This city tops list of world's most expensive cities for luxury living in 2025, not New York, Milan, Paris, New Delhi, Mumbai, Shanghai, it is...

If you're someone who enjoys the finer things in life and don’t mind spending big, some cities are more suited to your tastes than others. According to Julius Baer's 2025 Lifestyle Index, Singapore has once again been ranked as the most expensive city in the world for luxury spending—for the third year in a row.

The report studies the cost of products and services that are important to high-net-worth individuals (HNWIs), who have at least $1 million in bankable assets. The study was conducted between February and March this year and reflects major economic shifts across the globe.

Singapore’s political stability, strong economy, and business-friendly environment make it a favorite among wealthy individuals. The city tops the list for spending on items like shoes, jewellery, healthcare, education, and fine dining.

The report noted that although the world has entered a "new normal" post-pandemic, global inflation, rising living costs, and geopolitical tensions are still affecting prices and consumer choices.

London moved up to the second spot, pushing Hong Kong down to third place. One major factor was the strength of the British pound after Brexit. Other European cities like Zurich also climbed the rankings. In fact, cities in Europe, the Middle East, and Africa—which were cheaper last year—have become some of the most expensive due to currency changes and inflation.

New York, the only American city to make the top 10, held on to the eighth spot. Meanwhile, Mexico City and São Paulo dropped several positions, showing a fall in luxury spending in Latin America.

Top 10 Most Expensive Cities for Luxury in 2025:

1. Singapore

2. London

3. Hong Kong

4. Shanghai

5. Monaco

6. Zurich

7. New York

8. Paris

9. Sao Paulo

10. Milan