For the third year in a row, Singapore has held on to its crown as the world’s most expensive city for luxury living, according to the latest rankings focused on High Net-Worth Individuals (HNWIs).
London follows closely, securing the second position, while Hong Kong, once a top contender, has now slipped to third place. These rankings reflect the rising costs of maintaining a high-end lifestyle — from premium real estate to fine dining and designer fashion.
Global Shifts in Luxury Hubs
The list also features New York, Zurich, and Paris, all of which continue to attract affluent individuals despite inflationary pressures. Notably, New York is the only city from the Americas to make it into the top 10, underscoring a growing dominance of European and Asian cities in the luxury space.
A sharp fall was seen in Shanghai, which has dropped from fourth to sixth place. The city once held the top position in 2022 but has since been impacted by a more competitive global luxury landscape and shifting wealth patterns.
Dubai’s Rapid Rise
One of the most significant movements this year comes from Dubai, which climbed from 12th to 7th. The city’s jump is attributed to rising prices in real estate, luxury vehicles, and champagne, signaling a booming demand for upscale living in the Middle East.
Asia-Pacific’s Strong Presence
Asia-Pacific remains a strong player in the luxury market. While three of the top 10 cities are from this region, eight cities appear in the top 20, including Tokyo, Bangkok, Jakarta, Mumbai, and Manila. This spread indicates a broader regional expansion of luxury lifestyles beyond just traditional centers.
Mumbai Holds Steady
From India, Mumbai has once again clinched the 20th position globally, making it the country’s most expensive city for luxury living. With rising prices in high-end housing and lifestyle services, Mumbai continues to be a magnet for India’s ultra-rich.
