• Dubai, Bangkok, and Tokyo are rising as new luxury hubs for the global ultra-rich.
• Shanghai and New York are slipping as lifestyle shifts and politics reshape spending patterns.
• Julius Baer's 2025 report shows the wealthy now prioritize wellness, stability, and experiences.

Singapore, London, and Hong Kong still top the charts as the world's most expensive cities — but upstarts like Dubai, Bangkok, and Tokyo are rising fast as global wealth patterns shift.

For the third year running, Singapore ranked as the world's most expensive city for high-net-worth individuals, according to the latest Global Wealth and Lifestyle Report from Julius Baer Group, a Swiss wealth management group.

London moved into second place, nudging Hong Kong into third — but behind these familiar frontrunners, a quiet transformation could soon redraw the global map for the super wealthy

The 2025 edition of the report, published on Monday, tracked the cost of what it called "living well" — meaning the ability to afford and regularly spend on 20 luxury goods and services that high-net-worth individuals typically enjoy.

These include private school fees, luxury property, watches, fancy dinners, and business class flights. Pricing data was collected across 25 cities between November 2024 and March 2025, and each city was ranked based on the weighted-average total cost of all 20 items, converted into US dollars.

To complement the price index, Julius Baer also conducted a separate Lifestyle Survey, polling 360 high-net-worth individuals across 15 countries in February and March 2025 to understand how the wealthy are spending and investing.

While the methodology is robust, it does not account for geopolitical shifts that followed, including the Trump administration's April tariff announcements, and its relatively small sample size may limit broad conclusions.

Still, the findings point to a clear shift in momentum: while the podium remains stable, several key cities — especially in Asia and the Middle East — are climbing fast, suggesting a broader power shift in global luxury hubs.

The top 10 most expensive cities for the wealthy in 2025

1. Singapore.
2. London.
3. Hong Kong.
4. Monaco.
5. Zurich.
6. Shanghai.
7. Dubai.
8. New York.
9. Paris.
10. Milan.

The quiet rise of new luxury capitals

Several emerging cities climbed the rankings at an unexpected pace, especially in Asia and the Middle East.

Dubai jumped five spots to 7th place, edging closer to European strongholds like Monaco and Zurich.

Bangkok and Tokyo both rose six positions, landing at 11th and 17th, respectively, driven by rising costs of fashion, watches, and property.

Bangkok's "growing upper-middle class has had a direct impact on the expansion of the local luxury market," Rishabh Saksena, cohead of Julius Baer's global asset class specialists, told Business Insider.

"Increased wealth has mechanically driven demand for luxury goods and services, allowing the development of luxury malls, fine dining, and experiences such as spas," he said.

"Additionally, the city benefits from Asia's long-standing appeal as a global tourism destination."

Tokyo's rise reflects a similar trend.

"Tokyo, and Japan more broadly, has long been a culturally rich and influential region, with a strong luxury market, especially in areas such as fashion, fine dining, and experiences," Saksena added. "The recent global shift among HNWIs toward valuing experiences over goods has further enhanced Tokyo's attractivity and appeal."

Meanwhile, Shanghai, which topped the index in 2022, fell from 4th to 6th place — a sign that its dominance may be fading

São Paulo and Mexico City also dropped notably in the rankings.

"Dubai is nipping at the heels of the bastion cities in the region for wealth and lifestyle — London, Monaco, and Zurich — in a trend that is likely to continue as the Emirate ups the ante on offering an attractive residence proposition for HNWIs," the report said.

Behind the movements is a growing desire among the ultrawealthy for stability, wellness, and future-focused cities.

The report also notes that Dubai's appeal lies in tax advantages, luxury infrastructure, and a booming property market, while Bangkok and Tokyo benefit from regional economic momentum and cultural cachet.

What's driving the change?

The global average cost of "living well" actually declined 2% in US dollar terms between 2024 and 2025 — a rare drop in a sector typically shielded from macroeconomic headwinds.

Yet, beneath that decline are sharp regional contrasts:

• Business class air fares jumped 18.2% globally, driven by a shortage of jets and booming demand for premium pleasure travel.
• Luxury goods like handbags and jewellery fell in price, reflecting shifting consumer priorities.
• Private school fees soared in cities like London, where new tax rules drove up costs by over 25%.

More broadly, high-net-worth individuals increasingly prioritize experiences over possessions and longevity over status. These include spending more on wellness, curated travel, and health services, especially in Asia-Pacific and the Middle East.

"The main shift we've seen recently is the growing move toward aspirational consumption among HNWIs, who increasingly value experiences over physical goods," Mark Matthews, Head of Research Asia at Julius Baer, told BI.

"This trend varies from one location to another. Markets with a long cultural history of luxury goods (e.g., Switzerland with watches or Germany with cars) tend to show a slower transition toward 'experience-based' spending," he added.

Data from the Lifestyle Survey backs this up.

While luxury spending growth has cooled in Europe — where only 36% of high-net-worth individuals reported spending more on hotels — HNWIs in Asia-Pacific, the Middle East, and Latin America continue to ramp up their spending on high-end fashion, jewellery, and watches.

In APAC, 65% reported increasing spending on both hotels and watches, and 63% on women's fashion. In the Middle East, 52% spent more on hotels and 50% on fine jewellery.

Across the board, travel and hospitality remain top spending priorities, with fine dining and five-star hotels leading the way.

A Eurasian future?

The report also hints at a broader geopolitical rebalancing in how — and where — the world's wealthy choose to live.

"There is already talk of many wealthy Americans decamping to Europe for the next four years — and possibly forever," Julius Baer's report said, citing affluent individuals looking for political stability and strong institutions.

Cities like London, despite Brexit and political change, remain magnets for global wealth thanks to world-class education, healthcare, and cultural capital.

Meanwhile, Dubai plans to double the size of its economy by 2033 and is quickly becoming a rival to Europe's traditional elite enclaves.

• John Jacob Astor built his fortune in the fur business and New York real estate.
• John Jacob Astor III and William Backhouse Astor Jr. cofounded the Waldorf-Astoria after a feud.
• Modern Astor descendants have been politicians, philanthropists, and British royal associates.

Astoria, Queens. Astor Place. The Waldorf-Astoria. Even if you're not a New Yorker, you've heard of these iconic places.

You also probably know they're named for one very powerful family: the Astors.

To this day, the Astors' money and influence still make waves in society.

So how do you build a dynasty like this one, with money that lasts for generations? Take a look at how the Astors made their fortune.

The Astors came from nothing.

Johann Jacob Astor worked as a butcher in Walldorf, southeastern Germany, Elizabeth Louisa Gebhard wrote in her 1915 book, "The Life and Ventures of the Original John Jacob Astor." His ancestors are said to have been French Huguenots who'd fled to Germany after the revocation of the Edict of Nantes, which had granted protection to Protestants.

His son, John Jacob Astor, was born in Walldorf in 1763.

As a youngster, John Jacob Astor worked for his father as a dairy salesman. He had three brothers, the eldest of whom, George, left home to work for an uncle in London who made musical instruments. John Jacob Astor met up with him there after his 16th birthday.

John Jacob Astor built his fortune in the fur business and through buying and selling New York real estate.

After the Treaty of Paris was signed in 1783, he immigrated to New York and took a job with a fur trader. By 1800, he'd built up his own fur business and was worth $250,000, or about $6.2 million in 2024, according to Encyclopedia Britannica.

John Jacob Astor also bought and sold acres upon acres of land in and around New York City, including what is now Times Square. 

In 1785, he married Sarah Todd. They had three children: Magdalena, John Jacob II, and William.

He was one of the wealthiest men in the US upon his death in 1848, according to the Library of Congress.

William Backhouse Astor continued his father's real-estate ventures and philanthropy.

He continued to invest in real estate by building over 700 stores and residences in New York City, according to Encyclopedia Britannica.

He also bequeathed thousands of dollars to St. Luke's Hospital on the Upper West Side and the Astor Library, which eventually became the New York Public Library.

William and his wife, Margaret, had seven children — John Jacob Astor III and William Backhouse Astor Jr. were the most prominent.

William Jr. had some success as a developer in Florida.

John Jacob Astor III, along with his wife Charlotte Gibbs, was a major philanthropist who founded the Children's Aid Society.

The iconic Waldorf Astoria hotel in New York City was the result of a family feud between John III and William Jr.'s descendants.

John III's son, William Waldorf Astor, built the 13-story Waldorf Hotel in 1893 on 33rd Street and Fifth Avenue.

Waldorf Astor's cousin and rival, John Jacob Astor IV, built a taller hotel next door four years later to outdo him.

Eventually, the two hotels were joined with a marble corridor, resulting in the first Waldorf Astoria.

The simmering tensions prompted William Waldorf Astor to move to London in 1891.

There, he bought and restored the 125-acre Hever Castle in 1903, purchased the British newspaper The Observer in 1911, and obtained the rank of Viscount in 1917.

William Jr.'s son, John Jacob Astor IV, perished in the sinking of the Titanic in 1912.

John Jacob Astor IV was the only son of William Backhouse Astor Jr.

As well as his part in the creation of the Waldorf Astoria, John Jacob Astor IV built another iconic New York hotel, the St. Regis, which opened in 1904. He was also a published author and patented multiple inventions, such as a bicycle brake and a turbine engine.

After divorcing his first wife, 47-year-old Astor married 18-year-old Madeleine Talmage Force, in what was considered a scandal at the time. While Madeleine was pregnant, the couple booked tickets for the Titanic — he was believed to be the wealthiest passenger aboard the doomed ship.

Two weeks after the Titanic sank in April 1912, a search crew found his body in the water. He was identified by the initials stitched into his suit and his gold pocket watch. The watch sold at auction for $1.5 million in 2024.

His young wife and their unborn son survived.

Still, the Astors remained a force. In 1931, the modern Waldorf Astoria opened on Park Avenue and became legendary for its service.

The Waldorf Astoria has hosted US presidents, dignitaries, and countless celebrities.

In 2014, the historic hotel was purchased by Chinese insurance group Anbang for $1.95 billion. In 2017, it closed for renovations to convert 375 rooms into luxury condominiums called The Towers of the Waldorf Astoria. The hotel is expected to reopen in September, according to its official website.

Known for her charity work, Brooke Astor emerged as the matriarch of the American Astors.

Brooke Astor married Vincent Astor, the first son of John Jacob Astor IV. It made her the great-great granddaughter, by marriage, of John Jacob Astor.

She donated over $195 million to hospitals, cultural institutions, and community service programs in New York City through the Vincent Astor Foundation, according to The New York Community Trust. President Bill Clinton awarded her the Presidential Medal of Freedom in recognition of her philanthropy in 1998.

Brooke Astor died in 2007 at age 105 and was the subject of a four-page obituary in The New York Times.

Her son, Anthony Marshall, was convicted of stealing millions of dollars from her in 2009 and sentenced to prison.

The British side of the Astor family continued to hold positions of power, as well.

Nancy Astor, Viscountess Astor, who was married to Waldorf Astor, 2nd Viscount Astor, became the first woman in the House of Commons in the chamber's history in 1919.

Her son, David Astor, rose to prominence as the longtime editor of The Observer and an anti-apartheid activist, the Los Angeles Times reported.

Modern members of the Astor family remain influential figures.

William Astor, 4th Viscount of Astor, is a member of the House of Lords and the stepfather of Samantha Cameron, the former British first lady married to David Cameron.

John Jacob Astor, 3rd Baron Astor of Hever, also sat in the House of Lords from 1986 until his retirement in 2022, according to the UK Parliament's official website.

William Waldorf Astor's great-great-granddaughter, Rose Astor, married Prince William's close friend, Hugh van Cutsem, in 2005. Their daughter, Grace van Cutsem, is perhaps best known as the young bridesmaid who appeared grumpy at Prince William and Kate Middleton's wedding in 2011, pictured above on the left.

Another great-great-grandchild of William Waldorf Astor, Harry Lopes, married Queen Camilla's daughter, Laura Parker-Bowles, in 2006.

This story was originally published in April 2012. It was updated in July 2024 and July 2025.