​10 of the world’s most expensive cities for luxury living right now

Where does wealth stretch the least in the world? According to the most recent Global Wealth and Lifestyle Report by Julius Baer, these cities command the highest price for luxury living, from prime real estate and private education to fine dining and designer fashion. While everyday cost-of-living indexes track groceries and rent, this ranking measures something very different: the cost of living well…exceptionally well.
Here are the 10 most expensive cities for luxury living.

Holding firmly to the top spot, Singapore remains the world’s most expensive city for luxury living. The city-state’s sky-high car ownership costs, driven by its certificate of entitlement (COE) system, make even driving a premium vehicle a major financial commitment. Add to this ultra-prime real estate, private healthcare, members’ clubs, and upmarket shopping on Orchard Road, and the price tag rises sharply. The political stability, infrastructure, and reputation as a safe haven for finances that Singapore offers continue to lure high-net-worth individuals to the country, ensuring that the demand for ultra-prime services and property remains high.

London offers a combination of traditional prestige and current financial muscle. The prime property prices in areas such as Mayfair and Knightsbridge are eye-wateringly high, and private education and exclusive membership clubs are among the most expensive in the world. The global finance hub, luxury retail offering, and high-quality dining that London provides, together with its status as a cultural capital, make it one of the most expensive cities in the world in which to maintain an elite lifestyle.

Hong Kong has always been associated with sky-high property prices, and this continues to be one of the defining characteristics of the city’s luxury market. With limited land and high demand, luxury property in Hong Kong continues to reach stratospheric levels. Other factors, such as high-end retail, private schooling, and fine dining, further contribute to the expense. As a conduit between China and the rest of the world, Hong Kong’s status as a financial center continues to ensure that demand for luxury property remains high.

Perhaps nowhere else does luxury quite like Monaco. With its Mediterranean climate, yachts lining the harbor, and its famous policy of no income tax, Monaco is a magnet for billionaires from across the world. However, being one of the most exclusive destinations in the world comes at a cost, and this is why Monaco is always near the top of the list of most expensive real estate markets in the world.

The high position of Zurich is a reflection of the notoriously high prices in Switzerland. When it comes to luxury products, private banking, gourmet cuisine, and healthcare, one can expect to pay top dollar. As a leading financial hub and a place with an outstanding quality of life, Zurich provides stability and anonymity, which are highly valued by the local wealthy, even if they are very expensive.

Shanghai is a symbol of the new Asian luxury market. The growing number of wealthy individuals in the city has driven the demand for luxury real estate, designer fashion, and exclusive entertainment. From Pudong’s waterfront penthouses to international private education and imported luxury products, living up to a high-end lifestyle in Shanghai is now comparable to many traditional Western capitals.

The rise of Dubai in the rankings is a result of its emergence as a worldwide magnet for millionaires and billionaires. The demand for luxury waterfront villas, penthouses with a view of the city skyline, and super-luxury hospitality experiences has skyrocketed. With no income tax, a world-class shopping experience, and infrastructure development plans, Dubai offers a mix of luxury and opportunity, but maintaining this level of luxury has become increasingly expensive.

New York is still the wealth capital of America. The cost of prime property in Manhattan, private school fees, and exclusive membership clubs makes a significant contribution to its high position in the rankings. From Fifth Avenue shopping to Michelin-starred restaurants and elite Hamptons getaways, the price of luxury in New York continues to escalate with demand.

Paris is a blend of heritage, high fashion, and high costs. As one of the world’s leading fashion destinations, it demands correspondingly high prices for luxury and custom offerings. The best properties in the 16th arrondissement and the Saint-Germain-des-Prés area, combined with high-end dining and private cultural events, keep Paris in the list of the world’s most expensive destinations for the rich.

Italy’s financial and fashion hub completes the list of the world’s top ten most expensive destinations. The luxury offering in Milan is based on fashion, design, and exclusive lifestyle experiences. From high-end apartments in the Quadrilatero della Moda district to private art showings and exclusive dining, Milan demonstrates that fashion at the highest level is not inexpensive.