The world's most expensive city for the super rich is located in Southeast Asia.

In 2024, a report by Julius Baer revealed that Singapore remains the most expensive city for the super rich, due to high property prices, costly car ownership, and expensive private medical care, among other factors.

High net worth individuals in 25 cities were analyzed by the Swiss bank to determine the rankings of 20 consumer goods and services.

The cost of living well, including cars, whisky, jewelry, and housing, has increased in Singapore, according to a report by the bank. The city-state continues to attract the wealthy due to its economic and political stability.

The Singapore government strives to attract global business and wealthy individuals, and its currency remains strong. As a result, it remains the world's most expensive city, as reported.

In Singapore, the cost of owning a car, which is the most expensive globally at 2.5 times the average, increased by 15% from the previous year in U.S. dollar terms. The cost of private education also rose by almost 14%, while the price of ladies' handbags and shoes increased by 10%. Additionally, the prices of men's suits and watches rose by more than 5%.

Hong Kong, after Singapore, surpassed Shanghai to become the second most expensive city for the wealthy, with high costs for legal services and property purchases.

The largest price increases were observed for hotel suites (+22.9%), ladies' shoes (+12.7%), and ladies' handbags (+8.6%) in the city.

The report noted that London moved up to third place this year, partly because the UK emerged from a technical recession in the previous month, the British pound strengthened in 2023, and the economy continued to adjust following post-Brexit normalizations.

The cost of private school education in the city increased by almost 14% from the previous year, making it the most expensive globally.

Across the 25 cities, London Hotel suites and jewelry were the second-most expensive items, with prices increasing by 38.3% and 17.%, respectively.

High net worth individuals consider these to be the world's 10 most expensive cities, according to Julius Baer:

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

Where's Tokyo?

Despite being Asia-Pacific's largest financial hubs, Tokyo dropped eight places to No. 23 this year.

The Japanese yen slide has made the city more affordable, according to the report.

Since 1990, the currency has not weakened to 160 against the U.S. dollar in April, and it has decreased 13.25% against the greenback since the beginning of the year, according to Refinitiv data.

Christian Gattiker, head of research at Julius Baer, emphasized that the costs of living can appear vastly different to a stranger, especially if they are thinking in a different currency than the local one.

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