A new international survey has found Singapore, Hong Kong, and Shanghai lead the list of Asia’s most expensive cities for “living well” in 2025, with Singapore claiming the global top spot for the third consecutive year. The findings, published in Julius Baer Group’s Global Wealth & Lifestyle Report 2025, underscore shifting trends in luxury consumption—and hold important implications for affluent Thais and Southeast Asian travelers seeking both status and substance in urban living.
The Julius Baer Lifestyle Index analyses the cost of maintaining a high-net-worth lifestyle in 25 major cities around the world, taking into account factors ranging from prime residential property and private healthcare to luxury goods, business-class travel, and even the price of an international MBA programme. The 2025 report combines these objective price points with fresh survey data on high-net-worth individuals’ habits and priorities, offering unique insight into global aspirations and the realities of living luxuriously.
Singapore, often lauded for its efficiency and cosmopolitan vibrancy, continues to hold the distinction of being not only Asia’s priciest city for the well-heeled, but also the most expensive city in the world for luxury living. Several factors contribute to Singapore’s ranking. The cost of car ownership—exacerbated by the sky-high Certificate of Entitlement fees—remains the world’s highest. Even luxury handbags, such as those from Louis Vuitton, are particularly expensive in the city-state, making Singapore a less attractive destination for extravagant shopping sprees. Paradoxically, treadmills emerged as the most affordable indexed item in Singapore, perhaps reflecting the city’s widespread health and fitness culture amid a landscape of indulgent fine dining.
Hong Kong follows closely, taking the third spot globally (slipping one place from the previous year) and remaining a regional powerhouse for the wealthy despite its notoriety for ultra-high legal fees—the most expensive index item for the city. Yet, its proximity to Mainland China and pro-investment tax environment continue to attract the affluent. Those seeking relief from financial pressure can take solace in Hong Kong’s relatively affordable champagne, the cheapest luxury item cited in the index. According to Julius Baer analysts, Hong Kong’s allure endures largely thanks to its international connectivity and dynamic business landscape.
Shanghai rounds out Asia’s top three, ranking sixth worldwide, down two positions from last year. The report attributes this decline partly to evolving Chinese attitudes toward conspicuous consumption, as displays of overt wealth have become less socially acceptable in recent years. Yet, luxury dining and fine watches remain notably costly in Shanghai, with gourmet meals described as the most expensive globally, and high-end watches registering more than an 11% price hike over the past year. Experts interpret these data points as evidence of Shanghai’s continuing importance to global luxury brands, albeit in a market where discretion around wealth may soon become the new norm.
Other cities making the top ten in the Julius Baer report include London (the world’s second-most expensive city to live well), Monaco, Zurich, Dubai, New York, Paris, and Milan, reflecting a blend of established European luxury capitals and fast-growing hubs catering to global elites. Notably, London’s rise to the world’s second position displaces Hong Kong, while cities such as Dubai and Milan strengthen their presence as aspirational cosmopolitan centers for the international wealthy (timeout.com).
For affluent Thais and high-net-worth Southeast Asians, these rankings serve both as a guide and a caution when considering international relocation, property investment, or high-end leisure travel. Pulse surveys from property and consulting firms in Thailand show renewed interest among wealthy families and entrepreneurs in acquiring assets or sending children to elite schools abroad, particularly in cities regarded for stability and lifestyle amenities. As noted by a senior economist at a leading Bangkok research institute, “Bangkok remains affordable by Asian standards, but as urbanisation and luxury demand grow, the lessons from cities like Singapore and Hong Kong will become increasingly relevant here.”
Culturally, the findings resonate with long-standing Thai fascination with status symbols—from luxury cars and branded goods to prestigious overseas education. Social media influencers, lifestyle magazines, and television dramas reinforce the aspiration for “living well” in world-class cities, sometimes fueling competitive consumption among Thailand’s middle- and upper-class youth. Yet, as seen in Shanghai’s shift toward modesty in wealth display, evolving global attitudes may soon shape Thai perceptions of luxury and social prestige.
Looking ahead, economists and luxury market analysts predict that rising costs in cities like Singapore—particularly in real estate and private health—may drive Southeast Asian high-net-worth individuals to explore alternatives in up-and-coming urban markets such as Kuala Lumpur, Ho Chi Minh City, or even Bangkok itself. This trend could benefit Thailand in the long run, potentially spurring investment in local healthcare, education, and lifestyle infrastructure. However, a senior Bangkok-based wealth manager cautioned, “As global rankings drive perceptions, cities must balance their allure as luxury destinations with broader accessibility, or risk deepening social divides.”
For Thai readers considering relocation, property investments, or the pursuit of an international lifestyle, the key takeaway is to make informed, balanced choices—looking beyond the glamour of rankings to evaluate long-term value, quality of life, and local context. Comparing costs and lifestyle amenities through reputable indices is a useful starting point, but a grounded understanding of personal priorities and emerging global trends remains crucial.
Thais interested in exploring urban luxury, for example, can benefit from tracking both global indices such as Julius Baer’s and local market data, consulting with specialists at real estate and investment advisory firms, and seeking insights from cross-border communities of Thai expatriates. As Thailand’s own cities continue to internationalise, adopting practices that promote quality, sustainability, and inclusivity will help ensure “living well” remains accessible to more than just the ultra-wealthy.
Sources:
- Timeout.com - Revealed: Asia’s most expensive cities to ’live well’ in 2025
- Julius Baer Global Wealth & Lifestyle Report 2025