokyo, at number 17, and Bangkok, 11th in the world, re-emerge with markedly different dynamics—Tokyo through rising service costs; Bangkok through tangible luxury goods.

Singapore is the most expensive city for HNWIs

From high-end healthcare to soaring private school fees, Singapore continues to be unrivalled as the most expensive city in the world for luxury living, holding for the third consecutive year. For HNWIs in Singapore, the value lies not just in infrastructure, but in stability, safety and longevity-focused living.

Hong Kong remains a global wealth magnet despite a slight price dip

Ranking third in the world—down from the number two spot last year—Hong Kong remains one of Asia’s most desirable cities for affluent individuals. Its appeal is driven by low taxes, a cosmopolitan lifestyle and a growing silver economy that caters to an ageing but wealthy population.

Tokyo and Bangkok: resurgence in two speeds

Each city tells a different story—Tokyo’s resurgence in service costs, Bangkok’s high-end retail boom and Shanghai’s recalibration reflect how diverse the luxury landscape in Asia has become. 

Tokyo and Bangkok made dramatic moves in the rankings—Tokyo up six spots to 17, and Bangkok up six to 11—but for opposite reasons. Tokyo’s rise is fuelled by surging demand for luxury services, especially in international travel and education. It reflects a maturing, experience-driven HNWI class prioritising global connectivity and personal development. Bangkok, on the other hand, saw no average price increase—but ranked among the world’s priciest for luxury fashion, cars and watches. This points to a booming market for tangible status symbols, possibly from a growing domestic elite or affluent tourists.

Shanghai is recalibrating after falling from the top spot

Once occupying the top spot, Shanghai’s 3.9 per cent price decline signals either a luxury market correction or an economic pause. Described by the report as a potential “blip”, its decline reflects shifting HNWI sentiment, possibly driven by broader macroeconomic trends in China. While still high-ranking, the city’s trajectory suggests luxury brands and investors may need a more cautious, long-term approach.

Beyond the big five: how other APAC cities ranked in 2025

While Singapore, Hong Kong, Tokyo, Bangkok and Shanghai dominate the conversation around luxury living in Asia, the Julius Baer report also casts light on other APAC cities that reflect the region’s diversity in wealth, cost structures and market maturity.

Taipei climbed one spot to number 12, indicating steady growth and a niche appeal among HNWIs seeking stability over spectacle. Its consistent presence in the upper half of the index suggests a modest yet resilient luxury market. Jakarta, on the other hand, fell four places to 18, possibly reflecting broader economic pressures or shifting HNWI preferences in Southeast Asia.

Meanwhile, while Manila slipped two spots to 23—near the bottom of the index—it also recorded a notable 7.5 per cent increase in average local currency prices. This rise suggests a different kind of momentum: one not yet defined by saturation, but by early-stage luxury market growth. Rather than mimicking the patterns of more established cities, Manila is charting its own course, driven by a growing affluent class and emerging demand for premium goods and services.

Mumbai held steady at 20, suggesting a mature but slower-evolving luxury environment compared to its more dynamic regional peers.

Though these cities may not yet rival the top-tier players, they present growth potential in specific luxury segments and serve as accessible entry points for emerging HNWIs. 

It’s clear from the report that the luxury market isn’t one-size-fits-all. First of all, the report draws a clear distinction between cities that are goods-driven (Bangkok, Jakarta) and those that are services-driven (Tokyo, Singapore). For luxury brands and wealth planners alike, this signals a need for market-specific strategies. Retail may thrive in cities like Bangkok, while Tokyo calls for investments in high-end education, wellness and connectivity services.

One of the most forward-looking insights in the report is the rise of the “silver economy”—cities catering to older HNWIs through healthcare innovation, lifestyle enhancements and age-inclusive infrastructure. Singapore and Hong Kong are leading this charge, indicating future growth in luxury health tech, elder care and legacy planning services.

Meanwhile, government policies—whether residency programmes (Hong Kong, Dubai) or car restriction frameworks (Singapore)—are playing an increasingly active role in defining not only a city’s cost of living but its overall desirability.

The Julius Baer Global Wealth and Lifestyle Report 2025 offers more than a price list—it’s a strategic map for affluent living in Asia. As regional luxury centres become more specialised, personalised wealth planning must keep pace with evolving preferences, from family-focused services to futureproof residency strategies.

What does this mean for the wealthy? First, those on the move may need to strategically select cities based on personal values: education, wellness, experiences or legacy. This further means evaluating not just cost but value—cities that offer holistic advantages like governance, quality of life and social infrastructure.

As for wealth managers, the report points out that it is also becoming important to plan for generational wealth and ageing by incorporating healthcare, eldercare and long-term residency benefits into the equation.

And for policymakers and luxury businesses, the way forward indicates that cities that evolve with these complex demands—rather than merely compete on cost—will remain the true magnets for global wealth. As Asia continues to redefine what affluent living looks like, understanding the nuanced appeal (and cost) of its leading cities will be critical for anyone navigating the high-net-worth lifestyle in 2025 and beyond.

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