Singapore Retains Title as World's Most Expensive City for Luxury Goods

In a recent report, Singapore has been identified as the most expensive city for luxury items for the fourth consecutive year, with Zurich and Monaco following closely behind. The report highlights significant price increases in residential properties and luxury vehicles, contributing to Singapore's top ranking. Interestingly, no US cities made the list this year, marking a notable shift in global luxury spending trends. The findings also reveal that high-net-worth individuals are facing rising costs for maintaining their lifestyles, with jewelry and watch prices seeing substantial increases. Discover more about the changing landscape of luxury spending in this comprehensive report.

By Narendra Chaudhary Jul 7, 2026, 14:42 IST

Singapore Tops Luxury Spending Rankings

For the fourth consecutive year, Singapore has been recognized as the most expensive city globally for luxury goods, as prices for items like watches and jewelry continue to rise worldwide. An annual report from Julius Baer Group Ltd, a Swiss wealth management firm, indicates that Zurich has moved up to the second position, surpassing London. Notably, Monaco has made its debut in the top three since the survey's inception in 2020. Hong Kong and London complete the top five.

Zurich's rise in the rankings is attributed to the strengthening of the Swiss franc, which is bolstered by the country's reputation for stability and its currency's status as a 'store of value' during uncertain times. Singapore's sustained top ranking is primarily due to soaring residential property and vehicle prices, which significantly influence the index, alongside the robust Singapore dollar. The report also noted that high-net-worth individuals have seen a substantial increase in the cost of maintaining a luxurious lifestyle over the past year, with the index reflecting an average rise of 10.2% in US dollar terms. The surge in gold prices is evident, with jewelry prices increasing by 16.4% and watches by 15.5%.

In contrast, Dubai, a prominent city in the Middle East, has dropped to 14th place in the rankings. Julius Baer attributes this decline to rising costs in other cities rather than a decrease in Dubai's affordability. Meanwhile, Sydney, Australia, experienced the most significant improvement, climbing six spots to eighth place, partly due to the strong Australian dollar.

No US Cities in the Rankings:

Another noteworthy observation from this year's list is the absence of any US cities, marking the first time in three years that no American cities made the top 10. This is largely attributed to the depreciation of the US dollar against other major currencies, despite notable local price increases. Nevertheless, North America has seen considerable wealth growth over the past year, with an impressive 47% of high-net-worth individuals reporting a significant rise in asset values.