Dubai has moved up five places to No. 7 as the most expensive city in the world in Julius Baer’s Global Wealth and Lifestyle Report for 2025.
The report by the Swiss private banking group called Dubai a “firm challenger” to the traditional bastions of wealth such as London, Monaco and Zurich.
The report noted the number of high-net-worth individuals shifting to the emirate, lured by tax incentives and the lifestyle.
“The momentum of millionaires relocating to Dubai, which began during the pandemic, is predicted to continue,” the report added.
Global Luxury Costs: Trends and Shifts
Singapore remained the most expensive city in the world for the third year running, followed by London and Hong Kong. Monaco was fourth in the list, Zurich fifth, and Shanghai dropped two places to sixth. New York, Paris, and Milan rounded up the top 10, taking up the eighth to tenth spots.
For the first time since the survey began in 2020, prices tracked by a basket of luxury goods fell 2 per cent, which Julius Baer described as “quite exceptional” since historically, high-end consumer prices have risen twice as fast as average consumer prices.
Asia Pacific (APAC) countries dominated the list. However, the region saw only slight price decreases of 1 per cent on average across the region, making it the most stable of all the surveyed regions this year.
While Singapore and Hong Kong were first and third, Bangkok and Tokyo made the largest leaps, each climbing six places to 11th and 17th, respectively. Manila fell to 23rd despite a 7.5 per cent rise in average local currency prices.
Mumbai, India’s financial capital, moved to No. 20 globally. Despite India’s position as a rising economic powerhouse, Mumbai remained relatively affordable for most services, particularly hospitality and travel. It was jointly ranked the most expensive for a treadmill, but the cheapest across the board for LASIK.
Christian Gattiker, head of research, Julius Baer, commented: “In light of ongoing uncertainty, trade tensions, and tariffs, our findings represent the final moment ‘before’ the current situation. Next year’s report will likely provide a fascinating ‘after’ perspective.”
The report showed that hotel suites prices rose 10.3 per cent in Singapore, and fell 26.1 per cent in Hong Kong.
London rose on the back of a 26.6 per cent jump in the price of private education after legislative changes and a 29.7 per cent gain in business class flights, but its appeal as a center for wealth had a “rather turbulent ride” over the past year with the abolition of non-domiciled residency status, which has helped cities such as Dubai, Milan, and Zurich.
Julius Baer’s Lifestyle Index ranks 25 cities by analysing residential property, cars, business class flights, school, degustation dinners and other luxuries. The bank surveyed high-net-worth individuals with bankable household assets of US$1 million or more from February to March 2025.
Follow us on
