Singapore ranked most expensive city for luxury spending
What's the story
Singapore has topped the list of world's most expensive cities for luxury spending for the third consecutive year. This is as per financial services firm Julius Baer's latest annual report. London has beaten Hong Kong to take the second spot. The study, conducted between February and March 2025, looked at various products and services that matter to high-net-worth individuals (HNWIs) with over $1 million in bankable assets.
Luxury index
Singapore retains top spot
Singapore's economic and political strength, along with its business-friendly environment, has kept HNWIs flocking to the city. It was ranked the most expensive city in terms of spending on luxury goods. The report also noted that locals are spending heavily on food, healthcare, and education. "As this year's results show, the impact of the global pandemic has settled into a 'new normal,'" the report said.
City rankings
London rises up, Hong Kong falls
London moved up one spot from last year's third position, partly due to the post-Brexit pound. Other European cities on the list also climbed up, including Zurich at sixth place. Meanwhile, Hong Kong fell to third place as its hotel suite prices fell 26%. Singapore's hotel suite prices jumped by 10.3%, further widening the gap between these two luxury hubs.
Global luxury
New York only American city in top 10
New York retained its position at eighth place, remaining the only city in North or South America to make it to the top 10. Mexico City dropped five spots to 21st and Sao Paulo fell seven places to 16th, indicating a decline in high-end spending and regional volatility. The report also highlights how cities like Dubai, Milan, and Zurich have gained from these changes with Dubai climbing five spots to seventh place.