The Most Expensive Cities for High-Net-Worth Individuals in 2025
In today’s rapidly changing economic landscape, understanding the financial habits and preferences of high-net-worth individuals (HNWIs) is crucial for businesses and investors alike. According to Julius Baer’s 2025 Global Wealth and Lifestyle Report, Singapore has emerged as the most expensive city in the world for HNWIs, a title that reflects both the cost of living and the luxurious lifestyle that affluent residents demand. This report sheds light on the top ten cities where wealth is not just measured in currency but also in lifestyle choices, opportunities, and social status.
Singapore: A Pinnacle of Wealth
Singapore’s status as the premier city for HNWIs can be attributed to several factors. The island nation boasts a robust economy, political stability, and a high standard of living. Real estate prices have skyrocketed, with prime properties commanding astronomical prices. The city-state is also a hub for financial services, luxury retail, and fine dining, making it an attractive destination for wealthy individuals seeking both investment opportunities and an upscale lifestyle.
Moreover, Singapore’s tax regime is favorable for the wealthy, with no capital gains tax and low income tax rates. This has encouraged many affluent individuals to establish residence in the city, driving demand for luxury goods and services. The combination of these elements creates a unique ecosystem that supports high-net-worth lifestyles.
Hong Kong: The Jewel of the East
Following closely behind Singapore is Hong Kong, another city renowned for its high cost of living and concentration of wealth. The financial hub of Asia is characterized by its limited land supply, which has driven real estate prices to unprecedented heights. Luxury apartments in prime locations often sell for millions, and the city’s vibrant economy continues to attract global investors.
In addition to real estate, Hong Kong is home to a thriving luxury retail sector, with high-end brands competing for attention in bustling shopping districts. HNWIs in Hong Kong enjoy a lifestyle replete with exclusive dining options, private clubs, and lavish entertainment, reinforcing its status as a top destination for the wealthy.
Zurich: The Swiss Standard
Zurich, known for its picturesque landscapes and impeccable quality of life, ranks third on the list. As one of the world’s leading financial centers, Zurich attracts HNWIs seeking both wealth management services and a high standard of living. The city’s banking sector is among the most developed globally, offering tailored financial solutions for affluent clients.
The cost of living in Zurich is high, particularly in terms of real estate and luxury goods. However, the city offers unparalleled safety, healthcare, and education, making it an appealing place for families and individuals alike. The Swiss culture of discretion and privacy also resonates with many HNWIs, further solidifying Zurich’s reputation as a prime destination.
New York City: The American Dream
New York City remains a pivotal player in the global landscape for affluent individuals, ranking fourth in the report. As a melting pot of cultures, the city offers an endless array of opportunities for wealth creation and lifestyle enhancement. The real estate market in Manhattan is notoriously expensive, with luxury apartments selling for tens of millions of dollars.
HNWIs flock to New York for its prestigious educational institutions, cultural institutions, and networking opportunities. The city’s vibrant arts scene and diverse culinary offerings further enhance its appeal, making it a top destination for those seeking an extravagant lifestyle.
London: A Timeless Classic
London continues to be a favorite among HNWIs, ranking fifth in the report. Despite political and economic uncertainties, the city remains a global financial capital. The property market in London is characterized by its high prices, especially in areas such as Mayfair and Kensington, where luxury homes command premium prices.
London’s cultural heritage, combined with its status as a global business hub, makes it an attractive destination for wealthy individuals. The city’s array of luxury boutiques, fine dining restaurants, and exclusive clubs contribute to a lifestyle that many HNWIs aspire to achieve.
The Remaining Contenders
The remaining cities in the top ten, according to the Julius Baer report, include:
- Tokyo: Japan’s capital offers a blend of modernity and tradition, with a high cost of living driven by prime real estate and luxury goods.
- Sydney: Australia’s largest city is known for its stunning landscapes and outdoor lifestyle, with real estate prices reflecting its desirability.
- Paris: The City of Light continues to captivate HNWIs with its rich culture and luxury fashion scene, despite high living costs.
- Los Angeles: Known for its entertainment industry, LA attracts affluent individuals seeking both lifestyle and investment opportunities in a dynamic market.
- Dubai: The UAE’s luxury appeal and favorable tax environment make it a top destination for wealthy individuals seeking a lavish lifestyle.
Conclusion
The landscape for high-net-worth individuals is shaped by a variety of factors, including economic stability, real estate prices, and lifestyle offerings. The 2025 Global Wealth and Lifestyle Report by Julius Baer offers valuable insight into the cities where affluence thrives, highlighting the unique attributes that make these locations appealing to the wealthy. As the world continues to evolve, these cities will likely remain at the forefront of luxury living, attracting HNWIs from across the globe.
wealth management, luxury lifestyle, high-net-worth individuals, real estate prices, global cities