Cities often captivate for different reasons. Some stand out by size, others by cultural diversity, and many by their rich histories. Yet a handful earn a distinct place in a global ranking of the world’s most expensive cities, a list that tracks where heritage—and lifestyle—fetches the highest price. Among the twenty recognized locales, Barcelona remains the lone Spanish city, still aligned with powerhouses like Frankfurt, Dubai, and Tokyo due to notable price increases in entertainment sectors such as spirits, fashion, and dining. Across the Asia-Pacific region, the trend holds firm: wealth and luxury living continue to define regional geography. Singapore ascends to the top spot as the world’s priciest city for the first time, surpassing Shanghai, while Hong Kong remains firmly in third position.
Barcelona’s ranking slipped by three places, driven by higher living costs in cities like Jakarta, Mumbai, and Miami, which trailed the Catalan capital in the previous cycle. Still, the city shows notable strengths in luxury services that set it apart from many other regions. For example, when it comes to higher education, London leads in the cost of obtaining a master’s degree, a tier shared with Paris and Zurich. The high-end entertainment market has become more than 20% costlier in certain sectors. Noteworthy price movements include wine up 56% and whiskey up 29%. Accessories such as women’s bags climbed 21%, while tasting menus advanced by 18%. Other luxury items followed with gains of jewelry at 10%, watches at 8%, and men’s suits at 9%.
Travel expenses showed steadier movement year over year. In Barcelona, the cost of an automobile rose by 7%, bicycles by 2%, and business-class travel by 2%. Conversely, hotel suites were down 3%, and medical tourism, represented here by eye surgery, rose by 5%. Even so, the overall price level for Barcelona remains the most affordable among the cities in this list, with a 7% rise noted in that category. Analysts from Julius Baer point out that these shifts reflect how high-income households require substantial, single-digit returns on their investments to preserve wealth in volatile times.
Asia is flagged as the region with the highest costs
Singapore’s top ranking is largely explained by vehicle-related expenses, but the city-state also reported a 47% jump in business-class flights, a 46% rise in specialty gym products, and a 14% increase in tasting meals. The continental region adds nine more cities into the top tier, confirming Asia as a dominant force in luxury markets. Europe, for its part, has become a more livable benchmark, with all cities on the list aside from Monaco, which sits in sixth place, showing declines. Zurich sits at 14th, Dubai climbs to seventh, and London slides from second to fourth.
Across the Atlantic, New York advances from 11th to 5th place, while Miami climbs eight spots to reach 10th. In the southern hemisphere, São Paulo enters the top ten for the first time, landing in ninth. Santiago de Chile sits close behind at number 23. In this global portrait, the American region is positioned as the second most expensive to inhabit, maintaining a robust standard of living.
The report highlights rising prices and living costs for consumers worldwide over the past year. Julius Baer’s assessment points to a roughly 6% increase in dollar terms and a 13% rise in local currencies, driven by persistent inflation, higher costs for raw materials, energy, fuel, and personnel. At the same time, demand from high-net-worth individuals rebounded after the pandemic’s early phases, supporting stronger spending and investment activity. A Julius Baer spokesperson notes that resilient currencies, and assets denominated in those currencies, can help weather fluctuations and sustain wealthful futures [citation: Julius Baer Research Director].